A Texas Additional Insured's Checklist is a set of criteria used to verify that a company is properly listed as an Additional Insured on a business policy. This verification process is important to ensure that the company is legally protected if they are held liable for a claim resulting from an incident that happened on their property or as a result of their services. The checklist typically includes verifying the policy limits, the type of coverage provided, and any special conditions that may apply. Two common types of Texas Additional Insured's Checklist are an Additional Insured Endorsement Checklist, which is used to review an endorsement on an insurance policy, and a Certificate of Insurance Checklist, which is used to review a Certificate of Insurance.
Texas Additional Insured's Checklist
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FAQ
The additional insured benefits from coverage and rights under the named insured's policy in the event of a claim. The purpose of additional insured endorsements is to keep the burden of risk closest to those parties most likely to create losses, which typically is third parties contracted to perform the work.
Anyone who lives in your home, or has a financial stake in your home, can typically qualify for additional insured status. Of course, if they're your married partner, your blood relative or adopted child, they'll already be included in your policy as long as your home is their primary residence.
In order to add an additional insured to a CGL insurance policy, the named insured should contact their insurance provider to typically add the name and address of the individual or entity. The cost to add a party as an additional insured will vary depending on the provider, although it may be as little as $50.
Specific Versus Blanket Additional Insured There are two types of provisions within additional insureds: specific and blanket endorsements.
An Additional Insured Clause is attached to a third-party liability policy in order to extend coverage provided under an insured's policy to the party named within the clause.
A person or group at risk of being sued due to a connection to the primary insured's business or operations should be added as an additional insured. Examples include a landlord added to a tenant's coverage or a contractor added to a subcontractor's coverage, among others.
What Is an Additional Insured Endorsement? An endorsement is an addendum to an insurance policy that broadens or restricts coverage provided by the policy. One such addendum is an additional insured endorsement?extending coverage to a party specified by the policyholder in the event of a claim or negligent acts.