Why Do I Need Primary Noncontributory Wording On My COI?
Why Do I Need Primary Noncontributory Wording On My COI?
By Adam
Other Popular Videos
Primary & Noncontributory
Cert Holder vs. Additional Insured
Ongoing vs. Completed Ops
Transcript
If you have been asked to include primary noncontributory wording on your COI, here’s why:
Basically, having primary and non-contributory wording on your COI means that your insurance company will be responsible for paying any claims as the PRIMARY, or first, option without contribution from any other parties’ or companies’ insurance.
You are being asked to include primary noncontributory wording on your COI because the company or party requesting this COI from you wants this added protection as a way to mitigate risk from their company.
Ask your insurance agent or broker if adding primary noncontributory wording on your COI is right for your business. Thanks for watching and commenting with any questions (:
Become an insurance pro one lesson at a time!
Sign up for our free BCS Basics email course to get weekly lessons sent right to your inbox.
