Do you know what the fire damage legal liability is?

1/21/2020 (Permalink)

Fire damage legal liability means that the insured party is responsible for any fire damage caused to rental property. Because the rider designates legal liability, it must be determined that the insured caused the fire for the coverage to apply.

Business Coverage Applications

Fire damage legal liability applies to commercial or industrial space and/or equipment that a business owner rents for a business. It also applies to residential, commercial or industrial space and/or equipment that a business owner leases. The coverage can extend into rented garage space or any other property designated to be within the insured’s control.

Liability Coverage Amount

It is important to determine the exact value of the rented space and/or equipment to ensure that the fire damage legal liability covers the full amount. For example, if a $100,000 rental space were destroyed by a lessee’s fire, a $50,000 rider would not fully cover the damages caused to the rental property.