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Landlords, Leases and Insurance Policies
The Lands Tribunal (in Green –v- 180 Archway Road Management Co Limited) has recently held that a lessor was unable to recover insurance rent from the lessee because the lease required the lessor to insure the property in the joint names of the lessor and the lessee. Whilst the lessor’s insurance policy included a note of the lessee’s interest, the policy was not in joint names and the Lands Tribunal held that the lessor was therefore in breach of its insurance obligations under the lease.
Landlords would be well advised, therefore, to check the terms of their leases and insurance policies and ensure that, where required by the lease, policies are in joint names otherwise they run the risk that they will not be able to recover the insurance premium from the lessee.
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Marlborough House Victoria Road South Chelmsford Essex, CM1 1LN 01245 495111 |
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Trafalgar House 8-10 Nelson Street Southend on Sea Essex, SS1 1EF 01702 352511 |
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