What it does
Names an additional insured who has an ownership interest in the residence premises but does not live there, giving that party coverage for their interest in the building and for liability arising out of the premises.
Who needs it
Co-owners who do not live in the home, sellers under installment (land) contracts, family trusts and similar interests. HO 04 41 is the usual endorsement for these situations, sometimes at no additional premium.
Quoting and selling notes
- Use HO 04 10 instead when the party needs only notice and loss payment rights (Section I), and HO 06 15 or HO 06 12 for homes held in trust.
Editions and availability
Editions in use and where they apply: 03 22 (41 jurisdictions); 10 00 (11 jurisdictions: AL, CA, CT, FL, GA, HI, LA, NC, PR, TX, VI).
Section II changes affect umbrella placement. The ISO personal umbrella (DL 98 01) needs its own excess endorsements for business pursuits, home business, home day care and home-sharing exposures, so confirm the umbrella responds before relying on a homeowners endorsement for a business-type exposure.
