The sale of commercial properties is an everyday occurrence. In the normal course, the risks associated with the property are passed from seller to buyer at the moment of sale.
The buyer’s insurance picks up where the seller’s leaves off. But what happens when, at the time of sale, there is a pending insurance claim from a recent hurricane, flood, fire, or other calamity?
Are sellers and buyers constrained by this situation? For an in-depth review of this issue, please see this article by Thompson HD Partner Gary Thompson.
