That Retail Property Guy

Retail Tenants - insurance claims and payouts

Gary Marshall Season 2 Episode 10

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0:00 | 17:19

Retailers with Leases often forget to claim under their building or contents insurance – they absorb losses and pay for repairs which they already paid to insure against!     Building Insurance might be organized by the Landlord but paid for by the tenant, who might then confuse their repairing obligations with claimable circumstances – and that can mean money down the drain. 

But making a claim can be complex, and not all costs can be recovered.  Excesses apply, process can be slow, which all impacts on trade and profitability. But sometimes, closing up shop while awaiting repair can be the logical answer, avoiding further risk, ensuring competent repairs not a bodge job.

Rent Waivers and Subrogation might apply, apportioning of costs and liability might be unclear. Be smart, know the extent of your various insurance policies, how to claim, when to claim. And when not to.

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