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What is the difference between joint insured, co-insured and composite insured?

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Published by a ��Ƶ Construction expert

Published on: 11 November 2015

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In financing and construction documentation for development projects it is usual to see requirements for parties to arrange insurance so that a lender, or other interested party, is joint insured, co-insured or composite insured—but what is the difference?

Co-insured

Referring to ‘co-insurance’ can mean either joint insurance, or composite insurance. Either way, being co-insured will offer the lender, or other interested party, greater protection than it would if it only has its interest ‘noted’ on the policy.

Joint insured

In a joint insurance policy, both

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United Kingdom

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Requirements definition

What does Requirements mean?

A DCO should include “Requirements” to which the development authorised by the DCO is to be subject. Similar to planning conditions, a requirement specifies the matters for which detailed approval needs to be obtained before the development can be lawfully begin.

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