What's the difference between Additional Insured vs. Loss Payee?
- Simmy
- May 31, 2018
- 2 min read
Insurance is oftentimes mandated by another party requiring you to buy an insurance policy listing the party on the policy. However, how should you list this organization on your insurance policy and what are the implications of doing so? Let's explore!
Don't get blindsided by an incorrectly written policy: ensure that you and your stakeholders are protected.
The following information is a general guideline as to the type of coverage required; speak with a trusted insurance adviser in order to confirm coverage.
Before we jump into the Blog's title question, we'll have to define the primary stakeholder: the named insured.
Named Insured
This is the individual or organization that owns the insurance policy. As such, the 'named insured' can cancel, change, receive refund, pay premium, and file claims on the policy. A qualifying criteria of the named insured: primary insurable interest in the entity being insured.
Additional Insured
An 'Additional Insured' clause affords liability coverage to a party other than the named insured. This is oftentimes requested by clients of the named insured in order to cover for the liability exposure associated with named insured's products or services.
Loss Payee
An 'Additional Insured' clause affords property coverage to a party other than the named insured. This is regularly requested by mortgagees of the house, office, car, boat, etc. to ensure that the loan provider will have a hand in the repairs or replacement of property in the event of a loss.
Fenix Risk Management is an independent insurance agency proudly serving families & businesses in Georgia, Alabama, North Carolina, South Carolina, Tennessee, and Florida.
Simmy is an adviser at Fenix Risk Management.
Note: the opinions expressed in this blog are that of the author, not of any other individual or organization referenced.
Whether it's a delicate chain with a few diamonds or a bold, statement piece, diamond bracelets are versatile and can be worn for both casual and formal events. They’re the perfect gift for someone special.
A diamond cross necklace is a timeless and meaningful accessory. The addition of diamonds to the diamond cross pendant necklace adds an extra level of luxury to this spiritual symbol. Whether worn as a statement piece or for everyday elegance it’s a necklace that radiates both faith and beauty.
From motion sensors to video cameras, these systems offer various features to suit your security needs. Whether home security systems you choose a traditional alarm system or a smart security system with mobile app control, these systems help you stay connected and aware of what's happening at home.
The flowing, butterfly-inspired silhouette provides both elegance and comfort, making it a favorite for women attending various events. Whether butterfly abaya in uk for formal occasions or everyday wear, the butterfly abaya in the UK offers a sophisticated option.
To calculate roof pitch, measure the rise vertical distance and run horizontal distance of your roof. The pitch is expressed as how to calculate roof pitch the ratio of the rise to the run. This tells you how many inches the roof rises for every twelve inches of horizontal run.