Additional Insureds: Who, What, Where, And Why Not?-Additional Insureds: Who, What, Where, And Why Not?

Video Transcription

Video Summary

The webinar titled "Additional Insureds: Who, What, Where, and Why Not," hosted by the Inland Marine Underwriters Association, discusses the complex topic of additional insureds in insurance policies, primarily focusing on their roles, rights, and the implications for liability and property coverage. The presenters, Joe Grasso and Michael Menapace, experts in insurance law, outline several key points. <br /><br />They explain the nomenclature associated with named and additional insureds, emphasizing the importance of understanding terms like "automatic insureds" and "AI" for additional insureds. The distinction between loss payees and additional insureds is clarified. While loss payees have rights to claim proceeds, their rights aren't as robust as those of additional insureds. <br /><br />Further, the webinar delves into hold harmless and indemnification clauses, often found in contracts tied to insurance policies, detailing how anti-indemnity statutes impact these provisions. Michael Menapace explains how additional insured status is memorialized, often through blanket endorsements, and highlights the variability in coverage scope depending on policy wording and underlying agreements.<br /><br />The duty to defend and indemnify additional insureds is examined, with a focus on the four corners rule and policy clauses. Subrogation rights and how they are affected in additional insured contexts are also discussed, alongside choice of law issues. <br /><br />Towards the end, the presenters briefly discuss punitive damages, late notice, and limits issues, offering insights into the nuances of these elements in insurance policies. The webinar concludes by addressing ethical concerns in defending claims involving multiple insureds.<br /><br />The webinar effectively demonstrates the intricate web of considerations surrounding additional insureds, providing valuable insights for insurance professionals.

Asset Caption

Date of Publication: April 18, 2024
Duration: 80 min

This webinar explores legal and practical implications surrounding Additional Insureds. Discussion includes the distinctions among named insureds, insureds, additional insureds, and loss payees.

Presenters also address blanket additional insured wordings and their impact on coverage and the duty to defend; as well as frequently overlooked repercussions of adding insureds, including notice of claims, indemnity obligations, other insurance, application of deductibles and limits, and subrogation.

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Module Inland Marine Insurance Industry

Keywords

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Additional Insureds

Inland Marine Underwriters Association

Insurance Policies

Liability Coverage

Property Coverage

Hold Harmless Clauses

Indemnification Clauses

Subrogation Rights

Choice of Law

Punitive Damages

Ethical Concerns

Insurance Professionals