I was wondering if someone could explain the difference to me with regard to being named as the Loss Payee and/or Additional Insured.  What does each do, and how are they different.  I'm specifically asking in terms of being the lender on a property purchase/flip.  TIA

@Lisa Eckman as it pertains to your situation,

*Loss Payee will put you in a position to receive the Property Damage claim payout if your client decides to not repair a building and walk away.  

Example:  The property you hold the note on has a massive fire and your client decides not to repair the damage, but walk away.  Before your client gets the $, your position as Loss Payee needs to be fulfilled.  Your client would get the balance of the claim pay out.

*Additional Insured allows you to be added to your clients General Liability policy.  

Example:  If there is a lawsuit against the property and you are named, your clients policy would defend you in court as an "Additional Insured of the policy".

Hope that helps.

@Jason Bott Thank you SO MUCH! That’s very helpful. I appreciate the examples.