Possible Insurance Claim Issue?

[Kaleb Musie]

Hello Everyone,

I'm purchasing an investment property in Memphis, TN and wanted to verify the information below is not problematic.

Through research, I came across that Name Insured should equal name on deed, otherwise, it'll be problematic when I try to file a claim.

The insurance policy I want to go with has a program that's associated with the company I'm purchasing the property from, in that, it's more cost effective.

The way the policy is setup is that, the property management company is the main Named Insured as they are the policy holder. It allows them to handle any claims on my behalf, including signatures and payouts. I'm the Named Insured on the property. The Insurance agent said that the insurance company views it this way and most lenders do not have any issues either.

Is this fine?

[Ryan Leavitt]

@Kaleb Musie, I do believe this is fine. What I think you are trying to understand is the difference between a named insured and a first named insured.  

Named insureds are those listed by name on the policy’s declaration page. Although the named insured is commonly one person, partnership, corporation or other entity with insurable interests, multiple names insured may be included.  You are the party with an insurable interest.  

First Named Insured is the first name listed on the policy declarations. This insured acts as the legal agent for all named insureds in initiating cancellation, requesting policy changes or accepting any return premiums. The first named insured may also be responsible for payment of the premiums.  In your arrangement, this is your property management company.  

Is this insurance program a master policy from the real estate management company?