Insurance Endorsement Vs Additional Insured
You may be added as an additional insured through a scheduled endorsement or a blanket endorsement.
Insurance endorsement vs additional insured. The products must be described in the endorsement. Additional insureds are usually covered via endorsements. If the 3rd party adds you through a scheduled endorsement then your specific name has been given to the insurance carrier and added as an additional insured. An additional insured is a party added to a liability policy at the request of the named insured.
The cg 20 10 changed significantly after the november 1985 edition. It covers the vendor as an additional insured for claims alleging bodily injury or property damage arising out of the manufacturer s products. Many businesses cover other parties under their liability policies to fulfill contractual obligations. An alternative suggested by malcolm s risk manager is the new iso additional insured endorsement cg 20 38.
A blanket additional insured endorsement is an insurance policy endorsement that automatically provides coverage to any party to which the named insured is contractually required to provide. For instance you may think that additional insureds are the same as loss payees because you can add both to your business insurance policy granting them the right to receive benefits. The most common additional insured endorsement for contractors is the cg 20 10. This endorsement is designed for vendors that don t alter products but simply transfer them as is from the seller to the buyer.
Therefore it is critical that a request to be added as an additional insured be specific as to the scope of coverage granted and that the party requesting additional insured. Insurance policy terminology can confuse small business owners who aren t familiar with the industry. The scope of coverage provided to an additional insured depends on the language in the. The benefit of adding additional insured individuals to your liability insurance policy is the protection it offers your company.
In property insurance additional insured status is most often used in conjunction with a premises lease agreement between the named insured as the lessee and the owner of the leased building in which the insured tenant is required to purchase insurance on the leased building and name the building owner as an additional insured on the. However despite this broad similarity loss payees and additional insureds are quite different.
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