Boardwalk Insurance Group

Reasons to Obtain Insurance On Purchased Land Leased to Others

Reasons to Obtain Insurance On Purchased Land Leased to Others 4.33/5 (86.67%) 3 votes

If you own land, you may think that there is no need to carry insurance.  Whether your land is being used or not, it’s important that you know that claims can still arise.  There is vacant land insurance available to you.  However, in this article, we will discuss insurance for land you own, but lease to others.  It’s imperative that you also carry insurance.  Here’s why:

•    To protect your insurable interest as a landowner
•    In case a passerby trips and falls on a raised piece of sidewalk in front of  premises
•    No liability deductible
•    Defense costs provided outside the limit of liability
•    Hostile fire exception to pollution exclusion
•    Expanded definition of bodily injury to include sickness or disease caused by mental anguish or emotional distress
•    Credits Available:
1.    Applicant requires all commercial tenants to name the applicant as an additional insured
2.    Lease requires tenant(s) to maintain and/or repair the premises, including keeping the premises free of snow and ice, adjacent to any building e.g. sidewalks, driveway and parking lots

Product Features:
•    Limits available up to $1,000,000 per occurrence/$2,000,000 aggregate and up to $5,000,000 in excess
•    Low minimum premiums (starting at $400)
•    Credits available for:
1.    Applicant being named as an additional insured to tenant(s) general liability policy
2.    Applicant’s lease requires tenant(s) to maintain and/or repair the premises

Coverage Available:
•    Up to 1,000 acres per location
•    Lakes and ponds up to 25 acres in size
•    Land being used for:
1.    Equipment storage or vehicle parking
2.    Auto sales lots
3.    Building on the premises (Only land is leased-building owned by lessee)
4.    Animal grazing
5.    Crop farming
6.    Athletic fields
7.    Hunting