About Bennie719 Expertise I have extensive knowledge in Personal Auto, Homeowners Insurance and Personal Umbrella Insurance. Also thoroughly familiar with Claims Handeling procedures. Will answer questions related to the above.
Experience Experience in the area: Served as an expert at askme.com from 7/2000 thru 10/2002 in catagories of general insurance, auto and home insurance. Answered 422 questions before that site closed. Licensed in California since 1961, first in Life & health for two + years and as a Property/Casualty Agent/Broker since 1964. I sold my business and took early retirement in 1998. Still maintain a valid California Property/Casualty Agent/Broker License.
I have been a volunteer at allexperts.com since 2002.
I can provide assistance in the following fields:
Property and Casualty Insurance,
Insurance Law,
Auto Insurance Claims
Question Let me precede this with, this is a wind only policy and the other perils and liability are written with a separate company. This is a condo policy written under an HO6 in Florida, the condo is owned by a corporation. The owner of the business lives in the condo. The insurance company insisted the policy be written in the name of the corporation, therefore they are the named insured. The individuals are added as "additional insured". The "additional insured" form defines them as insured but only as respects to the Dwelling Coverage and the Additional Structures. The agent says if there is a loss to contents, or any claim, the claim's check would include both the individuals' names and the corporation's name. What is your thought?
Thank you very much.
Answer Hi Margaret,
Since you state that the owner of the building is a corporation,
then I assume that all others occupying the units are renters.
It is standard requirements in every state by all insurance companies that the policy to be written in the name of the owner.
Since the owner (in this case a corporation) is the only one who
has a legal interest in the structure, then the policy must be
written in the name of the corporation. To protect the tenants,
they will be added by endorsement as "additional insureds as their
interests may appear". Since you have no legal interest in the ownership of the structure, you will be protected for your
personal contents and any interests that you have in additional
structures.
It would be standard that any check for contents be made payable to the named insured and the additional insured that suffered a
loss.
I see nothing wrong with the wording. It conforms to the insurance
companies rules and the state laws of Florida that requires
the named insured to have a legal interest in the primary
property being insured.
I hope that you find this to be helpful. Your feedback by
rating my response will be appreciated.
