Named Insured Explained
Named insured is defined as any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy, as distinguished from others that, although unnamed, fall within the policy definition of an “insured.” See also additional insured; additional named insured.
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The Importance Of A Having A Correct & Up To Date Named Insured
The named insured is a simple, but critical aspect aspect of every insurance policy. When you become aware of a pending change or completed change in ownership, or addition/deletion/creation of a legal entity, joint venture and/or named insured on the policy, your ALIGNED Advocate and insurer(s) needs to be notified as soon as practicable, and ideally in advance of any change.
This includes acquiring/securing voting rights in another organization or creation of another organization, which becomes a subsidiary. This also encompasses the sale of a subsidiary or a portion of your operations. Failing to fully or accurately report the current complete legal structure and ownership and/or changes to may result in claims being denied or coverage being cancelled for misrepresentation.
Speak to an ALIGNED Advocate to ensure your named insured clause is appropriate for your organizational structure.
An ALIGNED Advocate can provide expert guidance about insurance and risk management best practices for your organization. Talk to one of our advocates today about how we can help you secure the best products, services and insurance solutions for your business.
ALIGNED specializes in delivering insurance and risk management solutions exclusively to Canadian businesses. Through our 18 points of differentiation and expertise, we deliver unmatched value to our growing portfolio of clients from all industries that range from small to large organizations. We offer all of the following management liability products:
- Board Insurance / Directors and Officers (D&O) Insurance
- Employment Practices Liability (EPL) Insurance
- Fiduciary Liability Insurance
- Property Insurance – including Business Interruption & Extra Expense
- Machinery Breakdown / Boiler & Machinery Insurance
- Course of Construction (COC)
- Wrap-up Liability Insurance
- Commercial General Liability / CGL Insurance
- Pollution Liability Insurance
- Commercial Automobile & Fleet Insurance
- Umbrella Liability Insurance
- Cyber, Hacking & Privacy Liability Insurance
- Crime / Fidelity / Employee Theft Insurance
- Professional Liability / Errors & Omissions (E&O) Insurance
- Kidnap & Ransom Insurance
- Representations & Warranty Insurance
- Trade Credit
- Surety & Bonding
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.|