I am a commercial proprietor and my tenant are supposed to enjoy liability insurance, per their lease agreement.
I am having trouble trying to get them to acquire insurance because they think they don't need it,even they they already legitimately agreed to get it. I have three question, how can I make sure they get it and also, what are the possible officially recognized repercussions to them(my tenants) and to me(landlord), if they don't get liability insurance? Am I prone to legal dealing if any of my tenants are sued?
Answers:
a; I see no reason why you care
going on for them having liability ins.
It only affects them if they enjoy
a customer who is hurt doing biz
with then.
b; you are 99.5% duty of liability
in tenant/customer cases.
c; if you still feel adament just about it,
prepare to buy some with you
as a beneficiary and then,
distribute them a bill, with a copy
of the lease.
d; why didn't you ask to see a copy
of their insurance policy before you
permitted them to sign a lease? Source(s): RE broker
1. Write your lease to voice that if they do not buy the insurance and provide you with a certificate of insurance naming you as an more insured under their policy, then you hold the right to buy the insurance and add the payment of the premium on to their rent.
2. Everyone surrounded by every business needs liability insurance, because, even if you do nothing wrong, you still own the risk of being sued, and if that happens the liability insurance will income for the lawyer to defend you. The cost of a defense to a lawsuit can be heaps 10's or even 100's of thousands of dollars. If you have no insurance that cost will come out of your pocket even if you win the lawsuit.
3. The land owner is other at risk for being sued for something like a slip and stumble injury, even if the tenant is supposed to be responsible for maintenance. A lawsuit against the tenant does not automatically mean that you are potentially liable, but typically the plaintiff's attorney will sue both the tenant and the owner. Furthermore, you want your tenant to be insured so that the tenant is not put out of business by the expenses of defending a lawsuit.
If the commercial lease agreement requires the tenant to show proof of liability insurance and no insurance documents exist then the tenant is surrounded by violation of the lease agreement.
The remedy is to send them a memorandum with a copy of the lease agreement highlighting the liablility insurance language and make clear to them they have x amount of time to obtain insurance or they hold breached the lease agreement and face eviction.
The tenant signed a legal and binding contract.
Related Questions:
Answers:
a; I see no reason why you care
going on for them having liability ins.
It only affects them if they enjoy
a customer who is hurt doing biz
with then.
b; you are 99.5% duty of liability
in tenant/customer cases.
c; if you still feel adament just about it,
prepare to buy some with you
as a beneficiary and then,
distribute them a bill, with a copy
of the lease.
d; why didn't you ask to see a copy
of their insurance policy before you
permitted them to sign a lease? Source(s): RE broker
1. Write your lease to voice that if they do not buy the insurance and provide you with a certificate of insurance naming you as an more insured under their policy, then you hold the right to buy the insurance and add the payment of the premium on to their rent.
2. Everyone surrounded by every business needs liability insurance, because, even if you do nothing wrong, you still own the risk of being sued, and if that happens the liability insurance will income for the lawyer to defend you. The cost of a defense to a lawsuit can be heaps 10's or even 100's of thousands of dollars. If you have no insurance that cost will come out of your pocket even if you win the lawsuit.
3. The land owner is other at risk for being sued for something like a slip and stumble injury, even if the tenant is supposed to be responsible for maintenance. A lawsuit against the tenant does not automatically mean that you are potentially liable, but typically the plaintiff's attorney will sue both the tenant and the owner. Furthermore, you want your tenant to be insured so that the tenant is not put out of business by the expenses of defending a lawsuit.
If the commercial lease agreement requires the tenant to show proof of liability insurance and no insurance documents exist then the tenant is surrounded by violation of the lease agreement.
The remedy is to send them a memorandum with a copy of the lease agreement highlighting the liablility insurance language and make clear to them they have x amount of time to obtain insurance or they hold breached the lease agreement and face eviction.
The tenant signed a legal and binding contract.
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