At its core, any contract provides two primary functions. First, the rights and obligations of the parties are addressed. Second, the contract determines which party bears the risk of foreseen and unforeseen circumstances. Shifting the risk under a commercial lease agreement can be heavily negotiated by the landlord and tenant, brokers and attorneys. Included among these lease terms are the parties’ obligations (generally the tenant’s, but often the landlord’s as well) to purchase and maintain insurance. This article addresses the types of insurance that can be addressed in a commercial lease, including common negotiating points and related issues, such as waiver of subrogation and indemnification.
Tenant Coverage
Typically, a landlord will seek to require a commercial tenant to purchase and maintain the following types of insurance coverage throughout the term of the lease. Different leases will use different terminology, but the coverages fall into several general categories.
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