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Comments on additional insured and additional interest
December 21, 2022
Comments on additional insured and additional interest from article on December 16, 2022
          The additional insured vs. additional interest is a technical insurance question that I will explain in as simple terms as possible.
          An “additional interest” typically is used with financial institutions that have a financial interest in Property.  You have a loan on your car or your home, the lender could be listed as “additional interest”.  Normally, the additional interest does not share in any ownership of the property but has a financial interest in the property. 
          “Additional insured” deals more with liability issues.  The “additional insured” has rights to the policy and can be the beneficiary of an insurance loss.  You, as the dealer, want the end user to list you as an additional insured to give you rights to their policy in the event of a claim.  Their policy could help defend you in the event of a claim.  Listing you as additional interest won’t have much benefit for you.
          I think you should have two takeaways from the additional insured vs additional interest question: 
  1)  In the event of a claim, if you use and follow the Kirschenbaum contract, you will be in a much better position than those that don’t.  You will be glad you used it and didn’t redact it. 
  2)  You should have a great relationship with an insurance broker that understands the alarm industry and technical insurance terms like additional insured vs additional interest endorsements.  
          By choosing your attorney and insurance broker properly we can be your best friends in the event of a claim. 
 Talk to you soon.
Shawn Iverson, CIC
The Insurance Center        
1741 North 2000 West
Ogden, UT 84404
          Here’s two thoughts that might help your readers with Jeff’s question:
          Regarding Progressive in particular with their agent offering “additional interest” rather than additional insured because they “don’t have additionally insured as a choice in their drop down menu”:  This may be the same thing, but a trained Progressive rep should be able to confirm that clearly and explain it easily, and if they can’t then call back and get another rep who can.  Progressive offers both blanket and individual Additional Insureds, so it’s definitely within their capabilities.
          Regarding what kind of coverage are you getting from your customer’s insurance naming you as Additional Insured: if its important to you to have that coverage, then request the certificate be accompanied by the corresponding Additional Insured endorsement from the policy.  This is important because a certificate is just an agent’s representation of coverage, and often doesn’t confirm the type or even legitimacy of that coverage; only the policy language offers that clarity.  If the coverage exists, then the endorsement should already be present and not cost anything extra to provide (unless custom coverage is being requested, for which a custom endorsement may be required). 
Larry St John, CIC, CRM
Eclipse Marketing & Insurance Services
707.469.6776 x102
          Thanks for the clarification and information.  Insurance brokers are an important part of the professional team that you need in any business and especially in the alarm / security / fire business.  You can find a great broker on The Alarm Exchange.  You should especially appreciate Shawn and Larry for participating on this forum.

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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301