What Is a Named Insured?

A “First Named Insured” is, by definition, exactly as it sounds — that is, the first named insured is the person or business who is explicitly named on the insurance contract/policy. If you are the first named insured, your name usually appears on the first page of the contract/policy, often within the first few lines. You are also the one to sign the insurance application/workbook.

By the way, there can be more than one named insured on a policy. If that’s the case, usually the person listed first holds the primary responsibility. In terms of benefits, the first named insured is 100% entitled to all the coverage and payouts of the policy. In addition, the first named insured can add people to the policy as desired.

In our workbook/applications that we work from, we request this name as the very first question on the Insureds tab. We need the name to be accurate, as this is the responsible entity for any billing or claims. Directly below the insured’s information, we have a place to list “Other Named Insureds.” These are usually your subsidiaries or affiliated companies (this could also include parties with financial interests, such as a trust). We need to be sure these are listed, as a claim could come through under a different name as the Named Insured. This will save a lot of time and research for an adjuster called in to handle a claim of a subsidiary company with a completely different name.

This Insureds tab is the first place we look when trying to identify a company submitting a claim. Make it a point to review and revise the names listed in your workbook/application so they are accurate. It is very helpful to have the type of entity, FEIN, interest, what coverage it applies to and the location/description of the operations.

If you need assistance with this, your Telcom Insurance Group account executive will be more than happy to help with a review of this information. Give us a call or shoot us an email.