Builders Risk News Roundup: July 2023
Do you know the differences between a named insured, additional name insured and additional insured?
When a covered cause of loss occurs, the claims payment check will be issued to all named and additional insureds, as well as lenders, and each will be required to sign it in order to receive funds.
Check out these definitions to ensure you understand the full impact of each insured type.
1) Named Insured
A named insured is the person(s) who purchase the insurance, appear on the declaration page and have ownership of the policy. They have the right to make policy changes and file claims.
2) Additional Named Insured
Additional named insureds have the same rights as a named insured. They can make policy changes and file claims. Within our online application, you’re occasionally required to enter named insureds under this category if the characters exceed the space limitations in the text box field.
3) Additional Insured
Additional insureds may be added to the policy. Additional insured are granted no rights within our policy to cancel or alter coverage.
See you next month when we deliver another roundup of product news. Until then, you can find more training tools for you and your team in our resource center.
This is intended as a general description of certain types of insurance and services available to qualified customers. Any description of policy provisions is meant to give a broad overview of coverages and does not revise or amend a policy. Refer to the policy coverage form for a complete representation of the scope of coverage, terms, conditions, exclusions and more. The policy is the contract that specifically and fully describes your coverage. Some products may not be available in all states and may only be offered on a non-admitted basis. Product availability is subject to change.
More NewsView more
Check out these descriptions of three optional and additional coverage endorsements that can enhance the scope of coverage for your commercial or personal lines clients.
With new home construction in high demand and increased building prices, don't miss out on the opportunity to speed up your application using XPressBIND®.