Definition
The person or entity specifically covered by an insurance policy — for HOA policies, usually the association itself.
The named insured is the party formally covered by a policy and entitled to its protections and to file claims. On the association's policies, the HOA itself is the named insured.
Related concepts include "additional insured" — a party (like a vendor or the association on a vendor's policy) added to extend certain protections. Getting the named and additional insureds right ensures the intended parties are actually covered when a claim arises.