20:49
THATS SO FUNNY
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
named additional insured
Read a random definition: consolidated mortgage
A quick definition of named additional insured:
Named Additional Insured: When someone is added to an insurance policy as an additional insured, they are called a named additional insured. This means that they are also covered by the insurance policy in case something goes wrong. It's like adding a friend to your game and giving them the same powers as you have.
A more thorough explanation:
A named additional insured is a person or organization that is added to an insurance policy as an insured party. This means that they are covered by the policy in addition to the original insured party.
For example, if a construction company hires a subcontractor to work on a project, they may require the subcontractor to add the construction company as a named additional insured on their liability insurance policy. This would provide the construction company with coverage in case the subcontractor causes any damage or injury while working on the project.
Another example would be a landlord requiring their tenant to add them as a named additional insured on their renter's insurance policy. This would provide the landlord with coverage in case the tenant causes any damage to the rental property.
These examples illustrate how a named additional insured can provide added protection for parties involved in a business or rental agreement.