Arkansas HVACR NewsMagazine May 2023

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Now, how is Additional Insured Status Afforded to another entity? That is typically done via Endorsement which can be a Specific Additional Insured Endorsement for a specific person or organization, or a Blanket Additional Insured Endorsement. For a specifically named Additional Insured, you will have to pay additional premium for every Additional Insured you add to your policy. But there is no confusion as to whether or not that status actually applies. For a Blanket Additional Insured Endorsement, you would pay one annual charge for that endorsement to be on your policy and then you can provide Additional Insured Status to anyone and everyone you need to throughout the year, granted you have a written contractual obligation to do so . Every Blanket Additional Insured Endorsement that I have ever seen has that stipulation in it; “When r equired by written contract”. This is a way to provide status to anyone you, the policy owner, needs to without having to notify your insurance carrier and pay premium every time. But it narrows it down to only those parties where you are contractually obligated to list as an Additional Insured, so not just anyone can try to file a claim on your policy.

The lasts thing I want you to know about Additional Insured status is that while you are technically adding another entity as an Insured on your policy, they do not have the same rights and duties as you do as the policy owner. The Named Insured is the policy owner and has the duty of paying premium, and the right to make changes to or even cancel the policy. An Additional Insured is granted coverage under that policy, but has no rights to make any changes. I hope this helps some of you understand what you are providing when you list another person or organization as an Additional Insured on your policy. If you are unaware of how your policy is structured now in terms of who is an insured, we are happy to dig in and answer that for you. Never hesitate to call. Please let us know if we can help you in any way and Stay Safe! Cross Pointe Insurance Advisors, LLC 12410 Cantrell Road, Ste 200A Little Rock, AR 72223 nickh@cp-ins.com 501-680-1186 You can contact Nick at--