What is a designated additional insured?

Designated Insured Endorsement — an optional endorsement available for commercial auto policies that allows for listing entities who ask to be named insureds for vicarious liability under the policy.

Why are additional insured endorsements needed?

The intent of an additional insured endorsement is to change the ‘Who Is An Insured’ section of an insurance policy to extend coverage to the additional insured for the negligent acts or omissions of the vendor or those acting on the vendor’s behalf.

What is additional insured owners lessees or contractors?

The CG 20 10 10 01 endorsement, entitled “Additional Insured- Owners, Lessees or Contractors-Scheduled Person or Organization,” provides coverage to the person or organization named in the endorsement for liability arising out of the named insured’s ongoing operations.

Can you be an additional insured without a contract?

A “Contract” May Not Be Needed. Most blanket additional insured endorsements use the phrase “contract or agreement,” rather than stating one or the other. The terms are often used interchangeably, and it can be easy to presume that both terms require a formal contract.

Who can be named as an additional insured?

In an insurance policy, an additional insured refers to anyone other than the policyholder who is covered by an insurance policy. Coverage might be limited to a single event or it could last for the policy’s lifetime.

What is the benefit of being named additional insured?

Key Takeaways. An additional insured extends liability insurance coverage beyond the named insured to include other individuals or groups. An additional insured endorsement protects the additional insured under the named insurer’s policy allowing them to file a claim if sued.

What is a CG 2010 form in insurance?

The CG 20 10 covers the additional insured with respect to liability caused by your ongoing operations.

What is a CG 20 10?

The most common additional insured endorsement for contractors is the CG 20 10. The CG 20 10 covers the additional insured with respect to liability caused by your ongoing operations. “Ongoing operations” does not include completed operations.

What is ISO form cg2010?

The CG 20 10 covers the additional insured with respect to liability caused by your ongoing operations. “Ongoing operations” does not include completed operations. Therefore, the current form CG 20 10 does not include completed operations coverage for the additional insured.

Why do companies want to be listed as additional insured?

Most companies include language in their contracts for contractors to indemnify, or pay for, any liability lawsuits that stem from their work. Companies want assurance that contractors have the means to compensate them in a worst-case scenario, which is why they often ask for additional insured status, too.