What is joint names insurance? Is it the same as having an interest noted on a policy?
Joint names insurance is where two parties – for example an employer and a contractor – are jointly insured under a single policy. Each party has legal rights under the policy and can claim against the insurer, but the insurer has no right of subrogation against the other insured party. It is important to remember that each party is bound by the normal rules, and to avoid any difficulties each should individually comply with the duties of disclosure and notification. Having an interest noted on a policy is very different and is rarely an acceptable substitute for a joint names policy. The third party is not a party to the contract of insurance, and thus cannot claim against the insurer. Similarly, it does not prevent the insurer from exercising rights of subrogation against the third party.
