What are the limits and excesses?
Policy Limit — The maximum payout depends on the 'Limit of Indemnity' shown in the Schedule for your chosen policy. The insurer will indemnify you — including claimant's costs and expenses — up to that limit for any one claim or related series of claims.
Policy Excess — An excess has to be paid before the insurer contributes. It applies to each claim (or loss) under the policy. The specific excess amount will vary depending on your policy schedule.
Minimum Claim Thresholds — Formally, there isn't any minimum claim thresholds, but because of the excess, very small losses (smaller than or close to the excess) may result in little or no payout.
Sub-limits — The kind of sub-limit that would apply are often to money cover (e.g. £250 unattended money), single-item limits under equipment cover, and defined exclusions for certain types of property (e.g. jewellery, electronics) or activities (e.g. dangerous activities).
