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Most often it applies where the original named insured needs to provide insurance coverage to additional parties so that they enjoy protection from a new risk that arises out of the original named insured's conduct or operations. An additional insured often gains this status by means of an endorsement added to the policy which either identifies ...
Endorsements - Additional forms attached to the policy that modify it in some way, either unconditionally or upon the existence of some condition. [30] [31] Endorsements can make policies difficult to read for nonlawyers; they may revise, expand, or delete clauses located many pages earlier in one or more coverage forms, or even modify each ...
Additional insureds usually reflect a business relationship between the policyholder and additional covered party. These types of arrangements most commonly appear on liability and commercial auto ...
This article examines emerging areas of certainty and uncertainty in AI coverage in the wake of 'Burlington' (arguably the most impactful recent decision in the world of additional insured ...
An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning. Extended coverage added insurance against loss by the perils of windstorm, hail, explosion, civil commotion, riot and riot attending a strike, aircraft damage, vehicle damage, and smoke damage. [1]
A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.
Damage caused by flooding is typically excluded and can be obtained by purchasing a flood insurance policy, although a few companies may offer flood coverage as an endorsement (however, it is rare ...
Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.