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Additional Expenses of Rent for an Alternative Accommodation Clause, Add On Peril under Standard Fire and Special Perils Policy

Additional Expenses of Rent for an Alternative Accommodation is covered in respect of non-manufacturing risks under material damage policy only and not under Consequential Loss (Fire) policy. The period of indemnity is limited during which the original premises remain untenable as a result of occurrence of perils insured against subject to a maximum indemnity period not to exceeding 3 years. The additional expenses recoverable means the additional rent actually paid i.e., the difference between the new and the original rent paid. Insurance for this extension is available only if it involves actual physical damage to the building. The cover does not intend to pay if for instance the insured’s entry is barred by strikers, demonstrators and similar occurrences. Cover is permitted to tenant as also to the Owner-occupant. For owner-occupant the alternative accommodation is limited to the area under his occupation. For the owner-occupant the notional rent rateable by Municipal/Revenue may be treated as the original rent for the purpose of this clause. Owner-occupant to cover both building and contents whereas the tenant to insure the contents of the premises for which seeking this extension.

Additional Extended Coverage

An endorsement for policies covering dwellings and similar property, extending the coverage to include Insurance against Direct loss caused by water damage from plumbing and heating system or bursting of system as hot water system, and malicious mischief, glass breakage as well as fall of trees and collapse.

Additional Increase in Cost of Working

An optional extension under a business interruption insurance. It allows the insured to incur reasonable additional expenditure to avoid or diminish any further reduction in turnover following a loss even though the amount payable exceeds the loss thereby avoided. Without this extension the insured’s recovery for ‘increase in cost of working’ will not be permitted to exceed the loss of gross profit avoided by such expenditure. The extra cover is for a specific sum.

Additional Insured & Additional Named Insured

An additional insured is an entity (individual, partnership, or corporation) that is protected under the terms of an insurance policy issued to the insured named on declarations page. The additional insured is added by endorsement. The addition may be temporary (as in a building owner temporarily adding a contractor) or permanent (as with tenants in a commercial building naming a landlord).An additional insured is extended protection under the named insured’s policy. This means that the additional insured is protected, under the named insured’s policy, for any loss that arises out of the operations performed by, or on behalf of, the named insured. For example, suppose that Jim owns a dry cleaner inhe has leased from Sue. Jim has commercial general liability coverage and has named Sue, his landlord, as an additional insured. Jim cleans his floors one day before opening and fails to remove all the water and soap. A customer walks in, slips, and breaks an arm. The customer sues Jim for negligence in maintenance of the premises and Sue as well. Sue, as an additional insured, is covered under Jim’s policy. Note: This does not mean that Sue does not need her own liability insurance. There may be cases where someone is hurt on the premises and it is the landlord’s negligence. In this case,

a building however, Sue’s insurance would pay only if Jim’s insurance pays the policy limit.

Additional Named Insured

An entity can also be added as an additional named insured. In this case, the first named insured is extending coverage to the entire operations of the additional named insured. In the previous example, Jim would then cover Sue if she failed to maintain the sidewalk in front of a pizza parlor several hundred feet away from Jim’s dry cleaner.

Although they are common, the named insured and additional named insured endorsements are not uniformly worded and there is some confusion as to what exactly is covered. Policyholders should carefully consult an insurance professional before adding the endorsement.

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A person, company or entity protected by an insurance policy in addition to the insured.

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One who qualifies as an insured under the terms of a policy even though not named as insured. Officers of a corporation may be included as insureds under the terms of a policy written in the name of the corporation.

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A second beneficiary added to the same policy; for example, the children of the insured.

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