Shawn on TV
Call me directly with your real estate questions about Las Vegas real estate! Shawn


Shawn Phillips
MillionSaverHomes.com
Commmercial Real Estate
High Rise Projects
Residential real estate
Investment opportunities
Cell:702-279-3512

Do you want to feature your commercial property or project on our blog? Please email us at info@eastbiz.com. Permanent article with link to your website for only $25 fee. Posting must be HTML post ready.





«
»


Insurance

Author: Diana Heeb Bivona

The insurance provision is an important, but often, overlooked part of the lease agreement. Additionally with constant changes occuring in the insurance industry, it is important that you take the time to review this provision each time the lease comes of for renewal. A well drafted insurance provision is valuable and can provide peace of mind.

The best thing you can do is to forward the lease insurance provision to an insurance agent or consultant so that they can review the language, terms, coverage levels, etc. Many landlords and tenants are often caught off guard to discover that the coverage specified in their lease form often does not match the policies carried, or that the lease does not specify coverage types or amounts that correspond with today’s risks.

When reviewing or updating your lease in terms of insurance, be sure to:

  • Specifically allocate and define who has responsibility for each type of coverage.

  • Set minimum coverage levels, both for “single limit? and “aggregate? loss limits should be specified.

  • Define the minimum acceptable insurance and financial rating for the insurer.

  • Specify that insurance coverage should be defined as either being on a “claims made? or an “occurrence? basis.

  • Enable the landlord to require updated and expanded insurance coverage during the term of the lease.

  • Provide that the tenant’s insurance should be primary and noncontributory.


    • This entry was posted on Friday, April 20th, 2007 at 12:13 am and is filed under Commercial Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

    Leave a Reply