Property insurance

Property insurance guidance:

Insuring the developer’s works As between the developer and the tenant, the developer should covenant: • to ensure that the developer’s works are insured against usual...

Practice Note

Even if a specialist subcontractor is not providing any significant degree of design input in relation to its particular element of the developer’s works, it may well be...

Practice Note

In some respects, the only real value in any contractual duty under an appointment or obligation under a collateral warranty lies in the professional indemnity insurance...

Practice Note

Landlord or property owner The freeholder has the greatest long-term interest in the property as a capital investment, which for a landlord provides an income return. It...

Practice Note

Most modern commercial leases, and many residential ones, place an obligation on the tenant to pay 'insurance rent' and on the landlord to insure the property or the...

Practice Note

Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

Practice Note

Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

Practice Note

If there is no express provision on insurance in the agreement for lease then, under open contract: • neither party is obliged to insure the property, and • risk passes...

Practice Note

In real estate finance transactions, the property is the main asset of the borrower and the security package taken by the lender will be based around taking adequate...

Practice Note

Vitiation of an insurance policy An insurance policy may be vitiated (or invalidated) if the insured: • misrepresents or fails to disclose any material fact to the...

Practice Note

Pool Reinsurance Company Limited ('Pool Re') was formed in 1993 following a series of terrorism incidents in the early 1990s in London and elsewhere in England related to...

Practice Note

A tenant may be given rights under an agreement for lease to enter a property prior to completion in order to carry out fit out works. This is important for the tenant so...

Practice Note

Overview In normal circumstances the only recourse available to a building owner, on discovering a defect, is to seek recovery from the contractor or from the members of...

Practice Note

Usually a lease provides that in the event of damage or destruction, such that the tenant is unable to occupy or trade from the property or access it, the rent or a...

Practice Note

This Practice Note looks at the principal types of policy or guarantee (other than latent defects insurance) that are currently on the market to protect homeowners and...

Practice Note

This Practice Note deals with the principal types of policy or guarantee, other than latent defects insurance, that are currently on the market to protect...

Practice Note

When refurbishment or fit out works are to be completed in an existing building or where an existing building is being extended, the employer under the buildings contract...

Practice Note

When refurbishment or fit out works are to be completed in an existing building or where an existing building is being extended, the employer under the buildings contract...

Practice Note

This Practice Note sets out the issues that a developer should consider in respect of rights of light (ROL) insurance and the common requirements, terms and coverage of a...

Practice Note

1 Tenant's obligation to insure The Tenant covenants with the Landlord to insure the Property and keep it insured, against damage or destruction by the Insured Risks, in...

Precedents

Level of cover It is in both parties’ interests for the premises to be adequately insured (particularly for the tenant where the landlord’s obligation is simply to apply...

Practice Note

No suspension implied A suspension of rent is not implied even where the tenant pays the cost of insurance. The tenant remains liable for the rent even though the...

Practice Note

Insured risks It is in the tenant’s interests to ensure the landlord covenants to insure against as comprehensive a range of risks as possible as: • an unqualified...

Practice Note

Who insures? Whenever practical a tenant's solicitor should propose that the premises are insured in the joint names of the landlord and the tenant. The advantages to the...

Practice Note

Tenants frequently carry out fit-out works at (or often prior to) the start of a lease and may also carry out refurbishment or further fit-out works during the term....

Practice Note

In most commercial leases the landlord effects: • building insurance, and • insurance for loss of rent—for the period it estimates it will take to reinstate the premises...

Practice Note
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