Insurable interest - properly identified?

When a small business owner is setting up a property/liability policy for their business, an important area, not often given enough consideration, are properly identified insureds in the policy. Remember, the insurance policy is a contract, and while you expect the insurance company to fulfill it's obligations should a covered loss occur, the same is expected of you. Remember, an entity not identified in a specific schedule of insured entities will not be covered for its insurable interest in direct damage to its real and personal property. Additionally, real and personal property of an entity not identified as a named insured may be overlooked when creating a schedule of insured locations and insurable values. The best way to ensure you have all entities covered is to create a master list showing all entities to be covered under the policy and including their insurable interest and any location or locations their interest applies to. Remember, many small business owners might own their building in their personal name and rent it back to their corporation that owns/runs the business out of that particular building. Should a claim situation occur, this can be problematic when settling the claim. Remember, time is money and you don't want to get caught up in a post claim situation having to provide proof of ownership, etc, to the insurance company, when a properly prepared policy would have avoided that situation in the first place.