Commercial Insurance
Liability Insurance

What is general liability and lessor's risk?


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2007-08-24 21:51:23
2007-08-24 21:51:23

Lessor's Risk Only (LRO) provides liability and property coverage for building owners who lease out their entire building or occupy less than 75% of the building and lease out the remainder. Also called landlord's insurance.

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Lessors risk coverage is for the owner of a property that leasing it to a tenant and needs a policy to cover their interest in the building and liability for third party claims. Property liability or general liability is typically included under the lessors risk policy and protects the owner from claims by third parties. For example, if I was walking up stairs in a building, slipped and fell resulting in a broken arm the owner could be found responsible for my injuries.

"LRO" is short-hand for "Lessors Risk Only". It is designed to protect the property owner of a commercial property leased to others.

The Lessors Risk only coverage provides Liability and Property (Building) coverage to protect your interest as the owner of the building while leasing it to another party.

It depends if the builder's risk policy is just for property or for property and liability. You can have a builder's risk policy, which includes general liability. If the insured is owner of the building, the general liability exposure is the cost of the project and will classes under subcontractor.

General liability covers Public and Producs Liability, therefore by having General Liability cover, public liability is covered also.

I think you might be confusing terms. Marine liability can be written to cover the liability from marine operations like operating cargo ships, etc. There is also hull liability (property for the marine vessels). General liability is a broader more expansive term and the policies can be written to include or exclude tons of different types of coverages, but you won't find liability coverage for marine vessels inside general liability insurance. Work with a broker to understand your risk and get the right insurance in place.

Liability insurance companies owned by their policyholders. Membership is limited to people in the same business or activity, which exposes them to similar liability risks. The purpose is to assume and spread liability exposure to group members and to provide an alternative risk financing mechanism for liability. These entities are formed under the Liability Risk Retention Act of 1986. Under law, risk retention groups are precluded from writing certain coverages, most notably property lines and workers' compensation. They predominately write medical malpractice, general liability, professional liability, products liability and excess liability coverages. They can be formed as a mutual or stock company, or a reciprocal.

62003-0-Condominiums - residential- (association risk only)

The standard COMMERCIAL GERERAL LIABILITY policy is the correct poicy. It is commonly refered to as a lessors risk underwriting issue. Depending on the use, meaning who will be renting the hall will have a effect on underwrting premium. A risk that will rent a hall for business meetings, without alcohol will be a lower premium that one without. This answer only relates to liability issues, it does not relate to property issues

Liability requirements should be commensurate with the risk expsoure excountered. One might ask, What is the maximum libility exposure of the tenant? This would be the amount of liability insurance to carry.

The cost of general liability depends on said person's life, lifestyle, and home. General liability covers many public costs and product liability risks.

62000-0-Condominiums - commercial - bank or mercantile manufacturing or office - (association risk only)

Compare general liability insurance quotes from multiple providers. Learn about liability insurance in our free buyers' guides to business insurance.Hiscox specializes in general liability insurance for businesses with 10 employees or less.

It is a good idea to consider purchasing general liability insurance for your business. General liability insurance can protect your business and give you peace of mind.

No, Insurance is a means of contractually transferring risk including the risk of liability to another entity, namely the Insurance Company issuing the policy.

General partner has unlimited liability since the general partner is in charge and makes decisions for the partnership.

Comprehensive general liability insurance covers businesses against many liability exposures of a business. Comprehensive general liability insurance coverage includes completed operations, elevators, independent contractors, and more.

Buildings Or Premises - Bank Or Office - Mercantile Or Manufacturing (Lessor´s Risk Only) - Other Than Not-For-Profit

definition of comprehensive & liability insurance

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