Insurance on commercial building confusion

P

petelomejor

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Just looking for some advice on industrial unit we are about to lease.
We hope to have small showroom at the front of the building
The owner believes that we need insurance in the form of Building insurance, I understood that he as the owner must cover the building himself and that if we want cover for stock and/or equipment that we must take out this cover oursleves . Am I correct ?

The owner I think is not upto speed on renting as it is the first Ind unit he has rented .
Also would we need special cover along with our exisiting PL insurance for the public that would visit the showroom.

Any useful info would be vey welcome
 
depends on terms of lease. Some insist on tenant fully insuring building. it probably works out the same, as if landlord insures, it will be added/included in the rent.
 
If you are renting a commercial unit you will probably find that you have rented under a FRI lease (full repairing and insuring). You will need to (a) Check your lease to see if these are the agreed terms & (b) Speak to your insurance provider and see what they will give you under the terms of the lease. If you have some form of trade counter to the front of the building I would assume you will need PL for visitors to the property.
 
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