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You typically come across these issues when you’re talking about business insurance. It’s easy to get them confused.
The key difference between a certificate of insurance and an additional insured comes down to whether you have coverage under someone else’s insurance policy. This only applies if you’re named as an additional insured on a policy.
What’s an additional insured?
When you’re named an additional insured on a policy, you are typically insured for covered claims arising from the Named Insured’s negligence (or your joint negligence) with regard to the premises, project and equipment that’s described in the additional insured endorsement. This commonly will include defense costs should you need to hire an attorney if the claim falls within the terms of the additional insured endorsement.
Businesses typically request to be named as an additional insured on a policy if another business’s negligence could affect them. Two examples could include:
A general contractor hires a subcontractor to help with a project.… Read More
What’s the Difference Between a Certificate of Insurance and an Additional Insured?
You typically come across these issues when you’re talking about business insurance. It’s easy to get them confused.
The key difference between a certificate of insurance and an additional insured comes down to whether you have coverage under someone else’s insurance policy. This only applies if you’re named as an additional insured on a policy.
What’s an additional insured?
When you’re named an additional insured on a policy, you are typically insured for covered claims arising from the Named Insured’s negligence (or your joint negligence) with regard to the premises, project and equipment that’s described in the additional insured endorsement. This commonly will include defense costs should you need to hire an attorney if the claim falls within the terms of the additional insured endorsement.
Businesses typically request to be named as an additional insured on a policy if another business’s negligence could affect them. Two examples could include:
A general contractor hires a subcontractor to help with a project.… Read More
If a tree falls after a storm and hits your office building, is the damage covered by your business insurance? The answer? Well, it depends (on your policy).
Here are three things to know about business insurance and toppled trees.
1. Coverage details
You’re covered for the removal of the fallen trees and related damages if your policy specifically covers and lists your building and other property, such as fences, freestanding signs and outbuildings. This includes trees felled by a windstorm, lightning, hail or from the weight of ice, snow or sleet; but it doesn’t cover diseased or dead trees.
What if the tree lands on your work vehicle? If comprehensive coverage is purchased for your business vehicles, damage from fallen trees would be covered.
2. Where the tree falls is key
Where a tree falls is generally more important to an insurance company than its owner. So if the neighbor’s tree lands on your business property, you would file a claim with your insurance company.…