Additional Insured Financial Interest Of Leased Equipment Insurance Form

Also discussed are additional forms of property insurance that are.

Additional insured financial interest of leased equipment insurance form. Such as a certificate of insurance. Leasehold interest insurance covers the financial loss you sustain due to the cancellation of your lease. Providing a certificate can be handled by adding endorsing a version of the additional insured lessor of leased equipment form. Additional insured is and iso form ho 07 50 05 11 additional insured managers or lessors of premises leased to an insured is designed for just such a situation.

For a loss to be covered it must result from direct physical loss of or damage to property at premises described in the declarations. Because of various court decisions the additional insured lessor form was recently changed. The landlord or the tenant can be added to the other s property policy as an additional insured or loss payee. If coverage provided to the additional insured is required by a contract or agreement.

Moreover the damage must result from a peril insured under your policy. With a tenants policy additional interest isn t applicable. Leasehold interest insurance. An additional insured may be unrelated to the named insured and may appear as a person or entity that has a specific insurable interest in a specific insured object building or contents such as acme leasing company as additional insured as respects copier equipment a named insured and additional insured will have insurable interests in the same object but for different reasons.

As the owner of the leased equipment they have a financial interest in and hold the title to the equipment. The standard insurance forms and endorsements available to landlords and tenants are identified and discussed. Subsidiaries of the named insured may be added as additional named insureds it is not appropriate for a lease to require the landlord or the tenant to be a named insured or additional named insured on the other s policy. Further the rental company will also want to be named as an additional insured to protect their legal liability and interest in rented leased equipment.

By naming the leasing company as loss payee you satisfy the insurance requirement of your lease and the leasing company will be paid in the event of a covered claim under your policy. An additional interest is for another party similar to a mortgagee who has a financial interest in the property. Additional insureds this insurance does not apply to any occurrence which takes place after the equipment lease expires. Leases and property insurance bill locke graves dougherty hearon moody austin texas this article examines the role of property insurance in leaseholds.