Warehouses--Occupied by Multiple Interests (Lessor's Risk Only)

What Does GL Code 68702 Cover?

ISO GL class code 68702 covers owners or lessors of warehouse buildings where space is rented to multiple tenants, and the lessor's exposure is limited to property ownership and maintenance, not the tenants' operations. This code is specifically for landlords who lease warehouse units or spaces to various businesses, such as storage facilities or multi-tenant industrial parks, where the landlord has no operational control over the tenants' activities.

Who Uses This Class Code?

This code applies to commercial property owners, real estate investment trusts (REITs), and property management companies that own and lease multi-tenant warehouse facilities. Specific business types include owners of self-storage facilities, industrial parks with multiple warehouse units, and logistics centers that lease space to various distribution companies.

Common GL Claims for This Class

Common claims for warehouse lessors include slip-and-fall incidents in common areas, property damage due to building maintenance failures like roof leaks, and injuries sustained by visitors or tenants due to unsafe premises conditions.

Coverage Tips for Code 68702

• Ensure your lease agreements clearly define tenant responsibilities for their own general liability insurance, including naming you as an additional insured.
• Regular property inspections are crucial to identify and mitigate hazards, as inadequate maintenance can lead to premises liability claims.
• Review your policy for exclusions related to tenant operations; your Lessor's Risk Only policy will not cover claims arising from your tenants' business activities.
• In Florida, ensure compliance with all state and local building codes and safety regulations, as non-compliance can impact coverage in the event of a claim.