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What is an additional insured and what are the pro's and Con's?
An additional insured is:
Before we answer this, let back up to what a certificate of insurance is. A certificate of insurance form indicates the types of insurance policies written, policy dates, and coverage limits. It is a very basic snap shot of your insurance. The additional insured endorsement must be added to the insurance policy, unless the policy gives it automatically, then the certificate reflects this status. Most companies charge about $40-70 per year for each additional insured you have on the policy.
An "additional insured" is a person or business that is added to an insurance policy for the purpose of coverage. This may be a temporary arrangement (contractor on a job adding the premises of the project until complete) or more permanent (if the contractor on going jobs with the company).
It amends the "Who is a Named Insured" section of the policy.
There are many different types of additional insured endorsements. We here the words "primary and non-contriutary" and "must include completed operations coverage" an a daily basis. Adding these extra's may cost an additional $100 or more per year for each request. We highly recommend that you send us "any" insurance requirements prior to taking the job. They should really be reviewed to avoid any surprises and so you can factor in any additional costs.
Reasons to add or want to be added as additional insured:
1) Close relationship with the additional insured
2) Business relationship with the additional insured, and, typically, a contractual agreement to add
3) Act's as a safety net if the hold harmless agreement is unenforceable
4) Secure direct policy rights with respects to defence costs
5) Prohibit subrogation action
6) Provide vicarious liability for the named insured's actions and/or direct liability for additional insured's actions
Obtain personal and advertising injury coverage
Problems for the named insured by adding additional insureds:
1) Dilution of policy limits - The sharing of limits
2) Exhaustation of limits
3) Unintended coverage provided
4) Defense conflicts
5)Compliance problems
Problems for the additional insured:
1) Loss of defense control
2) Increased probability of disputes over coverage
3) Other insurance conflicts - equal shares verses primary and non-contributary
4) Coverage provided and type of coverage depends on edition date of the policy endorsement
Disclaimer: Since we are not attorneys we can not give legal advise but we can share insurance information and opinions on company & state issues.
Contact Us At:
Insuring Minnesota
20960 Holyoke Ave
Lakeville, MN 55044
Ph: 952-469-0425 | Fax: 952-469-1881
Email: info@contractorspolicy.com
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