Questions about leases

[nikhil]

I'm signing my first lease on Monday and wondered if you guys could give me some 'tenant' insight.

The owner emailed me a copy and theres a section on insurance that I'd like your take on:

'Liability for injury to person on property/indeminity: Tenant shall maintain, with respect to the Premises, comprehensive public liability insurance with limits of at least $250,000/$500,000, property damage insurance with limits of at least $100,000 in responsible companies qualified to do business in Ohio and in good standing therein, showing Landlord as additionally insured as well as Tenant, against injury to person or damage to property as provided.'

Theres also a bit about providing the landlord with a certificate of coverage.

Does AMTA cover me for this? It seems like they would for the liability, but not the property damage. And even if they did how do I go about adding the landlord onto it? Is this something typically required of a lease? I thought it was the landlords responsibility for the property insurance and mine to get some kind of renters insurance for contents.

Anything off the top of your head that I should request be added for my protection? I know most leases are designed to protect the landlord over the tenant, but I'm not sure what I should ask for in my favor. I guess I'll learn in a years time, but would rather avoid situations where I'm thinking 'I should have gotten that added to the lease...'

Thanks in advance!

 

[al_percy]

Questions about leases

I am not sure about the AMTA. I am with Hands on Trade and I paid an extra $10 to cover my location

 

[texaschick200670]

Questions about leases

Instead of asking this board, your question will be better answered by contacting AMTA and asking them. I have AMTA and remember they do provide insurance coverage for damage to the business itself (fire & theft) but you need to just contact them and find out for yourself what you are covered for.

 

[NeoNerd]

Questions about leases

Thanks, I was mainly wondering if this was an unreasonable request from a landlord. I'm new to this whole leasing thing and just don't want to be taken advaneforum.xxxe of for not being seasoned

 

[Sheilla W]

Questions about leases

I don't remember the details, but my landlord had me show proof of insurance. My ABMP was good for it. It's easy and free to add an addt'l insured.

 

[Rachel B]

Questions about leases

I dug into my AMTA envelope and found my copy of my 'certificate of coverage', so I'm good to go on that. Then I found on the website where I could add the LL so I did that and printed the page for proof. Hopefully that will work for now

Thanks again, I was nervous there for a bit that I'd have to buy another policy or something! I'm still going to look into renters insurance for the contents, hopefully that won't gouge me too much.

 

[Pompal 09.]

Questions about leases

My ABMP was good for it. It's easy and free to add an addt'l insured.

In fact, I think I added mine online - doesn't get any easier than that!

 

[Pompal 09.]

Questions about leases

Get business liability insurance. This is in addition to your AMTA, as it will cover many possibilities that your AMTA policy will not. And it will cover your leased space.

 

[Joris D]

Questions about leases

I concur with Jason. This was what we did when we opened our office. We use ABMP for our "personal professional liability insurance", but we have a separate business policy (we use State Farm) to cover many things our ABMP policies won't cover. It is more expensive than simply the ABMP coverage, but since *we* are now responsible for "a place where people bring their bodies" (as opposed to simply working for someone else who would then be responsible), we figured that coverage, while we hope NEVER to have to use it, is worth its weight in gold.

There was a thread on here not too long ago about a couple of MT's who had JUST opened up an office, when someone drove a car through the wall to the room they were supposed to be using for massaging. If they had had the separate coverage, that policy would have covered not only the repairs to the building, but also replacement of any equipment that might be necessary.

I know that our landlord as insurance on the building itself, but that is to cover HIM, not US and our clients. I would not trust leaving it to the landlord to provide "common sense coverage". And I don't know about AMTA or any other company, but I know that while *some* of our ABMP coverage is duplicated with our extra policy (we were able to decline the actual duplicate coverage, in fact), the ABMP policy does not provide enough additional coverage to allow me to sleep well at night.

 

[money maker]

Questions about leases

I got additional insurance through CNA when I leased this building to make sure all the bases were covered.

 

[MusicIsLife]

Questions about leases

Marine Agency specializes in coverage for salons and spas and covers all of the Commercial insurance and liability needs that might slip through the cracks of one of the professional affiliation coverages.