Just a thought, would this work
Okay, you own commercial property and there is no insurance to cover you if a tenant does a runner
but what if the name that you have your property under (which we will call xyx) employs you to maintain the property and then if a tenant does a runner owing rent etc then obviously xyx cannot pay you your wage, so then you call on your insurance company and say your employor can not pay me any money and I need my weekly wageWould this work or does the insurance company pay and then chase xyx?
Is there away around so that it would workI think I've missed the point here – why would the insurance company want to get involved in an employer/employee relationship? What type of insurer covers that risk?
Scott No Mates wrote:I think I've missed the point here – why would the insurance company want to get involved in an employer/employee relationship? What type of insurer covers that risk?It would be like loss of income insurance which is available but whether or not it would work in the above scenario! probably not
That ‘s why you get personal or director’s guarantees, can enforce a lock-out & personally hold the bond. Office of Fairtrading doesn’t want to know about it, unless it is resi or retail.
Scott No Mates wrote:That 's why you get personal or director's guarantees, can enforce a lock-out & personally hold the bond. Office of Fairtrading doesn't want to know about it, unless it is resi or retail.Yep I have personal guarantees and bonds but still there is times when they just walk and you chase them and at the end of the day you normaly get nothing
I know that feeling.
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