What is the difference between a policy schedule and the policy wording?

The schedule contains what is specific to you; the wording contains the terms that apply generally — and the two must be read together, because neither is the policy on its own.

The policy schedule. A short document, specific to your contract:

Who is insured, and the period of cover.

What is insured — the vehicle, address, sums insured or business description.

The limits applying, and any sub-limits.

Excesses.

The sections of cover selected, and any optional extras.

Endorsements applying, referenced by code.

Premium.

The policy wording. The full terms — what is covered under each section, definitions, general exclusions, conditions, claims procedure and cancellation rights. Frequently long and applicable across all policyholders of that product.

Endorsements are the third element, and they are where the risk sits. An endorsement modifies the wording for your policy specifically — imposing a condition, excluding something, or extending cover. Endorsements override the wording where they conflict, and they are frequently referenced on the schedule only by a code, with the text elsewhere.

A policy that appears to cover something in the wording may not, because an endorsement removed it — and this is a common source of declined claims.

Why reading only one is dangerous:

The schedule alone tells you the limits but not what is actually covered or excluded.

The wording alone describes cover that may not apply to you, at limits that are not yours, with endorsements you have not seen.

What to check on receiving documents, which takes a few minutes and prevents most problems:

That the facts are correct — address, occupation, vehicle, business description, claims history. These reflect what you told the insurer, and an error left uncorrected can affect a claim.

Which sections are actually included, rather than assumed.

The endorsements, and what each says. Read the text, not the code.

The excesses, including where several apply.

Conditions imposing obligations on you — alarm requirements, minimum security, maintenance, occupancy limits — since failing to comply can suspend cover.

The statement of fact or proposal, recording your answers, which should be checked and corrected.

Keep all of it together, since a claim years later depends on the version in force then.

General information, not advice.