Best way to insure a restaurant prior to opening?

[shanecw33]

I have a restaurant account that is opening another location. Open to the public date is approx Feb 1st. however, lease stipulates that a CGL policy must be in place prior to turning over keys...ASAP.

The location was already a restaurant so while there will be ongoing renovations, they will be minor, cosmetic in nature.

Carriers won't insure as a restaurant yet as 1) albeit minor, there will be ongoing renovations 2) Open to public date is too far in advance.

I need to make sure my client has slip & fall liability to satisfy the lease...would a Vacant Building GL policy suffice?

[LadyBroker]

What you want to do is have your carrier insure it as a property undergoing renovations, presumably being done by a licensed contractor who will name your client as Additional Insured on the Contractor's policy for claims arising from the actual renovations. You then place a policy picking up the Renovations.

Please do note that your carriers must know that the property is in renovation - if you try to insure it as a 'vacant building' and there is a loss, you may have a claims problem when they discover the true nature of the risk.

We do these all the time for clients who must have GL in place before the business opens. If your friendly wholesale broker is unable to assist you, please PM me and we can work this out together.

[shanecw33]

I can get a Vacant Building GL with ongoing renovations (up to $250K...which I think will suffice) - we're really only talking new paint & misc. decor. I thought maybe an OCP would be beneficial, but most OCP's, that I'm aware of, are going to required a GC overseeing the project and just don't forsee this as being that type of project. Do you see anything else I may be overlooking? Thanks!

What you want to do is have your carrier insure it as a property undergoing renovations, presumably being done by a licensed contractor who will name your client as Additional Insured on the Contractor's policy for claims arising from the actual renovations. You then place a policy picking up the Renovations.

Please do note that your carriers must know that the property is in renovation - if you try to insure it as a 'vacant building' and there is a loss, you may have a claims problem when they discover the true nature of the risk.

We do these all the time for clients who must have GL in place before the business opens. If your friendly wholesale broker is unable to assist you, please PM me and we can work this out together.

[LadyBroker]

I would be very surprised if the tenant is not required to hire a licenced contractor to do the work...maybe not a GC, if it's just paint and cosmetic work, but the work has to be done by a licenced and insured contractor.