Removing a Named Insured
Posted: Fri Jul 12, 2013 9:11 am
Can a the first named insured remove another named insured with only the signature of the first named insured?
This is a debate I have seen several times. You have an unincorporated partnership, just two partners who split expenses and profit. We have a number of small contractors like this. Let's say John starts the company, then brings in Bill. They are both on the BOP as named insured, but John is the first named insured. Bill leaves the company, and John wants to remove his name and payroll from the policy. Can John's agent make that change without Bill's signature, just with John's signature?
Edit: the policy in question uses ISO forms, and the common policy conditions form is IL 00 17 11 98. Part of it reads as follows:
Changes
This policy contains all the agreements between you and us concerning the insurance afforded. The first Named Insured shown in the Declarations is authorized to make changes in the terms of this policy with our consent. This policy's terms can be amended or waived only by endorsement issued by us and made a part of this policy.
This is a debate I have seen several times. You have an unincorporated partnership, just two partners who split expenses and profit. We have a number of small contractors like this. Let's say John starts the company, then brings in Bill. They are both on the BOP as named insured, but John is the first named insured. Bill leaves the company, and John wants to remove his name and payroll from the policy. Can John's agent make that change without Bill's signature, just with John's signature?
Edit: the policy in question uses ISO forms, and the common policy conditions form is IL 00 17 11 98. Part of it reads as follows:
Changes
This policy contains all the agreements between you and us concerning the insurance afforded. The first Named Insured shown in the Declarations is authorized to make changes in the terms of this policy with our consent. This policy's terms can be amended or waived only by endorsement issued by us and made a part of this policy.