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The Great Insurance Swindle: Hidden Costs for Tenant Occupiers
Manage episode 491815743 series 3640106
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Navigating Insurance Obligations for Retail and Commercial Tenants
In this episode of 'That Retail Property Guy,' host Gary Marshall explores the often-overlooked complexities of insurance obligations within retail leases. He explains the typical insurance responsibilities that tenants face, including reinstatement, loss of rent, and terrorism coverage, and advises tenants to thoroughly review their lease agreements to be clear what the landlord is entitled to recharge, as well as the implications of clauses that label insurance as 'rent. The discussion also highlights the importance of diligent check-ups on apportionment and competitive pricing, and how tenants should protect themselves from potential pitfalls like overpaying premiums or hidden fees.
00:00 Retail Property Insights
00:20 The Dilemma of Insurance in Retail Leases
00:59 Understanding Insurance Obligations in Leases
03:08 Insurance Recharges and Rent: The Hidden Costs
04:16 VAT and Insurance Premium Tax Explained
06:56 Diving Deeper into Insurance Types – Reinstatement, Loss of Rent, Terrorism
09:09 Unfair Loading
11:56 Rent Cesser
13:29 Terrorism and Pool Re
15:02 Ensuring Fair Insurance Costs
16:06 Sharp practice and the Trocadero Case
18:39 The Importance of Reading Your Lease
19:04 Acts of God and Other Items
22:22 Conclusion and Further Resources
How RCA insurance valuations should be done, by RICS (the Royal Institution of Chartered Surveyors)
PoolRe insurance for terrorism
Shoosmiths article about that Trocadero case
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