Additional Insured

Additional Insured In an insurance policy, an additional insured refers to anyone other than the policyholder who is covered by an insurance policy. Coverage might be limited to a single event or it could last for the policy's lifetime. Both individuals and groups can be given additional insured status, but their protection is more limited than the policyholder’s. The specifics depend on the policy. How does a blanket additional insured endorsement differ? An additional insured endorsement can be used to provide many different levels of coverage. A blanket additional insured endorsement provides the same coverage to all additional insureds. For example, on a commercial auto insurance policy, a blanket additional insured endorsement provides the same coverage for any driver of your company vehicle. It's a common feature of many liability policies. When To Add An Additional Insured To A Policy New clients or partners may ask to be included as additional insureds in your insurance policy before they will sign a contract. For the most part, clients and partners will let you know when they require additional insured status in order to work with you. Though you could theoretically name an additional insured for whatever reason you want, these two scenarios are most common: 1- You are a contractor /subcontractor / business owner, and your client asks to be named as an additional insured on your policy. 2- You hire a contractor/subcontractor, and you ask to be named as an additional insured on his policy. You may ask to be named as an additional insured to provide your business with more liability coverage. For example, say you use a contractor on a project who causes an accident that leads to you being sued. If you’re an additional insured on the contractor’s policy, you can make a claim to pay for the damages and legal fees, rather than relying on your own insurance. #BeNewinsurance #InsurTech #inclusiveinsurance #insurance #reinsurance #takaful #climatechange