What does the First Named Insured Mean?

Unless you are in the insurance business or are really an educated business person or professional, first named insured probably is meaningless to you.  Well it is very basic, but the first named insured is the the person, firm, or organization specifically designated by name on the Declarations Page of the policy.  The First Named insured is the key person and the primary individual with changes to a policy or when a decision is made.  In Commercial Lines insurance, the First Named Insured has certain rights and duties that do not apply to any other named insureds.

Any rights are designated to the First Named Insured such as the right to cancel, increase the premium, decrease the premium, change the policy, the right to receive any return of premiums.   The duty to make the premium payments in a timely manner are all up to the First Named Insured.

Contact Denvers Insurance with any questions, hppt://denversinsurance.com, or call 303-219-4985.

 

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About Mark A. Schneider
Owner of Denvers Insurance and Close Contact Security Services.

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