What is a schedule of insurance, and how do you read yours?
Reviewed by Apex Insurance Brokers · Last reviewed 2026-08-05
When your policy documents arrive, the schedule is the page you should read first. The policy wording explains how cover works in general terms; the schedule tells you how it applies to you. Every figure and date on it changes what you are actually covered for. This guide walks through the terms that matter most and how to sense-check them.
Schedule vs policy wording vs certificate
Three documents work together, and it helps to keep them straight:
- Policy wording: the full contract terms — definitions, what is insured, exclusions and conditions. Largely the same for everyone on that product.
- Schedule: your bespoke summary — insured name, cover sections, limits, excesses, dates and endorsements. Unique to your policy.
- Certificate of insurance: proof of cover you may show to a client, landlord or regulator. Some classes (like employers' liability) require a certificate to be displayed or retained.
If the schedule and the wording ever appear to conflict, the schedule usually takes precedence because it records the specific terms agreed for your policy — but check the wording, as many policies state the order of precedence explicitly.
The key items on your schedule, decoded
Limit of indemnity (the limit)
This is the maximum the insurer will pay under a section of cover. It may be expressed "any one claim" or "in the aggregate". "Any one claim" restores the full limit for each separate claim in the period; "in the aggregate" is the most the insurer pays in total across the whole policy year, however many claims you make. For professional indemnity in particular, check which basis applies — an aggregate limit can be exhausted by earlier claims.
Excess (the deductible)
The amount you pay towards each claim before the insurer contributes. A £500 excess on a £5,000 claim means you fund the first £500. Watch for whether costs and expenses sit inside or outside the excess, and whether different sections carry different excesses. A higher excess usually lowers the premium, but only take one you could comfortably meet.
Retroactive date
On "claims-made" policies — common for professional indemnity and directors' and officers' cover — the retroactive date sets how far back your work is covered. Claims arising from work carried out before that date are excluded, even if the claim is made while your policy is live. If you have held continuous cover for years, your retroactive date should ideally match when you first took out the policy. A recent or "inception date" retroactive date can leave a gap for earlier work.
Endorsements
Endorsements are amendments that tailor the standard wording to you. They can add cover (for example, a specific extension), remove it (an exclusion for a particular activity), or impose a condition (such as a warranty you must meet). Each is usually referenced by a code or number on the schedule and set out in full in an attached document. Read every one — an endorsement can quietly narrow cover you assumed was included.
Sub-limits
A sub-limit is a lower cap that applies to a specific type of loss within the overall limit. Your policy might carry a £2m limit but a £100,000 sub-limit for, say, loss of documents or fraudulent acts by an employee. The sub-limit is not extra money on top — it is a ceiling for that item inside the main limit. These are easy to miss and a frequent cause of underinsurance surprises at claim time.
At a glance
| Term | What it means | What to check |
|---|---|---|
| Limit | Most the insurer pays | "Any one claim" or "aggregate"? |
| Excess | Your share per claim | Costs inside or outside it? |
| Retroactive date | How far back work is covered | Any gap since first cover? |
| Endorsements | Amendments to standard terms | Do any narrow your cover? |
| Sub-limits | Lower cap on specific losses | Enough for that exposure? |
Figures such as £1m, £2m or £5m are shown as generic examples only — your own limits and sub-limits will be stated on your schedule.
Also worth checking on the schedule
- The insured: the exact legal name and any subsidiaries or trading styles. If the named entity is wrong, a claim can be disputed.
- Period of insurance: the start and end dates cover applies between. Note whether it renews automatically.
- Business description: the activities you are covered for. If you have taken on new work, an outdated description can invalidate a related claim.
- Premium and IPT: the amount payable and Insurance Premium Tax shown separately.
- Basis of cover: claims-made or losses-occurring, which affects how the retroactive date and reporting work.
If any of these no longer matches your business, tell your broker. Under the Insurance Act 2015, commercial policyholders have a duty to make a fair presentation of the risk, and material changes matter. Review your details with Apex whenever your circumstances change.
Not sure your limits or retroactive date are right for how you work now? We'll read your schedule with you.
Get a PI quote →Common questions
What should I do if there is a mistake on my schedule?
Contact your broker or insurer as soon as you spot it. Errors in the insured name, business description, address or limits can affect a future claim, so it is worth correcting them straight away and asking for a reissued schedule.
Is the schedule the same as the certificate of insurance?
No. The schedule is a detailed internal summary of your cover. The certificate is a shorter document you may need to show a third party as proof that cover is in force. For some classes, such as employers' liability, a certificate is a specific requirement.
Why does my schedule have a sub-limit lower than my main limit?
Insurers cap certain higher-risk or specialist losses at a lower amount to manage exposure. It is normal, but it means that for those specific items you are only covered up to the sub-limit — not the full policy limit. If a sub-limit looks too low for your risk, ask whether it can be increased.
Apex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority (FRN 724952). This guide is general information, not advice on a specific policy or a substitute for your policy wording.