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Hey folks, question for you. So I have someone contact me for insurance because they canceled their old restaurant BOP when they want to switch the restaurant concept and decided not to keep the policy during the renovation. Now the landlord is asking them for proof of insurance.
1. Would a bop covers renovation if the restaurant decided to expand or change their concept? Were they right to cancel it?
2. Their lease requires them to have all these coverages that is in a BOP, the thing is since the restaurant is closed down for the renovation, I can't very well get them a new BOP knowing the business is closed. A vacant with renovation isn't going to meet the lease requirements, so not sure what to do now as the landlord is threatening them with Default for having no insurance. Lease calls for 1 mil of mold coverage on top of things too. Anyone here has any ideas? Have them call their old agent?
1. Would a bop covers renovation if the restaurant decided to expand or change their concept? Were they right to cancel it?
2. Their lease requires them to have all these coverages that is in a BOP, the thing is since the restaurant is closed down for the renovation, I can't very well get them a new BOP knowing the business is closed. A vacant with renovation isn't going to meet the lease requirements, so not sure what to do now as the landlord is threatening them with Default for having no insurance. Lease calls for 1 mil of mold coverage on top of things too. Anyone here has any ideas? Have them call their old agent?
