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Term. Meaning. Named insured. A named insured, or driver, is usually the main policyholder. They pay the premiums and have full control over the policy.
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 ...
Coverage type. What it covers. Liability. This coverage steps in if you or a listed driver on your policy causes property damage and/or injuries to another person caused by an accident in which ...
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Declarations - Identifies who is an insured, the insured's address, the insuring company, what risks or property are covered, the policy limits (amount of insurance), any applicable deductibles, the policy number, the policy period, and the premium amount.
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.
When you purchase an auto insurance policy, you may be wondering if the car is insured or the driver. The policy documents will indicate the vehicle or vehicles that are covered.
Excess insurance is similar to umbrella insurance in that it pays after an underlying primary policy is exhausted. The critical difference is that excess policies are normally "follow form" policies that conform exactly to the coverage of the underlying policy, except that they add on their own excess limit which is then stacked on top of the primary policy's limit.