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When a firm buys land on which there is a building and the building is torn down so that an appropriate new building can be constructed on the land?
PopeJT
the total cost of the land and old building are capitalized as land cost.
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∙ 13y ago
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If you are a property owner, particularly a landlord, contingent liability insurance can be a very useful coverage in the event of a partial loss. Specifically, it covers the cost that might be incurred if part of the structure, though not damaged by the incident (fire, for instance) had to be torn down because of a local ordinance or law that required doing so. This coverage is important because the insurance company will pay the landlord/owner for the damaged (lost) portion of the building, but will not pay to demolish the undamaged portion, or to remove the debris created during demolition. This is a significant exposure for older buildings which were not built to current building code, and is a risk that increases along with the size of the structure. Most good commercial insurance policies will include Ordinance or Law coverage, which covers all three exposures: 1 Demolotion of the undamaged portion of the building.2 The increased cost of construction for bringing the buidling up to code when rebuilt.3 The cost to remove the debris resulting from demoltion or loss.
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