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The Geezer
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Topic Insurance. Question Why would some company ask to ...

Resolved Question:

Topic: Insurance. Question: Why would some company ask to be included on your insurance policy as "Also Insured"???
What does that entitle them to???
Submitted: 10 years ago.
Category: General
Expert:  Big Dave replied 10 years ago.
HiCustomer Thank you for asking your question on Just Answer. We are working on your answer. By the way, it would help us to know:

Could you explain your situation a little more? What type of insurance are you referring to? What type of company is asking to be included and what is the situation around that? Finally, is "also insured" the specific terminology they used when asking to be added?

Thank you again for trusting us with your problem. Please reply as soon as possible so that we can finish answering your question.
Customer: replied 10 years ago.
Big Dave:

My situation is with my boat at a Marina... I have liability insurance on my boat which covers me in the event of Property damage, personal injury, etc... The Marina has asked that they be included as an "Also Insured" on my policy...
Why would they need that??? What does it entitle them to???
Expert:  The Geezer replied 10 years ago.
Being "also insured" protects the Marina from potential liability claims arising from an accident associated with your boat.

Suppose someone were seriously injured in an accident involving your boat while it was in the Marina. Their attorneys would certainly consider suing you, but they might also consider suing the Marina, as whoever owns the Marina is likely to have more assets than you do (the "deep pockets" lawsuit). If a large judgment were obtained, and if the Marina could be shown to have even a tiny bit of contributory negligence or other involvement with the accident, the Marina could be made to pay part or all of the judgment.

By being "also insured" on your policy, your insurance company would have to defend not only you, but the Marina, should such a case be brought.

This "also insured" practice is actually very common. I lease a car. The finance company to whom I owe payments is an "Also insured." I had a home loan. My lender was an "Also insured" on my fire insurance policy.

It shouldn't cost you any more to have the Marina as an "Also insured", since if there is a big lawsuit your insurance company already has to defend the case. Don't take it personally, this is normal business practice.
The Geezer, Successful careers
Category: General
Satisfied Customers: 1387
Experience: Retired Civil Engineer, USC Professor & Realtor, financier
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