What the cover does

Once a risk is transferred it acquires a document with a dozen fields, each of which changes what the insurer pays and none of which the reader is entitled to read. Taking them in order is the difference between a slogan and a contract.

Open the partner account Read a promotion first

Slip stub

Fields on the schedule: 12, none of them published to the reader
Peril definition: the stated act, carried over from the promotion
Per-event limit: the most the insurer pays for one occurrence
Aggregate limit: the most it pays across the whole period
Retention: what the promoter pays first, per event

the perilOne stated act that must happen for the prize to be owed - and the estimate of how often it has

the retentionThe largest prize the promoter funds from the promoted product’s own margin, before any cover responds

the coverA schedule of twelve fields that indemnifies the promoter, and is never a reader’s protection

Desk The Cover Slip, cycle 62 · Page the fields of the cover itself · Count 12 fields on the schedule, 0 reproduced in the promotion · Reads with the retention page and the price page

Direct answer A cover schedule fixes six things that decide whether a claim is paid - the defined peril, the sum insured, the per-event limit, the aggregate limit, the retention and the notification window - plus six administrative fields. The reader never sees any of them, because the arrangement is between the promoter and the insurer and not part of the offer.

Six fields that decide, six that administer

The defined peril, copied from the promotion

A schedule does not write its own peril. It takes the act that has already been published and fixes it, word for word, on the insurer’s side as well. That is why a loose promotion is not a way of buying wider cover: the same looseness that helps a reader in a dispute is the ambiguity the insurer has to price, and it is priced.

The limit, singular and aggregate

A per-event limit is the most the insurer pays for one occurrence. An aggregate limit is the most it pays across the whole period. The golf-day arithmetic is the clearest: fourteen designated holes, one shot each, a 25,000.00 prize and a 100,000.00 aggregate, which is four wins. The fifth is the promoter’s again, whatever the cover said.

The retention, which runs per event

A first-loss retention is what the promoter pays before the insurer pays anything. It is the same line as the decision rule on the previous page, restated inside the contract: the promoter keeps the frequency and transfers the severity.

The notification window, which is a condition

Seven days is a common window, and a claim notified on day 19 can be declined for that reason alone even though the peril happened exactly as written. On the sample book it is one of the two declinature reasons that actually occur.

The schedule, field by fielddeciding fields administrative fields 1 the defined peril 7 policy number 2 the sum insured 8 the named insured 3 the per-event limit 9 the premium 4 the aggregate limit 10 the premium period 5 the retention 11 the governing jurisdiction 6 the notification window 12 the renewal basis appear in the promotion the reader sees: 0 of 12 appear in the offer terms: 5 fields, none of them from the list above

Invisible is not the same as secret. A schedule is a private contract between two businesses. Nothing about it has to be published, and nothing about it changes the promise the promotion made, which is why a reader can win a prize without ever knowing whether it had been transferred.

per-event limitaggregate limitnotification 7 days12 fields, 0 published

The price of the cover

How the twelve fields turn into one premium

The claim

How the fields are tested once the peril happens