Additional Interest Insurance
What is additional interest insurance?
Both additional interest and additional insured have the same meaning. It is either an organization or person who are covered by the terms of the policy. For instance, if an organization or person leased the car of an individual company, the car company would want to be listed as an additional interest for the sureness that if the vehicle is engaged in an accident, then the car company will be under the protection of the terms of policy.
An additional benefit is an organization or a person who only wants a particular property to be insured. But, the organization or person doesn’t have the authority to own a specific feature then they would not be included in the list of additional insured. For instance, two women owned a salon, woman #1 listed the salon to her insurance policy but she didn’t add to the list of additional insured her co-owner. If a customer gets injured, and both owners are named in the lawsuit. The owner that is listed as the additional insured is the only one that is protected but her co-owner, woman #2 doesn’t have the protection because she was not included on the list of additional insured.