It should be noted that additional named insureds do not necessarily have all of the privileges and. obligations of the first named insured such as the obligation to pay premiums and the right to. cancel coverage and receive notice of cancellation.
Generally, physical damage to your building or personal property âdirectlyâ caused by a flood is covered by your. flood insurance policy. For example, damages caused by a sewer backup are covered if the backup is a direct result. of flooding.
blanket insurance. Definition. A form of liability insurance that provides coverage for more than one piece of property at a specific location or multiple items at multiple locations. A homeowner may take out a blanket insurance policy to cover any items that his/her basic homeowner's policy does not cover.