A basis upon which motor traders road risks policies can be rated, often suitable for small garages. Cover operates only when vehicles are being driven by one of the drivers named in the policy.
Tag: RAW
Named drivers
Persons named in a motor insurance policy as being the only drivers permitted to drive under the policy.
Named insured
US: Any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy, as distinguished from others that, although unnamed, fall within the policy definition of an “insured.”
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The insured listed in the policy, whether a person or entity. People not named in the policy may still be protected in certain circumstances. For example, if they are passengers in an insured car and are harmed in an accident, certain kinds of policies may cover them.
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The party or parties specifically named as insured in the insurance contract. Others may have claim on the coverage of a policy by way of internal provisions but any such right is by way of the agreement between the named insured and the insurance company.
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The person designated in the policy as the insured as opposed to someone who may have an interest in a policy but not be named. See Also: “Insured, named insured.”
Named non-owner policy (Vehicle Insurance)
A policy written for a person who drives a car he or she does not own; for example, a borrowed or rented car.
Named nonowner policy
Issued to someone who does not own an automobile but who drives borrowed or rented autos.
Named peril policy
A policy covering named or defined perils rather than ‘all risks’ of loss or damage. A loss is admissible only when matched against a named peril. See ADDITIONAL PERILS.
Named perils
A formal and specific listing of perils covered in a policy providing property insurance. A policy covering for damage by fire is said to cover for the named peril of fire. If the peril is not named, there is no coverage.
Named perils (Property Insurance)
The potential causes of loss that are covered on an insured property.
Named Perils Policy (Named Peril Contract)
Coverage in a property policy that provides protection against loss from only the perils specifically listed in the Policy rather than protection from physical loss. Examples of named perils are fire, windstorm, theft, smoke, etc.
Named Schedule Bond
A fidelity bond providing coverage for persons listed or scheduled on the bond.