Insurance — Joint Names
Insurance policies required by the contract are taken out in the joint names of the Employer and the Contractor. The parties have joint interests in the insurance proceeds.
Joint insurance avoids subrogation claims between the parties. Both parties are named insureds and can claim directly under the policy.
The Contractor ensures its insurance broker confirms the policies are in joint names. Disputes can arise if one party makes a claim that prejudices the other's no-claims bonus.
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