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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 additional insured, on the other hand, is a person who is jointly insured on your policy and has some financial stake in the insured property. ... In that case, insurance agents will look at ...
Independent agents own and control their accounts, policy records, and renewals. If an independent agent’s contract with a particular insurance company terminates, the agent retains the rights to active accounts and may place them with another insurer. Competition exists between exclusive agents and independent agents.
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Insurance, generally, is a contract in which the insurer agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium). [2]
Additional living expenses (ALE): Also known as loss of use coverage, this helps cover extra temporary living expenses when you are displaced due to a covered peril. Covered expenses may include ...
An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract.
Although your home’s structure is likely covered by your landlord’s insurance, you may need a renters policy, or HO-4 insurance, to cover your personal belongings, liability and additional ...