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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 ...
Two common terms that often come up are “additional interest” and “additional insured.” While they may sound similar, they actually refer to different parties named in an insurance policy.
In many instances, a commercial insured may elect to self-insure. Above the primary insurance or self-insured retention, the insured may have one or more layers of excess insurance to provide coverage additional limits of indemnity protection.
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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.
Plumbing: Most homeowners insurance policies should cover plumbing-related damage unless it is the result of negligence, a long-term leak, old pipes or a sump pump.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
In terms of coverage, the primary difference between HO-4 and HO-6 insurance is that HO-6 insurance includes interior finishings and HO-4 policies don’t. If a covered event ruins your ...