Let’s read the Additional Insured endorsement’s language again, this time substituting “the Named Insured” each time the word “you” appears and “the Named Insured’s” each time the word “your” appears: Any person(s) or organization(s) shown in the Schedule is also an additional ...
For example, if an architectural or engineering firm is insured under a general liability policy, the policy must include a professional liability exclusion. The firm must buy a separate professional liability policy if it wants that coverage. Key Takeaways An insurance endorsement is an amendment...
Names of loss payees:This includes you and any additional insured people on your policy. Policy form numbers, policy number, and your address. Policy period:Your policy period includes your effective date (when your policy starts) to its expiration date. Most policies last six months, though so...
Is earthquake insurance worth it? Frequently asked questions Key takeaways Earthquake insurance typically requires the purchase of an additional endorsement or separate standalone policy. Earthquake insurance rates depend on factors like the type of home you have, its age and the materials used in con...
someone sues you for libel, slander or wrongful eviction. The liability coverage in homeowners policies often excludes personal injury coverage, although an endorsement can sometimes add it. This is a scenario where your umbrella coverage might kick in without a claim being filed on an underlying ...
For an additional cost, you may be able to add the following coverage options. You might need to buy some of them through a State Farm agent. Identity theft coverage to pay costs related to identity fraud, cyberattacks or extortion. Additional insured coverage to cover nonresidents who have ...
On standard home insurance, personal property coverage, also called Coverage C, is usually written on a named perils basis. This means your personal belongings, like appliances, jewelry, and furniture, are insured against the perils mentioned in the policy. Loss of use Coverage D, also known as...
A blanket additional insuredendorsementis an insurance policy endorsement that automatically provides coverage to any party to which the named insured is contractually required to provide coverage. A blanket additional insured endorsement is most commonly found in liability insurance policies, though it is ...
The author recommends the belt and suspenders approach wherein the belt is the indemnification or hold harmless agreements and the suspender is the additional insured endorsement which, on the general liability policy, provides the additional insured a number of benefits. The advantages of additional ...
though, provides alump-sumpayout to the namedbeneficiarieswhen an insured party dies. Unlike indemnity insurance, the payout, referred to as adeath benefit, is the full amount of the policy—not for the amount of a claim itself