COMMERCIAL LIABILITY INSURANCE
New York City landlords require their tenants to have liability insurance. Commercial tenants are not permitted to take possession of leased space until their insurance policy is effective. They must provide the landlord with a certificate of insurance as well as copies of their insurance policy before they are allowed to move in.
New tenants must obtain and keep in force a commercial general liability insurance, including bodily injury, personal injury and property damage coverage, with a broad form contractual liability endorsement naming tenant as insured and protecting landlord, landlord’s employees and managing agent as additional insured as well as any mortgagees or lessors having an interest in the building.
The amount of the require insurance is determined by the size of the space and the usage. The larger the space the greater the amount of insurance that is required.
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