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Ground Lease and Loss of Rental Income
Q: One of our clients owns land that he leases under a ground lease to a tenant that constructed its own commercial building. Our client requested to insure its loss of rental income in the event the building is destroyed by a covered cause of loss. However, the underwriter rejected the request stating that the loss of rental income could not be insured since our client did not lease the building to the tenant but rather just the land.
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