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Insurance Question

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  • 28-11-2013 10:36pm
    #1
    BillyBoy13
    Closed Accounts Posts: 296 ✭✭


    I got some great answers last time I posted here.

    I met a landlord yesterday about an office I'm looking to rent. Basically its a building with 3 or 4 other offices being leased out of it. And I'm hoping to get the a spare one.

    I asked the landlord about insurance and he said he didn't know anything about it but would find out for me. Then today he called back to say his legal guy is in on holiday and wont be back until next week and just have to wait until then.

    I was hoping maybe someone on here could maybe point me in the right direction.

    Since its his building, if somebody slips in my office does insurance cover it or do I need to cover it?

    Again, since its his building, if the place were to burn down/get robbed etc will his insurance cover my losses? Or do I need my own insurance?


Comments

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    #2
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    For residential, you'd need your own insurance to cover your losses, but not sure about business insurance.

    Probably best asking in the Entrepreneurial & Business Management forum.


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    #3
    Silverbling
    Banned (with Prison Access) Posts: 311 ✭✭Silverbling


    In a retail premises we need our own public liability insurance, the landlord covers the building


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    #4
    Valentine1
    Registered Users Posts: 434 ✭✭Valentine1


    the landlord's insurance will most likely only cover the cost of repairing or rebuilding the building in the even of fire/flood etc. Normally you would arrange your own insurance for your own contents etc.


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    #5
    Mrs OBumble
    Registered Users Posts: 25,955 ✭✭✭✭Mrs OBumble


    The landlord cannot insure your stuff: people can only insure what they own.


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    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Its called having an insurable interest.
    You cannot insure something you do not have an interest in.......

    If you'd like a little history lesson- it dates back to the 1800s- and the practice of companies in England to allow anyone insure anything. Several 'enterprising' individuals, noticed that much of the merchant fleet of a particular vintage was being converted for passenger use, as presumably people weighed less than other cargo, and would put less stress on the boats. So these individuals- starting taking out insurance on the boats- despite not owning them- in the knowledge that there was an above average liklihood they would be lost at sea. And so it transpired- many many boats sank. Many many people lost their lives. Many many investors mopped up- bankrupting various insurance companies.

    Its sad that it took such obvious misery to introduce a common business practice, which holds to this day.


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