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Commercial Tenant Insurance Requirements

Posted by Robert on December 30, 2017
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It’s important for property managers to ensure tenants show proof they have the required insurance outlined in the lease. A Certificate of insurance(COI) is the most common form of proof and is most often required pursuant to the lease and must be received by the Landlord or designated property manager(Capital Retail Group) on or before the Lease Commencement Date. If the COI is not received the Tenant shall not be permitted to perform any work on the Premises or otherwise use or occupy the Premises until such certificates are received by Capital Retail Group. Commercial general liability insurance with a combined single limit for bodily injury, including death, to any person or persons, and for property damages, of not less than $500,000.00 per occurrence, $1,000,000.00 aggregate, plus excess/umbrella liability insurance containing a per occurrence combined single limit of $1,000,000.00 aggregate.

REQUIREMENTS:

Part 1 Coverage: Two Million dollar distribution between General Liability (per occurrence) and Excess Liability following the minimum requirements as follows:

1)       Commercial General Liability Minimum requirements
a.        Each Occurrence: $500,000
b.       General Aggregate: $1,000,000
2)       Excess Liability/Umbrella: $1.000,000


Part 2 Coverage: Additional Insurance required with minimums as follows:

1)  Workers Compensation: Must meet the requirements of the state worker’s compensation laws and employer liability insurance in an amount not less than Five Hundred Thousand Dollars ($500,000.00).
2)       Employers Liability $1,000,000
3)       Commercial Automobile Liability: $500,000

Part 3 Coverage: SPECIFIC ENDORSEMENTS REQUIRED

1)       Additional Insured Endorsement   “HARD COPY” must be attached to certificate naming the following Additional Insureds as respects to General Liability.  (may use ISO form #CG-2010, or carrier’s equivalent endorsement)

*Additional Insureds: Capital Retail Group

7315 Wisconsin Avenue Suite 400 West Bethesda MD 20814

Endorsement is required naming all additional insureds.

*Certificate Holder: 7801 Joint Venture, LLC Attn: Robert Tack
7315 Wisconsin Avenue Suite 400 West Bethesda MD 20814
*Reference: Investment Building:

7801 Old Branch Avenue Clinton Md 20735

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