It is vitally important you and your business interests to be insured are noted correctly on your insurance policy when issued.
Example of an insurers policy definition of You/Your/The Policyholder…
“The person, persons, company, companies, partnership, partnerships or unincorporated association, named in The Schedule as The Policyholder”
‘Named in the Schedule as The Policyholder’ is the all-important phrase. So, as well as your company’s umbrella name, the policy should include all subsidiary names, partnerships etc and if you have a fleet of vehicles where some are personally owned by Directors, those Directors must also be declared. Failure to have all interests noted can result in your insurer refusing to provide indemnity and decline to deal with a claim leaving you exposed to potentially a substantial financial loss
Interest of other parties: for example, machinery on lease, you may need to have the interest of the lease company noted on your policy
Insurance companies and their policies are not all the same, so always refer to your own insurance documents. We are here to help you and help you understand your insurance. If at any time you are unsure of anything regarding your insurance policy and the cover it provides, please do not hesitate to speak to us.