Insurance Policy Joint Names
It gives a financial remedy and avoids a fight.
Insurance policy joint names. In most cases this is issued in the joint names of the contractor and the employer and is arranged by the contractor. One of the most common questions about home insurance is whether or not it a policy has to be in joint names. Why choose a joint names insurance policy. Joint names construction all risks insurance is commonplace.
6 5 1 insurance is purchased to protect against the employer s liability for expense liability loss claims or proceedings that arise from non negligent damage to the property due to collapse subsidence heave vibration. A joint names policy is normally taken out by the property owner and the builder. The key feature of this type of policy is that the insured parties are unable to claim against one another in respect of an insured loss as they are considered to be one and the same for the purposes of the insurance. In some cases an insurer might note the interest of the builder on the policy but this will not be sufficient to meet the requirements of a building contract that requires a joint names policy to be put in place.
Insurers can be extremely reluctant to maintain insurance which is in joint names and could seek to reduce their exposure by limiting the extent of cover. Joint names insurance policies are usually required when a home owner is extending or renovating their house and the builder wishes their name to be added to the home insurance policy. This could mean the property owner may then be in breach of their contractual obligations as stated within the jct riai contract. Regardless of whether the policy is taken out by the employer or contractor both are named as insured.
Some subcontractors may also be. The policy is typically held jointly by the employer and the contractor although other parties such as funders may also wish to be included. The big advantage to the employer is that whoever dropped a clanger whoever caused the burst pipe is irrelevant. To avoid this along came the idea of a joint names policy.
A joint names policy is type of insurance often required by construction contracts. Most standard building insurers will only put a policy in the name of the homeowner. The home insurance can be just under one name if you like the only drawback is only you will be able to deal with the home insurance e g. If you are a builder and wish to add the householder or bank or mortgage as joint name to your contractors all risks policy please read further below.
It is to the employer s benefit to put the joint names policy in place.
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