MONDAY, OCTOBER 14, 2013
Who is Covered?
- 1st named insured
- responsible for upholding the duties and obligations of the policy agreement
- will receive any premium refund, cancellation and non-renewal notices if applicable
- Named insured or additional named insured
- usually associated with the "1st named insured"
- may be liable for duties and obligations outlined in the insurance contract
- also receives any settlement of any claim
- ladies--make sure that you are named on the policy so that in case of a loss you will be included in the compensation (i.e., your name will be included on the check)
- Additional insured
- NOTE: this is not the same as an additional "named" insured
- in a homeowner's policy, includes resident relatives and any person under the age of 21 and in the care of any insured or named insured
- in a business policy, this coverage is usually added as an endorsement to the insurance policy for business owners by contractors for protection against liability if a claim is made
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