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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. Additional insureds usually reflect a business ...
In insurance policies, an additional insured is a person or organization who enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy. [1] [2] [3] The term generally applies within liability insurance and property insurance, but is an element of other policies as well. Most ...
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). [1]
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.
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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 ...
Insurable interest refers to the right of property to be insured. [4] It may also mean the interest of a beneficiary of a life insurance policy to prove need for the proceeds, called the "insurable interest doctrine". [5] Insurable interest is no longer strictly an element of life insurance contracts under modern law.
Key takeaways. Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial ...