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Insurance Glossary N

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Named insured

The individual(s) listed in the declarations by name as the insured(s) under a policy.  Other individuals may be covered as insureds without being named (such as family members who are residents of the household). 

 
Named Perils

A formal and specific listing of perils covered in a policy providing property insurance. A policy covering for damage by fire is said to cover for "the named peril" of fire. 

 
Non-owned auto

This term signifies an auto that is neither owned, hired, nor borrowed by the insured under a commercial auto policy. Employees’ cars used in company business are commonly classified this way. The employer’s auto liability cover for use of non-owned autos is covered by entry of symbol 1 ("any auto") or symbol 9 ("non-owned autos") on the declaration page.

 

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