insurance

[garycote]

when a tenant already has insurance on a building must the owner also have it

 

[GarthChapman]

Tenants cannot have insurance on a property, only on their contents, and for their own liability coverage. Only the Title holder can insure the building(s), and will always be required to do so by the Lender (assuming their is a mortgage in place on the property.

 

[navaz]

You must carry insurance - good idea to get insurance consultants- usually they are ex-insurance adjusters to look at your policy to make sure you have the right coverage - insurance companies make money collecting premiums and not paying claims! i have a tough time reading policies so i like to hire consultants to reveiw my policies for the "small print"

 

[cashflow]

QUOTE (garycote @ Dec 1 2008, 09:45 PM) when a tenant already has insurance on a building must the owner also have it
You need to ensure that you are added as an additional insured and also review the policy to ensure the limits are adequate for replacement cost, rental income, liability etc.

 

[Tren]

QUOTE (garycote @ Dec 1 2008, 11:45 PM) when a tenant already has insurance on a building must the owner also have it

You have had good advice from other members so far, if you are looking for a fantastic commercial Insurance Guy call Dwight Clink at Ryder Insurance in Calgary 403 284-4771 xtn 227 He has insured all of our properties with Peacehills Ins and that company really recognizs the value of investors and is continually giving us benefits....for example they have added freesewer back up to all of our properties on our policy
Tren

 

[Justin1982]

QUOTE (Tren @ Dec 3 2008, 11:04 AM) You have had good advice from other members so far, if you are looking for a fantastic commercial Insurance Guy call Dwight Clink at Ryder Insurance in Calgary 403 284-4771 xtn 227 He has insured all of our properties with Peacehills Ins and that company really recognizs the value of investors and is continually giving us benefits....for example they have added freesewer back up to all of our properties on our policy
Tren

Does anybody know of a insurer in Ontario, if they are around the Toronto area or London. That can help me with insurance on a building with more from 1 boarder. If you can let me know it would be great and thanks...

Justin