Definition of Additional insured:
Additional insured is a type of status associated with general liability insurance policies that provides coverage to other individuals or groups that were not initially named in the policy. With an additional insured endorsement, the additional insured will then be protected under the named insurer's policy and can file a claim in the event that they are sued.
Liability insurance provides insurance for the party named in the policy for protection against insurance claims due to injury or damage to property or individuals. Liability insurance policies provide coverage for the costs of monetary payments or payouts that the insured party might be responsible for if it's determined the insured party is legally liable. .
One or more individuals (other than the individual named in an insurance policy) who are protected also under the terms of the same policy. Additional insureds are added either by endorsement or are referred to in the definition of insured in the policy itself.
How to use Additional insured in a sentence?
- You may want to make sure that a shipment is additional insured if it is very valuable and you dont want the risk.
- An additional insured endorsement protects the additional insured under the named insurer's policy allowing them to file a claim if sued.
- A general contractor might require subcontractors to name the general and the owner on the subcontractor's policies.
- After the accident, Karen knew shed be in trouble with her insurance company if they found out the driver (her boyfriend) wasnt one of the additional insured on the vehicle.
- An additional insured extends liability insurance coverage beyond the named insured to include other individuals or groups.
- While Jack owned the office building, he also put Jims name on the fire insurance policy so that practical matters after such a possible event could be handled by them both, making Jim the additional insured .
Meaning of Additional insured & Additional insured Definition