Additional Insured Status....
At Landing Insurance, we want to make sure you understand whats asked of you when you enter into a contract. Below we've outline whats typically required when you submit a Certificate of insurance.
Additional Insured: A person or organization not automatically included as an insured under an insurance policy who is included or added as an insured under the policy at the request of the named insured. A named insured's impetus for providing additional insured status to others may be a desire to protect the other party because of a close relationship with that party (e.g., wanting to protect church members performing services for the insured church) or to comply with a contractual agreement requiring the named insured to do so (e.g., project owners, customers, or owners of property leased by the named insured).
Waiver of Subrogation: A waiver of subrogation provision prevents the insurance company (who steps into the shoes of the insured after it pays a loss) from suing the other party to the contract – which likely caused the loss. Moreover, waiver of subrogation provisions found in contracts are generally upheld by Courts.
Loss Payee: A person or entity that is entitled to all or part of the insurance proceeds in connection with the covered property in which it has an interest. Often those asking to be named as loss payees have leased some type equipment and or even a vehicle.