Individual added to a life insurance policy other than the insured named in the policy. For example, an insured father can have a dependent son and daughter added to the policy as additional insureds. In many instances, adding an additional insured to an existing policy is less expensive than purchasing a separate policy for that insured.
In property and liability insurance: another person, firm, or other entity enjoying the same protection as the named insured.
An Additional Insured is only used for General Liability coverage. Since Business income is a property coverage, they would not be insured. Also, business income is designed to pay for loss of income to the insured, not lienholders, or contractors they are performing jobs for.
yes
The insured's are those specifically named on the insurance policy, Typically the homeowner(s) and dependent children would be construed as the insured's as well as listed lien or mortgage holders. Anyone not named would not be insured
No. "Renters Insurance" is property coverge for a tenant. It will cover the property of the named insured Tenant or Renter that is located within the rented dwelling. It will not cover property of someone who is not a named insured on the policy.
No. A homeowners insurance policy is specific to the property of the named insured.
YES
Attorneys will often say there is no difference, when it comes to extending coverage for legal liability. However, depending the specific additional form used there might be substanial differences in the portion of the general liabilty policy that is extended to the named insured versus the additional insured. For instance, older additional insured forms (CG 2010 11/85) extended coverage to the additional insured for "Products/Completed Operations". New forms use wording such as "ongoing operations of the named insured" that limit coverage to the additional insured to the "Premise/Operations" portion of the CGL form. In addition, an additional insured generally has no right to: * Request policy endorsements or cancellation * Receive copies of the policy contract, other than the a/i form and a certificate of insurance The purpose of an additional insured is to protect the rights of another party that might become legally liable for the actions of the named insured. For instance, a landlord might become entangled in a lawsuit caused by the actions of his tenant. By naming the landlord as additional insured, the named insured extends coverage, especially defense costs, to the landlord. The tenant's insurance company would have to defend both the named insured and the additional insured. Additional insured's are a common and increasingly important part of liability insurance. It is important you make sure your agent is aware of the specific nature of the relationship you have with the additional insured, to ensure the proper additonal insured form is provided. I generally like to review my clients contracts - including leases - to make sure the policy and a/i form are compliant.
The CG2037 Additional Insured form is a form that provides coverage to the additional insured named on it (which is usually a contractor) for the insured's work (ie:completed operations) completed for that additional insured after the project is done for liability of property damage or bodily injury.
Yes
The answer dependent upon a few factors. If the tenant is an additional insured (sometimes called an additional named insured) on the policy, the insurer's right of subrogation (recovery from the at-fault party) usually does not apply. This is because upon the facts stated, the tenant is also an insured under the policy, so the insurer would in effect be subrogating against its own insured. If the tenant is not an additional insured or an additional named insured, the analysis would depend upon the terms of the lease. Some leases allow this kind of recovery, and others hold the tenant harmless.
If you were driving someone else's car with their knowledge and consent, and were named as an additional insured or otherwise covered under the policy, that liability coverage is likely to pay. If you neither had permission nor were an additional insured (by being named on the policy or because of a relationship to the named insured), you probably would not be covered. As a practical matter, if the damages were relatively minor, the insurer may make a business decision to pay the claim. Otherwise, it would issue a "reservation of rights" to the named insured stating that it was not going to cover the claim.
You can be the named insured on a policy for any real property you own. In fact, only the owner can be the "named insured".
No, It will not. Unless they obtain permissive use by another person who is a named insured on the policy. It will however continue to cover any additional Named insureds for at least 30 days, after which time they will need to restructure the coverage into the new owners name by purchasinga new auto insurance policy.
yes
If an insured has a policy where there is no named beneficiary, or the named beneficiary is deceased, then the benefit will be paid to the insured's estate.
An Additional Insured is only used for General Liability coverage. Since Business income is a property coverage, they would not be insured. Also, business income is designed to pay for loss of income to the insured, not lienholders, or contractors they are performing jobs for.
The insured's are those specifically named on the insurance policy, Typically the homeowner(s) and dependent children would be construed as the insured's as well as listed lien or mortgage holders. Anyone not named would not be insured