Don't Let Your Additional Insured Coverage Be A Mystery
April 12, 2013, 12:52 PM EDT
Law360, New York (April 12, 2013, 12:52 PM EDT) -- It is increasingly common for a company to be added to another entity's liability insurance policy as an "additional insured." The concept is simple: One entity demands that, as a price of doing business, the other entity procure liability insurance coverage relating to its operations or activities on the project or transaction at no cost to the first entity. This additional insured coverage is a bargained-for asset in many types of transactions.
However, that asset's real value depends on what the insurance policy actually says. All...