Who is a named insured?
The term named insured is the organization or a person that was concluded in the policy proclamation. The word named insured can be in the form of partnership, corporation or any other types of organization. The named insured enables the broadest range of coverage under a specific policy. For example, small business was under by only one company. For instance, a specific company can be named Lorica’s company. Lorica’s company was a private business by Lorica family and owned by the four members of the family. Lorica’s company was the general name of their family business. Then, the company’s name must be concluded in the list of named insured for the company’s general liability which means, the business was under the protection from different aspects like third-party claim. The company’s name must also be listed on the named insured for the company’s umbrella liabilities. Named insured is the one that was named in a certain policy. It may be in the form of business or people. You can notice these named insured on the first page of the policy. Named insured can also be more than one. Regarding its coverage, named insured has its widest protection.