commercial property insurance

If I own an investment property owned under an LLC. Geico says i need commercial ins. Where can I get this?

They say it has to be in my name to get insurance? But most people put it under llc to be protected?

The LLC prevents you from losing your personal property should something happen on the property, it does not prevent your necessity to have insurance. As the owner of the LLC you can get the insurance from any insurance company that issues those policies, I am not sure if Geico does, but All State or State Farm do.

Umbrella insurance???

I am fixing to buy a business and my current insurance company does not cover commercial properties. With that said, is it better for me to get the Umbrella coverage or go separate. I have a home and 2 cars on my current policy but need to find a company that will cover it all. Any suggestion what to do? Thanks in advance

You will need a commercial policy for both liability and property. The umbrella policy requires that you have an underlying policy in place first, then the umbrella kicks in for liability above your underlying policy. The umbrella from your current homeowners insurance will not cover anything for the business.

You'll want to visit a local independent agent that deals with commercial policies. The agent will know what types of policies you will need for the business. They can shop the market for you to find a policy that's best for your situation.

Who's responsible in this car accident?

I'd a car accident. The driver of the other vehicle isn't the owner of the car. He's the worker at the commercial property, the accident took place at the commercial property. Who is responsible in the case? The insurance of the commercial property or car insurance of the other vehicle, or both in this case?
It's the other driver.
I wonder who is responsible on his side

If the driver was in the course and scope of his employment and had permission to use the vehicle, the commercial property owner's insurance company would provide coverage to the driver. He would be considered an "insured" by definition under the commercial auto policy. The driver's personal auto would likely deny coverage if he was working at the time of the accident, but that would be subject to interpretation of his personal auto policy.

Call the commercial property's insurer and file a claim. They will complete an investigation and let you know if they accept liability.

Lease to purchase on commercial real estate?

I am looking for a building to open up a bar/club. The seller of the building has the option to either lease or purchase. I was hoping to set up a 'lease with the intent to purchase' agreement. If the selling price of the building is $250,000, what is a reasonable lease cost? Who pays for improvents to convert the interior and exterior? Who pays property taxes and insurance on the building? Should I receive discounts for permanent improvements I make to the building (such as adding bathrooms, bar, DJ booth)? Is it going to be difficult to get permits, if I don't own the building? What are some website or sources for 'lease to purchase' contracts? And on top of it all, the building might be historic and reside in an 'Empire Zone' (New York Sate's draft enterprize zone, for tax breaks to attract businesses). Any help or advice would be highly appreciated! Thanks.

To lease or purchase depends entirely on crunching the number to see which is the best option depending on your budget and plans. Everything on commercial lease agreements is ofter negotiable such as deals with leasehold improvements where they are done by the landlord and your rent increases and you should negotiate a better rent deal if you do the improvements and increase the value of the property. Usually insurance on a building is only available to the owner but you need to insure the contents and consider business interruption insurance.

Permits for the building should not be a problem but you will need to follow building codes and do upgrades as required by the city. There are limits to what you can do to a historic building in most cities. You should know all this before you sign a lease.

At this level of investment it would be a good idea to contact a good business start up lawyer and a good accountant for advise. There are too many pitfalls to go in blind or on the advice of strangers.

Need the names and websites of major Insurance Companies in?

the United Kingdom that insure residential and commercial properties for Flooding! (weather related)

Come on people, put on those thinking caps and get me some answers, we're on a roll towards solving this problem that happened in Southern England. Let's do it!

Best answer gets TEN POINTS and a FIVE STAR RATING!!!!

Put same question on Google search, you will get all the information. Good Luck!

How can I find commercial landscaping jobs that are coming up for bid? (Tampa, FL)?

I have owned and operated a landscaping company for the past 10 years. I have been maintaining residential properties and I am interested in expanding to commercial maintenance and landscaping installation. I have insurance and the equipment to handle the jobs, but have no idea where to look for them. Is there a website or something that would tell me what jobs are coming up for bid so that I might be able to prepare something? Thanks for your help.

chamber of commerce

Tax deductions for insurance expenses?

As an insurance CSR, every year several insureds ask me for their expenses on home insurance and auto insurance policies. Yes, not commercial auto or commercial property, but personal-sounding expenses. Is there an itemized deduction for this stuff that I'm just not thinking of, or is there probably a vehicle being used for business, and a home office or investment property concerned?

it is likely a home based business they are using the deduction for. you can not use these items as deductions from wages earned as an employee.

leasee on commercial property?

if you have a lease on a building and the building burns down, the leasor is paid by the insurance company to put the building back up but chooses to sell the building what rights do the leasee have being that he/she has a 5 year lease

Well, none, unless it was given to you in your leasing contract.

But under YOUR property policy, as a tenant, there's a coverage to protect you in case something like that happens. It pays the rental difference between the old lease, and the new lease for similar quality/space, for the remainder of the lease period.

You should check with your agent to be sure you have LEASEHOLD coverage.

How does a recession effect the insurance industry?

Specifically Commercial Property and Casualty- General Liability, Workers' Comp, D&O/E&O. Will business be forced to cut back or eliminate coverage all together?

Probably will not impact the P&C business much. The business cycle typically has very little correlation to the insurance cycle. The fortunes of insurance companies tend to be influenced by how much capacity (capital) is in the insurance business. When there's too much (like right now) competition gets intense, prices get driven down and results begin to falter. When enough insurance compamies get in enough trouble, some cut back, some go out of business and the insurance climate (at least from the insurance company point of view) improves. That happened on the property side in 2006. The year after all the 2005 hurricanes which cost the industry billions. 2006 was a great year as prices increased significanty but there were no big hurricanes. It was so good prices came down in 2007 and again no big hurricanes. If there are no big hurricanes in 2008, expect the industry to get real competitive.

CA commercial real estate limited partnership: Can distributions be cut off while the bldg. is being retrofit?

My father died recently leaving a 4% limited partnership to my mom in a commercial property inCA. The company wants to spend $1M to retrofit the property to earthquake code plus pay alot for earthquake insurance. All distributions will cease until further notice. Can they do this ? The distributions were to go until 2047.

I work with a 50-year veteran as a commercial loan correspondent and have enough knowledge on commercial real estate. I'll do my best to answer; but will invite some associates to contribute some info for your reference.

1.) Determine who is on title of the property. Who owns it?

2.) Determine who is under the existing loan. Who is/are the guarantor(s) of this loan?

3.) Who is paying for the loan? The Company or your Dad/Mom?

The way I see it, if the Company's the entity responsible for the mortgage and the improvement expenses will be shouldered by it, the officers sees the reasonable logic of holding off all distributions until the major expense is done and properly accounted for.

Make sure to determine what the Company's position is – are they tenants of the subject property?

Please provide more info if you can. I'll invite an associate to help out.