Pricing liability insurance

In My Humble Opinion
1

Our school is having a “Entrepreneur Day”, and kids are renting out space in the gym and selling things, etc.

Two kids have hit on the idea of renting out every space and subletting them to other kids. The custodian told them he wants $2 million of liability insurance for the facilities.

Two questions:

  1. Are the “landlords” liable for personal injury caused by their tenants?
  2. Roughly how much would one day’s liability cost for:

A. Damage to the facilities
B. Both damage and personal injury

This is a pretty well behaved school, so the actual chances of someone damaging something or getting hurt is pretty low.

2

Huh? Has the school privatized the gym?

3

Sorry, I did a bad job of explaining this.

The whole thing is an exercise, using fake money. So even the payment for the “insurance” will be in fake School Bucks. Then possibly some random thing will “'happen” to someone to drive in the concept and value of insurance.