April 2014 Dec Page

Article of the Month

When a tenant makes a permanent addition to a leased building, the improvements usually become part of the building and the property of the landlord. The tenant has the right to use the improvement for the term of the lease, but that is all. If the improvements can be used for the agreed period of the lease, all should be well. But, what happens when the improvements are damaged by fire or some other cause of loss?

The tenant has lost no real property since the improvements belong to the landlord. What the tenant has lost is the use of the property and this right of use creates an insurable interest for the tenant in the improvements. For the protection of this use interest, the tenant needs improvements and betterments coverage.

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