Lessor’s Risk Liability is an important part of a building owner’s insurance package if they lease space to others. Tenants need to carry commercial liability for their operations. However, their policy won’t protect the building owner for claims not involving the tenant. There are many types of incidents that could occur such as tripping and falling hazards on a poorly-maintained sidewalk or parking lot, or damage to others’ property caused by a deteriorating building or sign.
Also as a building owner leasing space to others, your insured should require the tenants provide proof of insurance once a year. Having your customers ask their tenants to name them as Additional Insured on their policy is added protection against claims caused by tenants’ operations. The bottom line is if your customer owns a building and allows others to use it, they shouldn’t rely on the tenants’ insurance to cover them. Ask us about Lessor’s Risk Liability today. We can help you tailor an insurance package to meet their needs.
We have markets that can provide many types of coverages for your clients. We also have specialized applications to help you collect the information needed. Please contact our experienced staff at E&L for specific requirements and questions, visit our website: www.ericksonlarseninc.com.
Disclaimer: This post is intended for general information purposes only. The information contained is not intended to constitute and should not be considered legal or professional advice, nor does it represent that coverage does or does not exist for any particular claim or loss under any policy.