All businesses located in the building are required to take out insurance coverage. This insurance coverage must include comprehensive general liability insurance and property damage insurance. For specific requirements, please refer to the lease agreement covering your premises.
The comprehensive general liability insurance must have a limit of not less than $3,000,000 per occurrence. This limit may be revised from time to time, and may be higher depending on, among other factors, the particular use of the premises.
The property damage insurance must include the full replacement value of the contents of the premises (i.e. furniture, fixtures, equipment) and the full replacement value of all leasehold improvements in the premises. Leasehold improvements covered under the tenant’s policy include all improvements in the premises, including walls, doors, glass, cabinetry, millwork, and wall and floor finishings, whether or not these were previously existing or installed by the tenant. The building’s insurance policy covers only the base building and base building systems.
The landlord, UPG Property Group Inc., must be listed as an additional named insured on the policy.
For further information, please contact us at 604-688-7750 or e-mail email@example.com.