Generic Default
Aluminum
- Joined
- Jan 23, 2016
- Location
- Wilmington / Long Beach
I'm renting my shop space in a small industrial complex, it's 4 buildings each with several roll-up door style shop spaces. When I signed all the documents to move in last year, I was required to get a general liability insurance policy to cover the usual stuff (both the shop and the VMC). My rental is managed by a property management company, but owned by an individual. One of those situations where rich people just want to own stuff and have someone else do all the paperwork and maintenance.
They accepted the insurance policy that has the building owner as the insurance beneficiary. However, in the last few weeks they have switched to some automated 3rd party system to keep track of which tenants have insurance since tenant turnover is so high. They are re-verifying insurance.
They rejected my insurance policy this time and are requiring that they, the property management company, are the beneficiaries of the insurance policy. Note that my policy hasn't changed and it was accepted and approved by them before I was given the keys.
So it seems they are trying to force everyone to list them as the beneficiaries and transfer that from the building/property owner who is currently the guy who would get paid if the place burned down or whatever.
Is this whole thing legal? It's weird to me that they are requiring a major change to the insurance policy in the middle of the year-long contract. Would they have any right to evict me if I didn't change it considering I already signed the contract and was approved by them last year?
They accepted the insurance policy that has the building owner as the insurance beneficiary. However, in the last few weeks they have switched to some automated 3rd party system to keep track of which tenants have insurance since tenant turnover is so high. They are re-verifying insurance.
They rejected my insurance policy this time and are requiring that they, the property management company, are the beneficiaries of the insurance policy. Note that my policy hasn't changed and it was accepted and approved by them before I was given the keys.
So it seems they are trying to force everyone to list them as the beneficiaries and transfer that from the building/property owner who is currently the guy who would get paid if the place burned down or whatever.
Is this whole thing legal? It's weird to me that they are requiring a major change to the insurance policy in the middle of the year-long contract. Would they have any right to evict me if I didn't change it considering I already signed the contract and was approved by them last year?