Additional insured

Additional insured,

Definition of Additional insured:

  1. 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.

  2. 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. .

  3. 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?

  1. You may want to make sure that a shipment is additional insured if it is very valuable and you dont want the risk.
  2. An additional insured endorsement protects the additional insured under the named insurer's policy allowing them to file a claim if sued.
  3. A general contractor might require subcontractors to name the general and the owner on the subcontractor's policies.
  4. 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.
  5. An additional insured extends liability insurance coverage beyond the named insured to include other individuals or groups.
  6. 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

Additional Insured,

Additional Insured Meanings:

  • A person or organization that is not automatically included in the insurance policy as an insurer or is included with the insured policy upon request for added insurance. The insured's request to grant additional insurance status to another person may be a desire to protect the other party because of their close relationship (for example, a desire to protect church members through an insured religious service). ) Or to protect compliance with the agreement. The insured is required to do so (for example, the owner of the project, the user or the owner of the property rented by the insured). In compulsory insurance, the status of additional insurance is usually used in connection with a compensation agreement between the party insured (compensation) and the party applying for additional insurance status (compensation). Most claims see the insured's right as a way to support compensation arrangements under their liability insurance (CGL). If, for any reason, the Compensation Agreement becomes unenforceable, Compensation may still obtain coverage for your obligations by making an immediate claim as an additional insurer under the Compensation Policy. CGL In property insurance, the status of additional insurance is often used in connection with the lease agreement between the insured, known as the tenant, and the owner of the rented building where the insured tenant is located. Insure the rental building and include the landlord as an additional insurer under the rental building insurance policy.

  • Additional Insured means:

    An additional insured person is someone you include in your insurance policy (who is not a blood relative, married or adopter) who lives with you and / or has a financial interest in you.

  • Cover the insurance policy of any person other than the insured. Example: Car insurance usually covers the person who drives the car with their consent. In home insurance, you can be a co-owner, a mortgagee, or a suicide bomber.

  • Everyone, except the person whose name has been decided on the insurance policy, is protected from loss under the terms of the policy.

  • A simple definition of Additional Insured is: Insurance is specifically mentioned in the insurance policy which is not automatically included in someone else's policy as an insured person, but the policyholder provides protection. Records are usually required to obtain additional insurance status. The induction of the nominee insured to give additional insurance status to another person may be a desire to protect the other party due to the close relationship with that party (e.g., insured employee or club member) or compliance with the contract. Be paralyzed The designated insurer for this ((for example, the user or owner of a property rented by the designated insurer).

Literal Meanings of Additional Insured

Additional:

Meanings of Additional:
  1. Added in addition to or in addition to pre-existing or available.

Sentences of Additional
  1. We need more information

Synonyms of Additional

ancillary, subsidiary, supplemental, added, accessory, supplementary, auxiliary, further, extra, secondary, attendant

Insured:

Meanings of Insured:
  1. Covered by insurance.

  2. Insured person or organization.

Sentences of Insured
  1. Insured car

  2. Death insurance benefit

Additional Insured,

Additional Insured:

Companies (individuals or companies) that were not originally included in the insurance policy, but were included as insured upon request for the said insurance.