Definition of "Leasehold insurance"

Claudie  Telcy real estate agent

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Claudie Telcyelite badge icon

LPT REALTY LLC

Coverage for a tenant with a favorable lease (enabling the lessee to rent premises for less than the market value). If the lease is canceled by the lessor because an insured peril (such as fire) strikes, the lessee is indemnified for the loss incurred. The premise is that the lessee will have to forgo earnings derived from having an advantageous lease, and should be indemnified for this incurred loss.

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