Why carry your own insurance when you can have the tenant (or landlord) name you as an additional insured under its own commercial general liability policy? After all, isn’t it obvious that if the insured (tenant or landlord) has good coverage, adding your own name in “addition” to that of the policy holder must mean that you have the same coverage as that policy holder. NOT!
At this point, we’ll repeat a frequent Ruminations refrain: “Carry your own insurance.” Here are more reasons why that remains good, solid advice.
[Today, as we commonly do, our examples derive from the most common set of insurance forms, those promulgated by the Insurance Services Office, Inc., a company that provides a whole bunch of services to that industry. For short, it is known as ISO and its forms are known as “ISO” forms.] [Read more…]
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Bottoms up! Or, said otherwise, let’s start with the bottom line. ON BALANCE, you’d rather be an additional insured on someone else’s liability policy, not an additional named insured. For one, it isn’t even clear what is meant by “additional named insured.” There is a named insured and there is an additional insured. There are also some people who are automatically insured. (Those are employees and other people similarly related to a named insured.)
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