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However, noting an additional insured on your auto policy mainly ensures that claim checks will be made out to both parties. Additional interest vs. additional insured in other policies
The disagreements are often about whether the additional insurance coverage should cover "independent negligence" by the additional insured, or should only cover liabilities caused by the named insured party's acts. Generally, additional insured clauses are worded in broad terms, such as "any person or organization whom you (the named insured ...
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions).
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For example, with an effective date of 06/01/2010 and coverage expiring on 06/01/2011 and the insured does not renew the coverage on or before 06/01/2011 then the insured may have to enroll with a gap in coverage, resulting in a loss of prior acts coverage such that there is no coverage for any business placed prior to their new effective date.
If a covered peril occurs and your belongings are damaged, you can file a claim with your insurance company. Note that most HO-4 policies include a deductible. So, your insurance company will help ...
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
By using additional interest tracking, management companies and property owners gain a more complete picture of the insurance profile of their properties by receiving notifications in the event there is a change, cancellation, or lapse to an insurance policy held by a tenant.