Who Should Be Named Insured?

>> Wednesday, January 13, 2010

One of the most common mistakes I find in my review of insurance programs involves named insureds.

MyNewMarkets.com (a part of the Insurance Journal family) just pointed readers to a checklist the produced a few years ago.

Here are the questions they suggest:

-Are all current legal entities listed/scheduled on the policy (including LLC’s and Joint Ventures)?

-Is the entity listed as the First Named Insured the entity you want to receive all notices and billings?

-Any past partnerships or LLC’s as predecessor organizations?

-Any past subsidiary partnerships or LLC’s?

-Joint Ventures: Any current joint ventures? Any past Joint Ventures?

-Is the insured planning to acquire or form any new entities over the next 12 months? What will the legal structure be?

-Insured planning to take part in any joint venture in the next 12 months?

-Do employees drive their personal vehicles to conduct company business?

-Do employees ever hire or rent vehicles in their own name to conduct company business?

-Are there any contractual relationships requiring any outside entity be named as an Additional Insured (lease agreements, construction contracts, venders, suppliers, members, etc)?

You can download the survey form HERE.


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Scott Simmonds fixes broken insurance, uncertain coverage, and painful premiums. He consults on, but never sells, insurance.

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