Additional Interest Insured refers to a party, other than the primary insured, who is named in an insurance policy and has a financial or legal interest in the insured property or activity. This party is granted certain rights and protections under the policy, such as being notified of any changes or cancellations, and may be entitled to receive a portion of the insurance proceeds in the event of a covered loss. The additional interest insured does not have the same level of coverage as the primary insured, but their interest is acknowledged and protected to a certain extent by the insurance policy.
Additional Interest Insured is a term used in insurance policies to refer to a party that has an insurable interest in the insured property or liability, but is not the named insured. This additional party is typically added to the policy to protect their interest in the event of a loss or claim. The additional interest insured may be a lender, landlord, or any other party that has a financial stake in the insured property or liability. By being listed as an additional interest insured, this party is entitled to receive notice of policy cancellations, changes, or non-renewals, and may also be able to file a claim under the policy if their interest is affected. However, it is important to note that being listed as an additional interest insured does not necessarily mean that the party has the same rights and coverage as the named insured. The specific rights and coverage will depend on the terms and conditions of the insurance policy.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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