Why should I know everything about my tenants' activities?
What if my tenant companies' information is incorrect?
Example case studyLee owns a sandwich shop. When he entered his lease, Lee intended to offer cold sandwiches, salads and desserts. There will be no reason to cook on campus. The property owner reported this information to his insurance provider, and coverage rates are set based on the store that does not have cooking.After a while, Lee's customers order fried foods, and he buys a professional deep fryer. Lee does not think this is relevant information and does not notify the property owner. One night an employee accidentally leaves Frere, and Lee's shop, as well as shops on both sides, are badly damaged.When the insurer finds out that the fire was caused by a deep fryer, the company denies the claim. Not only will Lee not receive compensation for his losses, but neither will the neighboring units nor the property owner.
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Failure to report changes in the way a business operates can be a costly mistake.