Question about all-risk insurance?

What does all-risk insurance cover for a landowner who is renting it off to someone else.

Say you own a building and rent it to somebody, they decide to hang the Mona Lisa up in the office they are renting from you.

The building burns down, everything is destroyed. Is the Mona Lisa covered under the owners all risk insurance? Is all-risk insurance a way of protecting renters and rentees? If so, why?

Depends upon the exclusions written into the policy. Typically all risks policies cover everything that is not excluded. I don’t think you would find anyone willing to cover all risks with no exclusions. Well maybe for the right price. :slight_smile:

As an apartment renter, I’ve always understood that my possessions are not covered by the landlord’s insurance policy.

This is my thought as well, and it can be put into a commercial context also. It would seem to me that as the landlord, the OP buys (for example) fire insurance on the building, so he’s not suffering a loss if it burns down; liability insurance on the common areas, to cover, say, slip-and-fall accidents in the lobby; and so on. But the tenants, even commercial ones renting offices, insure their premises for fire, theft, liability, and so on. Of course, if a tenant rents the entire building, things may not be exactly like this, but the lease could specify who insures what in any event.

As for the Mona Lisa–as a rare, one-of-a-kind, work of art; it would seem to me that it would be covered under a separate policy written specifically for it. It would not (and should not) be covered under a general, multiple-perils property policy.