Shopping Center& Strip Mall
A general description of any shopping center is that it is either a stand alone building or a group of buildings with parking facilities in which space is rented to stores, professional offices, and eating establishments. Shopping Center has a range of 2 to 6 tenants. Strip Mall has a range of 15 to 100 tenants. Even though the lease agreement of the tenants spells out who is liable for the losses, the owner of the shopping center or strip mall is generally responsible for common areas, including but not limited to parking lots, sidewalks, general area utilities and maintenance. Being an owner of either of these entity means owing the responsibility of damaged property, fires, injuries, plumbing, heating, building maintenance and any legal actions or lawsuits.
The following are the coverages available for your shopping center or strip mall:
In general, any shopping centers or strip malls are bustling with a lot of traffic – food and vehicle. This means there’s always a high possibility of mishaps waiting to happen. General liability will help you cover medical cost, legal fees, lawsuits, or any compensation that you are required to pay. With general liability coverage, you get several different coverage options under a single policy. Completed operations, premises liability and product liability all fall under general liability insurance. For instance, if a customer of one of the shops in your property is injured in the parking lot or common area, the incident is considered to have occurred on your premises. This means that you will be held liable for any legal costs or damages.