The standard commercial lease for an entire building will require the tenant to either buy building insurance or reimburse the landlord’s premium payments if the landlord buys the insurance. If the tenant opts to purchase the building insurance, this often results in a lower overall premium to the tenant since the building coverage is underwritten with the tenant’s other insurance needs, such as business interruption insurance, workers compensation, liability insurance, and business personal property coverage. This begs a legal question—can a tenant can have an insurable interest in property it leases, i.e., the landlord’s building?
Continue Reading Does a Tenant Have an Insurable Interest in a Leased Building? Yes
