Other Dual Insurance on a commercial property

haventaclue

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I have a property that is on a longterm lease. Reading the lease is really goobldigook to me but there seemed to an onous on both the tenant and myself to insure the buildings. I am now in a situation where there is storm damage to the building so I'm wondering whose policy should this go against? The tenant has confirmed that he also has cover.
 
If the damage is to the building then generally the property owners policy, (that is taken out by the landlord) will cover it. If there is damage done to the inside of the property there maybe a cross over of cover, where a contribution clause would kick in (both insurers would share the cost)
 
This all depends on the terms of the lease. Under normal circumstances, the Insurance is effected by the landlord but claimed and repaid by the tenant. Leases differ and the wording on same is what has to be worked upon.

Regardless of which policy is claimed from, there is an onus for the Insurance, for the insured to mitigate the damage to the property.
 
This all depends on the terms of the lease. .

+1

the bottom line is you have to have a legal interest in something in order to insure it (and get a vaild claim) therefore if the lease does not include any liability on the tenant for the property, he cant insure it.

If there are two valid policies on the property then both would be liable and you will probably have a shared liability with both paying a percentage
 
Thank you I will proceed with claim under my policy and let my insurers pursue tenants cover if there is a need to. There is so much jargon
 
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