Welcome to Law-Forums.org!   

Advertisments:




Sponsor Links:

Discount Legal Forms
Discounted Legal Texts


Commercial Property Landlord's Insurance

Workers Compensation Law Discussion

Commercial Property Landlord's Insurance

Postby Armondo » Sun Dec 11, 2016 5:05 pm

I have commercial property in the state of Georgia. I'm renting out to a auto repair shop. As landlord I have taken out a policy to cover the property along with general liability and terrorism coverage on my building that is in effect with Columbia Ins Group that is paid through 12/2010. My question is this- I am divorced and by court order have been given sole custody of the property until it is sold and by court order may rent the property out. My x-husband and I are both on the property deed and he isn't willing to pay any insurance premium to insure the rental property's building or Liability insurance. I want to protect my interest in the rental property until it is sold and my agent is telling me that since we are both on the property dead that I would have to include him on my policy I had taken out and paid for myself or they would cancel my policy.Can they do this? What can I do in this situation to protect my interest and not give my x-husband a free ride on my policy at no expense to him?
Armondo
 
Posts: 43
Joined: Wed Jan 22, 2014 4:35 am

Commercial Property Landlord's Insurance

Postby Gaizka » Mon Dec 12, 2016 7:36 am

Debbie, Unfortunately, the premium issue probably should have been addressed during the divorce. I know you don't want to give him a free ride but you're compromising your own coverage by not having the ownership properly listed on the policy. If the building is owned by Debbie and David Smith, the named insured's on the policy need to be Debbie and David Smith. If the building was owned as Debbie, LLC, the named insured would need to be Debbie, LLC. So, despite the unfair payment situation, if you're both on the deed, you both need to be the named insured's on the policy. If it's not properly listed, the insurance company may have a reason to deny coverage if there is a loss. That, you certainly don't need. Hopefully you can get it sold sooner rather than later and then you can cancel the policy and won't have to pay any more premium at all. Perhaps you can go back to your divorce decree and if there is profit after the sale, maybe you can deduct the amount he should have been paying from the proceeds. I wish I had better news for you but I don't want you to jeopardize the insurance coverage all together. Good luck. Kristen
Gaizka
 
Posts: 33
Joined: Fri Mar 14, 2014 2:54 am

Commercial Property Landlord's Insurance

Postby Xalvador » Thu Dec 15, 2016 9:36 am

I have commercial property in the state of Georgia. I'm renting out to a auto repair shop. As landlord I have taken out a policy to cover the property along with general liability and terrorism coverage on my building that is in effect with Columbia Ins Group that is paid through 12/2010. My question is this- I am divorced and by court order have been given sole custody of the property until it is sold and by court order may rent the property out. My x-husband and I are both on the property deed and he isn't willing to pay any insurance premium to insure the rental property's building or Liability insurance. I want to protect my interest in the rental property until it is sold and my agent is telling me that since we are both on the property dead that I would have to include him on my policy I had taken out and paid for myself or they would cancel my policy.Can they do this? What can I do in this situation to protect my interest and not give my x-husband a free ride on my policy at no expense to him?
Xalvador
 
Posts: 37
Joined: Sat Jan 04, 2014 5:04 pm


Return to Workers Compensation

 


  • Related topics
    Replies
    Views
    Last post
cron