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Additional interest. A person or third party who has a vested interest in the vehicle, like a lienholder. An additional interest receives no coverage, but can request that certain coverage types ...
The usual reasons for including other parties as additional insureds is due to the close relationship or legal requirements between the original named insured and the additional insured. In most cases it is beneficial for a party to be covered as an additional insured on the policies of other parties because this will reduce the loss history of ...
A limited number of communities require that tenants list them on the policy as additional insured. This actually makes it more difficult for a property owner or manager to recover from a tenant's liability policy because the additional insured is a party to the policy rather than a third party, which would be eligible for coverage.
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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.
An additional driver on your auto insurance policy is someone who frequently borrows your car but doesn't live with you — like an adult child who uses your car while on an extended visit to your ...
Additional factors that influence your premium include your claims history, how much coverage you purchase and your deductible level. Frequently asked questions. Yes. HO-4 insurance is the same ...
The Third Parties (Rights against Insurers) Act 2010 (c. 10) received royal assent on 25 March 2010. Its long title describes it as . An Act to make provision about the rights of third parties against insurers of liabilities to third parties in the case where the insured is insolvent, and in certain other cases.