Fire, Casualty and Liability Insurance(s)
Third-party insurance requirements.
Insurance expertise can lots.
Why it’s in the lease
The two parties must have comprehensive coverages to protect each other from common and unfortunate casualties.
Risks to the tenant
Landlord must have adequate property insurance; usually difficult to determine. The landlord may require tenant coverages much higher or inconsistent with the tenant’s need.
What it means to the tenant
These important requirements need to be discussed with a commercial insurance broker to see if the requested coverage and values are reasonable and obtainable.
Points of negotiation
Coverage levels of insurance are negotiable. If you have good information from your agent, both limits and coverages can usually be revised to real-world limits.
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