If I have a commercial lease that requires me to pay half the insuance premium provided that I’m added to the policy, what happens if I’m not added?
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If I have a commercial lease that requires me to pay half the insuance premium provided that I’m added to the policy, what happens if I’m not added?
I’m to be added as someone with an insurable interest. What happens if the owners refuse to add me to the policy; do I have to pay half of the premium?
Asked on May 3, 2012 under Real Estate Law, Louisiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
It depends on how the lease is written but I would argue that being added is condition precedent to the payment, meaning that until you are added the pyment is not due and owing. If you think that there is some funny business going on I would consider getting insurance for the premises and your business on your own asap. You have a lease and so have an insurable interest. Good luck.
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