What is the difference between an additional interest and an additional insured?
People also ask, what does additional interest mean in auto insurance?
An Additional Interest is a party who may be INTERESTED that an item is insured, but DOESN'T have any ownership in that item and therefore they CANNOT be listed as an Additional Insured. For example, a condominium association would have an INTEREST in all unit owners within the complex having insurance.
Furthermore, what is additional interest information? On your renters insurance policy, an additional interest simply means a party that will be notified of any changes to your policy. The types of changes the additional interest will be notified of typically include cancellations, lapses in coverage, or renewals.
Also, does it cost more to add an additional insured?
The cost of adding an additional insured is typically low, compared to the costs of the premium. Insurance company underwriting departments often consider the additional risk associated with additional insureds as marginal.
Can you be an additional insured on a property policy?
The term additional insured means a person or entity that is covered under another party's insurance policy. Additional insureds are often included under general liability, commercial property or commercial auto policies.