Lessor's Risk

GUIDE - ELIGIBILITY AND REQUIREMENTS: Lessor’s Risk Only (LRO) provides liability and property coverage for building owners who lease out their entire building or occupy less than 65% of the building and lease out the remainder. Also called landlord’s insurance.

Coverage is available as:
Commercial Package Policy or Monoline Commercial General Liability

Building - Business Personal Property coverage - Commercial General Liability coverage for Premises Operations - Products & Completed Operations.

Application

USE: Lessor's Risk Coverage Application - GIC LESSOR

Property Limits

MAXIMUM Property Limits Including WINDSTORM OR HAIL

THE MAXIMUM AVAILABLE LIMIT on any one risk, for all Section I exposures, with WIND OR HAIL is $1,250,000. This includes coverages for ALL Buildings, Your Business Personal Property and Business Income.

MAXIMUM Property Limits Excluding WINDSTORM OR HAIL

THE MAXIMUM AVAILABLE LIMIT on any one risk, for all Section I exposures, excluding WIND OR HAIL is $1,250,000. This includes coverages for ALL Buildings, Your Business Personal Property and Business Income.

AGE CRITERIA FOR BUILDINGS

Coverage for buildings over 50 years old will be unacceptable, unless an evidence of updates for heating, cooling, electrical and plumbing systems are included with submission.

ROOF AGE CRITERIA FOR BUILDINGS WITH WIND COVERAGE

Buildings over 25 years old- Evidence of roof replacement will be required upon binding.
Acceptable evidence: Roofing permit.

EQUIPMENT BREAKDOWN COVERAGE INCLUDED

Every policy covering property (Buildings or BPP or both) automatically includes coverage for damage caused by such perils as artificially generated electrical current, mechanical breakdown, pressure equipment losses and more.

The following is just a sample of the type equipment that can be protected by equipment breakdown coverage:

Heating and air conditioning units
Refrigeration units
Computers
Communication equipment
Emergency Generators
Diagnostic equipment
Electronic equipment

General Liability

Maximum Coverage Limits:

$1,000,000 Each Occurrence
$2,000,000 General Aggregate
$1,000,000 Products and Completed Operations Aggregate
$100,000 Damage to Premises Rented to You (Fire Damage) –Any one Premises
$5,000 Medical Expense Limit (any one person)

CLASS CODE - CLASSIFICATION - PREMIUM BASIS

61218

Buildings or Premises - bank or office - mercantile or manufacturing (lessor's risk only)

Area - Square Feet

Coverage

We offer Commercial General Liability Occurrence Form.

Policy Forms and Rate

Insurance Service Office and GIC Rules, Loss Cost Rates and Forms apply in all cases

Territory

State of Florida ONLY

Prohibited Classes

Buildings housing the following operations are prohibited:

Hospital

Nursing Home

Assisted living facility

Elderly care facility

Health care facility with an overnight or residential exposure