The primary purpose of an additional interest on an insurance policy is to keep the insurance carrier organized as to what rights and responsibilities certain individuals and entities have on the insurance policy.
Items that might require an additional interest included land, buildings, cars, boats, etc. Organizations that would require an additional interest include your mortgage company or your auto loan company.
Watch this video “When do I need an additional interest on my insurance policy?” for more details:
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This is video #17 of a one hundred insurance video series that The Murray Group is producing to provide insurance consumers with quick, valuable answers to their everyday insurance questions.
If you have additional questions regarding the addition of an additional interest to your insurance policy or if you would like to discuss and receive a quote on your insurance policy use the link below:
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created by Ryan Hanley