Insuring the Proper Entity:

The first named insured is the primary recipient of any potential claim benefit or liability protection. An “additional insured” will garner liability protection only. A “loss payee” will have its interests protected in the event the property itself is damaged. (A mortgagee is inherently BOTH). However, as a general rule always aim to be the first-named on the insurance contract. In other words, if you (or your entity) owns it, then you should insure it!