A named insured is a person or business entity listed on an insurance policy’s declarations page.
Examples include people, sole proprietorships, business partnerships, corporations, or other business entities.
Named insureds are the parties who purchased insurance who appear on the policy declarations page.
Insureds do not appear on the policy’s declarations page. They are individuals or business entities entitled to receive insurance payments after suffering a loss. They can also be company employees or executives who are entitled to insurance protection while performing their job duties.
Additionally, named insureds can extend coverage to select people or parties through a couple of methods. With an additional insured, coverage is provided to specified individuals by name. And, through a blanket additional insured endorsement, coverage is provided for a generalized type of worker or group of workers without naming anyone specifically.
Yes. For example, named insureds on commercial auto insurance policies are required to report cases of property damage or bodily injury to their insurance company. They are obligated to notify police in the event of vehicle theft.
Insureon helps small business owners compare insurance quotes with one easy online application. Start an application today to protect your business.