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Adding Named Insureds – A Few Things To Consider
When asking to add additional named insureds, your underwriter could ask the following questions:
- Does the named insured being added have any other owned property or operations? If several named insureds are being added, an organization chart or details of the hierarchy is helpful.
- What is the insurable interest of the named insured that you want to add?
- If there is a large schedule, your underwriter will need to know which named insured owns which location.
It’s also important to remember that the First Named Insured is the only insured who has total control of the policy. They receive all correspondence, including notices of cancellation, and they are the only one who can request a policy change or cancel the policy. In the case of a claim, all named insureds on the policy are subject to the limit of insurance provided. Any one named insured can submit claims and potentially exhaust the policy limits, leaving no coverage available for other insureds under the policy. If several or all of the named insureds are sued in one claim, there may be a shortage of limit protection afforded to each entity or individual.
Endorsements – Help Us Help You
When it comes to endorsements, it’s always the goal to process them as quickly as possible. One way to ensure this is to provide all the necessary information to allow a timely update of information. Below is a list of the information that if included with the endorsement, will allow it to be processed quickly.
Always give us the desired effective date.
Adding/Deleting Vehicles:
- Where are the vehicles garaged?
- Who are the vehicles registered to?
- How are the vehicles used? (farm or private passenger)
- What coverages are desired?
- What is the reason for deletion? (i.e., sold, totaled, traded)
Adding Locations:
- Is the location owned or leased?
- What are the operations at the location?
- How many acres?
- What is the fencing type?
- For horse confinement
- Perimeter
Adding Structures:
- Please complete Dwelling and/or Outbuilding Supplemental.
- If older than 2000, please provide any updates.
- Provide current photos.
- Provide current Replacement Cost Estimator.
- Who’s occupying the dwelling?
- Dwelling use must be related to the farm operations if not located on the premises.
- Please provide the location address.
Adding Named Insureds:
- Are there any other operations, or do you own any property other than what’s listed on the policy?
- What is the Insurable Interest in Adding?
- Who are the Owners/Members of entities?
Adding Underlying to Umbrella:
- Please provide 3 to 5 years of Loss runs.
- Please provide driver information.
- Please provide the current Dec page, including all information (named insured, policy limits, effective dates, policy number).
- Limits must be $1M.
- Required to be “A” Rated by AM Best.
Equipment/Coverage E/Recreational Vehicles:
- Which location?
- Please list the deductible and perils (when adding for the 1st time).
- Include the year, Make, model, serial number and value limit.
- Who’s operating, and what is their experience?
- Is off-premises liability desired (if recreational vehicle)?
- MVR Information may be required.
Deleting Locations w/ Coverage E:
- Which location should the Coverage E move to?
- Or is the Coverage E being removed as well?
- What is the reason for deletion? (Self-insured or sold)
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