Elisa Lee
New Member
Hi All,
I sold a general liability policy to a customer who is a tenant of a building. The general liability policy has a coverage- Damage to Premise Rented to You. Right now the landlord requires my customer to buy an all risk property coverage which they want to cover the building. Here is the wording list in the leasing contract- all risk or special form property insurance covering the full replacement cost of all property and improvements installed or placed in the Premises by Tenant.
My question is will the building itself be covered by the tenant's business property policy? Per my understanding that business property will only cover my client's goods (inventory) and if they do any improvement of the building not the building itself. But the landlord insist that all other tenants bought it.
Per my understanding, it should be the landlord they buy the business property policy which they have direct interest and when they buy the business property policy, it will cover the building itself. If my client doesn't have direct interest, if they buy the business property it won't cover the building itself. Can anyone help me clarify?
Or am I missing some information about their requirement? Thank you so much for the input.
I sold a general liability policy to a customer who is a tenant of a building. The general liability policy has a coverage- Damage to Premise Rented to You. Right now the landlord requires my customer to buy an all risk property coverage which they want to cover the building. Here is the wording list in the leasing contract- all risk or special form property insurance covering the full replacement cost of all property and improvements installed or placed in the Premises by Tenant.
My question is will the building itself be covered by the tenant's business property policy? Per my understanding that business property will only cover my client's goods (inventory) and if they do any improvement of the building not the building itself. But the landlord insist that all other tenants bought it.
Per my understanding, it should be the landlord they buy the business property policy which they have direct interest and when they buy the business property policy, it will cover the building itself. If my client doesn't have direct interest, if they buy the business property it won't cover the building itself. Can anyone help me clarify?
Or am I missing some information about their requirement? Thank you so much for the input.