Insurance policies often include the declaration, insuring agreement, exclusions and conditions sections. The exclusion section describes specific items or events for which the policy offers no coverage, and the conditions section identifies the terms under which the policy is effective and valid. The agreement section states the covered items and summarizes the policy. The declaration page is often the first section of policies. It lists what and whom the policy covers.

What Is A Named Insured?

When you purchase an insurance policy, you’ll name people, including yourself, and entities that the policy insures. These are named insureds, and they are declared in the first section of the policy. Named insured have insurable interest in the policy, which means they share in the financial benefits if there is a covered loss.

First Named

The first named insured often is the owner of the policy. If you are this person on an insurance policy, your name is indeed listed first in the policy declarations section. It also means that you are responsible for managing the policy. You initiate applicable changes to the policy, such as adding additional insureds, and cancelling the policy. You’ll likely b the one making premium payments, and you’ll also be the one that receives refunds and policy update notices.

Additional Named Insureds

Courts in Matthews, NC recognize additional named insureds. If you need to name another person or entity in your policy because of some contractual agreement, give us a call so our Matthews community agent can help you update your policy. You’ll likely add them after the insurance company writes your policy, so the insurer will usually list them as addendums to your policy. They have the same rights as named insureds that are listed in the declarations section – though not the same as the first named insured.