Georgia  |  Business Law

Legal Question

Asked on: 6/17/08, 1:18 am

Who pays for building insurance? tenant or owner?

I am looking into signing a lease for a space to open a restaurant. I am aware that I need insurance on my actual business. But the landlord wants me to carry an $800,000 policy for the acutal building with his name on the building part. Is this normal business practice? Everyone I've spoke with (other business owners) say it's not normal and that it's his responsibility to carry insurance on the building. By the way, the building is no where near worth $800,000.

Thanks in advance.

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