Who Should Be Named Insured?

One of the most common mistakes I find in my review of insurance programs involves named insureds.



MyNewMarkets.com (a part of the Insurance Journal family) just pointed readers to a checklist the produced a few years ago.



Here are the questions they suggest:



-Are all current legal entities listed/scheduled on the policy (including LLC’s and Joint Ventures)?



-Is the entity listed as the First Named Insured the entity you want to receive all notices and billings?



-Any past partnerships or LLC’s as predecessor organizations?



-Any past subsidiary partnerships or LLC’s?



-Joint Ventures: Any current joint ventures? Any past Joint Ventures?



-Is the insured planning to acquire or form any new entities over the next 12 months? What will the legal structure be?



-Insured planning to take part in any joint venture in the next 12 months?



-Do employees drive their personal vehicles to conduct company business?



-Do employees ever hire or rent vehicles in their own name to conduct company business?



-Are there any contractual relationships requiring any outside entity be named as an Additional Insured (lease agreements, construction contracts, venders, suppliers, members, etc)?



You can download the survey form HERE.