Which part of an insurance policy outlines what is specifically covered?

The insuring agreement is the part of the insurance policy that outlines what is specifically covered. It serves as the core of the policy, detailing the insurer's obligations and the scope of coverage provided to the policyholder. This section clearly specifies the risks that are insured, the types of losses that are covered, and any conditions under which coverage is applicable.

Understanding the insuring agreement is crucial as it lays the foundation for the policy's coverage. It helps both the insurer and the insured to know exactly what scenarios or damages are protected under the terms of the policy. This portion might include definitions of key terms and the circumstances that must exist for a loss to be compensated, making it a vital part of the contract.

The declarations page provides general information about the policy, such as the insured’s name, the policy number, and a summary of coverage limits, but it does not detail what is specifically covered. The exclusions section outlines what is not covered, while the endorsements section may modify the coverage by adding or deleting terms. Each of these components plays an important role in the policy, but it is the insuring agreement that explicitly states the coverage provided.