Page 13 - AO4thQT2017CL

2 Insurance requirements requirements of both par es
es
Many leases only include insurance requirements requirements of of the the the Tenant But in in in in these cases the the the the tenant might be le le with signi cant exposure
if the the the the landlord does not also purchase purchase adequate insurance insurance Both par es
es
es
should be required to purchase purchase property insurance insurance for the the the obliga ons noted above and and also other policies including general liability liability auto liability liability and and workers compensa on on Each party should name the the other as an addi onal insured Of course a a a a a a a a a a a requirement for both par par es
to provide evidence of insurance is also recommended 3 Who carries the liability burden and where?
Leases
almost
always de ne which areas of the building or plot are the tenant’s
responsibility For example the tenant is typically responsible for for the the the the the the actual space space they occupy If an an an an employee or or or or or visitor slips and and falls in in the the the the the the the tenant’s
tenant’s
space space the the the the the the the lease allows for for the the the the the the the landlord landlord to to to tender any lawsuits led against them to to to the the the the the tenant’s
tenant’s
insurance program This becomes possible because the the the the landlord landlord is is required to be be be named as an an an an an addi onal insured on on the the tenant’s
insurance policy