It might not make for the most engrossing or scintillating reading, but you are likely to find it more than worthwhile to become properly acquainted with the key facts document that accompanies your caravan insurance policy.
It describes the principal features of the insurance policy, so let’s you decide whether the caravan insurance you have continues to meet your particular requirements or whether it is time for a review and consideration of alternative levels of cover or insurers.
Any policy arranged by us here at Cover4Caravans comes with its own key facts document – and we have even put together a video explaining the general importance of the document.
What is a key facts document?
Insurance policies sold in the UK are accompanied by a document which aims to summarise the main, formal policy wording in a more easily understood way. The provision of a key facts document is standard throughout the UK insurance industry and is also a requirement made by the regulatory authority, the Financial Conduct Authority (FCA).
In short, the key facts document is intended to provide a summary of the main features of the terms and conditions of your detailed insurance contract.
The document is easily recognised since it bears the standard Key Facts logo approved and registered by the FCA.
What’s the format?
Although the document is a general industry requirement and there are a number of templates in use, the precise format and content of a key facts document may vary from one insurer to another.
Whatever the specific variations, however, the documents are all designed to summarise the key features, benefits and exclusions of your insurance contract.
It is important to remember that it is still just a summary and that you may need to refer to the policy document itself for the detailed terms and conditions of your contract.
Although the contents may vary from one insurer to another, it may be helpful to illustrate the typical contents of a key facts document with reference to an example written by one of our own partner insurers, in relation to a touring caravan.
A synopsis of the contents is broadly as follows – but it is important to remember that these contents relate to a specific policy and other forms of caravan insurance may of course differ, depending on the particular insurer:
- the underwriting insurer is identified, together with their registration number for the purposes of regulation by the FCA;
Key benefits and features
- this is the section which summarises the protection which you are seeking for your caravan through the insurance;
- it is likely to refer to the provisions relating to the loss or damage of your caravan (and its contents, if you have also opted for such cover) in the event of a scheduled list of risks – with the schedule typically appearing in the policy document itself;
- the emergency removal and recovery of your caravan if it is damaged whilst you are touring away from home – and delivery back to you, once it has been repaired;
- the particular policy used as an example here also provides the benefit of paid hotel accommodation (up to a given maximum amount and period of time) or the hire of another caravan, if your own in the event of an insured incident;
- public liability cover – providing indemnity in the event of a third party being injured or having their property damaged in an incident involving your caravan (unless it is being towed at the time);
Security, exclusions and limitations
- touring caravan insurance typically includes special security arrangements, which you need to observe in order to avoid certain claims from being excluded;
- common requirements relate to the use of wheel clamps and a hitchlock if you leave your caravan unattended whilst it is hitched to the towing vehicle or the use of wheel clamps alone if it is unhitched;
- there may also be exclusions relating to the theft of items that are left outside the caravan and not kept under an awning;
- certain items may be specifically excluded from any contents insurance you have arranged;
- because of the increased vulnerability of your caravan when it is laid up for the winter or otherwise not in use, you may need to inform the insurer of its storage arrangements and location;
- under this heading, the key facts document may also identify the amount of excess you need to pay on any claim;
- the key facts document summarises the process for making any claim on your insurance;
- your recourse in the event of a complaint is also detailed – and typically involves first making the complaint to the insurer and, if this does not resolve the issue, taking the matter up with the Financial Ombudsman Service.
Reading and taking careful note of the contents of your key facts document, therefore, is a chore you might do well not to overlook.