Recently we reviewed some commercial lease agreements for our clients and noted some pretty major differences between property managers/owners contracts.
In one case, the lease was perfectly normal, however, in the other the insurance clauses were very onerous on the tenant. Unfortunately, our client had already signed the burdensome contract and the landlord was withholding funds that would reimburse the Leasehold Improvements to the tenant – pending the client meeting all of the terms agreed to in the lease. Needless to say, it was not a smooth process or we wouldn’t be writing this blog article!
So what can you do differently? Your independent insurance broker should be able to help. Before you sign a lease – please talk to your insurance broker and provide them with the portion of the lease which discusses the insurance requirements and indemnity provisions. If there are requirements in the lease that your insurance company will not accept then this could lead to an unpleasant legal situations down the road.
If you would like to receive a copy of our tip sheet outlining 5 Items to Look for Before Signing a Lease – please contact us any of the following ways:
Email us at: info@collisinsurance.ca or
Inquiry form at: www.businessinsurancecalgary.com or
Inquiry form at: www.collisinsurance.ca
“Collis” at: 403-265-5475
As usual, if you have any questions on this or any other Business Insurance matter, please “Collis” at 403-265-5475.
Andrea & Staff