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The term named insured refers to the person or entity that is specifically designated and listed as the policyholder on an insurance policy. It is the individual or organization that purchases coverage. They have the rights and responsibilities outlined in the contract.
They have the right to make changes to the policy, file claims, and receive any benefits or payments in case of a covered loss or damage. They are also responsible for paying the premiums on time to maintain coverage.
Named insured can often add further individuals or entities to the policy as additional named insureds if they have a legal interest in the property or if they want to extend coverage to others.
In PSIC we refer to the person responsible for the policy as the named insured, but it is important to understand that it does not necessarily mean they are the only one with coverage. You can include additional insureds.
The named insured will receive access to login to My Portal where all the information related to the policy will be available, and will be able to modify the coverage. It is important to remember that the discounts also apply to the policyholder.
However, it is essential to communicate with your producer to understand the specific requirements and implications of adding additional people to your policy. They can provide guidance and help tailor the coverage to meet your unique needs, giving you the peace of mind that you have the necessary protection in place.
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Copyright © 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.