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A Little Knowledge Goes a Long Way: A High-Level Overview of Liability Insurance Provisions in a Retail Lease Agreement
Some of the most overlooked sections in a lease for a retail shopping center are the insurance provisions. Even experienced asset managers and general counsel often have a number of questions surrounding insurance provisions in shopping center leases. Despite their seemingly lackluster nature, well-drafted insurance provisions in a contract between a landlord and tenant can be extremely important when it comes to mitigating potential exposure and protecting a shopping center's assets.
Required Coverage
Nearly every shopping center lease agreement contains provisions requiring the tenant to procure and maintain liability insurance for itself continuously throughout the term of the agreement. There is significant protection for a landlord in having its retail tenants bound by lease provisions that require the tenants to maintain insurance coverage for themselves.
It is prudent for a landlord to spell out each type of insurance coverage it requires its retail tenant to maintain. First and foremost, a landlord has an interest in making sure its tenant has commercial general liability insurance that will cover both bodily injury and property damage. If a customer injured while on the tenant's premises is compensated by the tenant's policy, this reduces the exposure for a claim against the property owner.
Many leases further require the retail tenant to maintain workers' compensation insurance to the full extent required by the applicable law; employer's liability insurance; automobile liability insurance; excess insurance coverage; and even comprehensive cyber liability insurance (as more landlords and tenants are incorporating technology into everyday use). By requiring a retail tenant to insure itself, the landlord is making sure the tenant has protection in the event it is sued and will not necessarily face financial hardship that may negatively affect the tenant's ability to pay rent.
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