Can A Tenant Recover For Losses To Leased Property?
August 1, 2011, 1:39 PM EDT
Law360, New York (August 1, 2011, 1:39 PM EDT) -- A restaurateur finds the perfect space to open up a new café, rents it from the owner, and obtains property insurance. After opening the new restaurant, however, the building that houses the new café burns to the ground, resulting in a total loss. What types of losses can the restaurateur, a tenant, recover from its insurance company? The answer likely depends on what jurisdiction’s laws govern the dispute.
To recover, the tenant will first have to show that it has an insurable interest in the property....