What is the name of your state? Connecticut. Starting a used car dealership.
I'm reviewing the lease agreement, and the landlord requests a 500K/1Mil/100K general liability insurance policy.
Also in a subsection it states the following, I assume this absolves him (Landlord) from any claims brought against myself (Tenant):
"Tenant and Landlord each agree to indemnify the other party and save such other party (the “Indemnitee”) harmless from suits, actions, damage, liability and expense in connection with loss of life, bodily ..."
In ongoing review of the lease terms, I've requested those premiums be lowered to the state required minimum for a used motor vehicle dealer. The landlord stated those coverages are high to cover himself from any liability from my operations, but the contract clearly states he is not responsible.
The prospective landlord is a reasonable man, we have gotten along famously thus far.
Cliffnotes: Does he have any concerns regarding any claim brought against my business in the same facility as his own while functioning as the landlord?
I'm reviewing the lease agreement, and the landlord requests a 500K/1Mil/100K general liability insurance policy.
Also in a subsection it states the following, I assume this absolves him (Landlord) from any claims brought against myself (Tenant):
"Tenant and Landlord each agree to indemnify the other party and save such other party (the “Indemnitee”) harmless from suits, actions, damage, liability and expense in connection with loss of life, bodily ..."
In ongoing review of the lease terms, I've requested those premiums be lowered to the state required minimum for a used motor vehicle dealer. The landlord stated those coverages are high to cover himself from any liability from my operations, but the contract clearly states he is not responsible.
The prospective landlord is a reasonable man, we have gotten along famously thus far.
Cliffnotes: Does he have any concerns regarding any claim brought against my business in the same facility as his own while functioning as the landlord?