What is an “additional insured” and how does it affect an insurance claim?
OK, there are many, many different KINDS of “additional insureds”. TECHNICALLY, an additional insured is someone who’s added to the LIABILITY section. Then you have an “additional NAMED insured”, and “additional interest”. All these are seperate things. Additional insureds, as covered under liability sections, do NOT get property payments. Additional NAMED insureds, are effectively “co-policy owners”, and fully entitled to any claim payments YOU receive, as well – you BOTH need to sign off on a check before it can be cashed, and it’s up to you and your contracts/interests to decide how it’s split – if you don’t agree, you just don’t sign the check. Mortgagees or Loss Payees will ALSO have their names on the checks, along with yours. You have to have the repairs done in order for them to sign off on the check so you can pay the repairer. If you DON’T have repairs done, they keep the money until your loan is paid off, and then you get any excess. IF someone else’s name is on the check, t
