Who is an additional insured or a loss payee?
An additional insured is a person, other than the insured, who is protected under the terms of the policy. An example of an additional insured would be a landlord. A loss payee is similar, as they are leasing or mortgage companies who have an interest in your business and may be paid in the event of a loss. It is not uncommon for a person to be both a loss payee and an additional insured. On the standard Insurtec policy, you can have as many additional insured’s or loss payee’s as necessary at no charge.
