Do you think you pay too much for tenant occupied property insurance?
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Answer:
Certificates of Insurance from commercial tenants listing you as Additional Insured can benefit you by transferring a potentially large claim from your policy to the tenants policy.
For example: An Insured Landlord is sued by a pedestrian who broke their ankle after a trip and fall on a sidewalk in front of the Insured's building. After investigation, the tenant's lease reveals that the tenant was responsible for the sidewalk upkeep. The loss is tendered to the tenant and their insurer which assumes the defense and responsibility of the claim, even if the landlord is listed on the suit.
Stipulations can also be included in the lease that specify the care facility, parking, and walking areas are the responsibility of the tenant. Always consult qualified legal counsel when creating a lease or contract, do not use our comments as a legal standard.
For more information and to find out if your tenant occupied property qualifies for the insurance policies we have found please contact us at insurance@drickardinsurance.com or 607-843-8860.
Click Here to send us basic information for an insurance premium indication.
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