Should The City Require Building Owners To Have Insurance?

[Bill Call]

Yes.

As part of the annual licensing process the owners of commercial buildings and apartment buildings should be required to:

1. Provide a notorized statement listing the current market value of their property.
2. Provide written evidence to substatiate that valuation.
3. Have sufficient insurance to cover damage to the building and it's contents.
4. Have general liability coverage up to the amount of the buildings valuation.
5. Name the City as an additional insured.

[Jim O'Bryan]

Bill

It is funny you mention this. I was just talking about this with a member of city hall,
but my question was that of business owners period.

I need to carry $500,000 for my sign company depending on where we are installing signs.

I think Lakewood is merely $75,000 in coverage. But I was wondering about the liability
of any and/or all businesses in the city.

The fire marshall and building inspector checks to make sure codes are up to date, who
makes sure their insurance is up to date?

Is it regulated or even checked by the city?


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