meaning of additional named insured

additional named insured meaning in Insurance Dictionary

(1) an individual or company, except that 1st called guaranteed, identified as a guaranteed inside plan declarations or an addendum toward plan declarations. (2) an individual or company put into an insurance plan following the policy is written with the condition of called guaranteed. This entity might have equivalent liberties and duties as an entity known an insured in the plan declarations (except that those legal rights and responsibilities set aside towards first-named guaranteed). Inside sense, the definition of could be compared with extra insured, an individual or business added to an insurance policy as an insured although not as a named guaranteed. The term hasn't obtained an uniformly decided meaning in the insurance business, and utilization of the term in two various sensory faculties defined above usually creates confusion in demands for extra insured standing between contracting functions. See in addition Extra insured; Known as insured.