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Loss Payee/Additional Insured - Commercial Building

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Posted by Steve G. on March 11, 2000 at 06:43:47:

I'm a loss payee & additional insured on my Tentant's Insurance poicy. Also, their is an endorsment for Fire Legal. (I also have a fire policy for the building)

Their was a fire in the buling caused by the Tenant which shows on the fire report.

Here's my question:

On the lease, Landord and Tenant have waived all of our rights for subrogation. Since that's the case, his insurance company is telling me there is no coverage even though I'm named as additional insured and Loss payee on his policy.

While I know I'm coverd under my policy the problem I'm having is this:

Right after the fire, my tenant called his insurance company. (I was not made aware of the fire 3 weeks afterwards). They had a contractor come out and give an estimate for the propsed work. The Contractor then had my Tenant sign authorization to get started repairing the builiding without ok from me or the Insurance co. The bill $24,000.00.

I called my Insurance co. as soon as I was made aware of the fire. The adjuster came out and told me that the scope of the work is not what the contractor said it was. Of course how could he know after the repairs were completed.

Anyway, I know I would get the full $24,000.00 if my insurance co. would go after my tenants insurance co for the loss.

So I guess my question is, what does a loss payee mean in this circumstance?

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