Glossary

First named insured

The party listed first as a named insured on the declarations, who the policy treats as the contact for premium, cancellation notices and changes.

Also called: first named insured, FNI, first Named Insured shown in the declarations

The first named insured is the party listed first in the named insured box of the declarations. Several named insureds can share one policy, but the ISO Common Policy Conditions (IL 00 17) give the first one powers and duties the others lack. It is responsible for paying all premiums and is the payee for any return premium. It may cancel the policy, and the insurer sends notice of cancellation to it. It is also authorized to make changes to the policy with the insurer's consent.

The other named insureds are fully insured, but they get none of those notices and cannot, on their own, change or cancel. Additional insureds, who are not named insureds at all, have even less standing.

The pitfalls come from choosing the wrong entity. List a parent holding company or a dormant affiliate first and a cancellation notice can land with someone who never reads it. If the first named insured is sold, dissolves or goes bankrupt, nobody may be positioned to manage the policy or collect a refund. On a joint venture or a franchise group, agree who sits first before binding. Check the declarations at each renewal. The guide on how to read a commercial policy: declarations, forms and endorsements shows where the entries live, and the declarations page entry lists what else appears there.

Last reviewed October 10, 2026

In the index now

Related terms

Named insured The person or entity identified as the insured in the policy's declarations, which holds the coverage and its duties; others qualify only if the policy says so. Additional insured A person or business added by endorsement to someone else's liability policy so it can claim directly for suits tied to the policyholder's work or premises. Declarations page The front section of a policy that names the insured, policy period, covered locations or operations, limits, deductibles, premium and the forms attached. Endorsement A written amendment to an insurance policy that adds, removes or changes coverage, limits or conditions, and controls over the base form where they conflict.

Related guides

Buying business insurance online: what works and what to watch Online buying suits simple small-business risks. Who sells online, what J.D. Power's 2026 study found, eligibility limits, and a pre-purchase checklist. Policy cancellation and nonrenewal: notice periods and your rights How insurers cancel or nonrenew commercial policies, the ISO 10-day and 30-day notice baseline, and how New York, Florida and Texas rules change it. How to buy business insurance, step by step An eight-step process for buying business insurance: list exposures, set limits, build a submission, pick a channel, compare quotes, vet the insurer and bind. How to prepare an insurance submission underwriters will read What goes into a commercial insurance submission: ACORD forms, loss runs, exposure data, a risk narrative and supplements, with a checklist and common mistakes. How to read a commercial policy: declarations, forms and endorsements How a commercial policy is assembled, what to check on the declarations, why endorsements override the base form, and a reading order that catches problems.

Related en español

Cómo comprar seguro para su negocio, paso a paso Ocho pasos para comprar seguro comercial: liste sus exposiciones, fije límites, arme la solicitud, elija el canal, compare cotizaciones y emita la póliza.