Period of loss of rent and outgoings insurance ?

Discussion in 'Commercial Property' started by FXD, 13th Sep, 2018.

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  1. FXD

    FXD Well-Known Member

    Joined:
    30th Aug, 2018
    Posts:
    288
    Location:
    Melbourne, Victoria
    Hi experts,

    I am looking at a retail shop and in the lease schedule one specific item I need help understanding is:

    Item 10 Period of loss of rent and outgoings insurance
    [1.1]
    As permitted by by the Retail Leases Act 2003 as amended


    I have seen such insurance clause (for other commercial property) where it clearly spells out
    the term to be something like 6 months or 12 months which is self explanatory.

    But what exactly does the above wordings mean in this case?


    Thanks,
    FXD
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,095
    Location:
    Sydney or NSW or Australia
    Refer to the lease clause referenced in the schedule.

    Is it an obligation on the tenant to effect loss of rent insurance?

    Also refer to the Victorian Retail Leases Act as to the insurance requirements which are permitted to be charged to the tenant on a net lease.