Call Larson Insurance today! 781-646-9200

What is the difference between “Named Insured”, “First Named Insured” and “Additional Insured?”

Named Insureds are those listed by name in the relevant block of the policy's declaration page. Although the named insured is commonly one person, partnership, corporation or other entity with insurable interests, multiple named insureds may be included. First Named Insured is the first "named insured" listed on the policy declarations (front page of the [...]

By |2018-04-22T17:38:57-04:00April 22nd, 2018||0 Comments

How does an audit work?

At the end of the policy term, the insurance company will review the policy and either charge or credit the policyholder based upon an audit of estimated figures. Examples of estimated auditable items include sales and payroll. Audits can be performed onsite by an auditor or via mail or telephone. A premium is charged for [...]

By |2018-04-22T17:37:17-04:00April 22nd, 2018||0 Comments

What does 80% co-insurance mean?

Insurance carriers require that an insured party insure at least 80% of the property's value in order to collect a partial loss in full. This is the way the insurance company encourages all insureds to adequately insure their property in relation to other insureds.

By |2018-04-22T17:36:18-04:00April 22nd, 2018||0 Comments