I am a sole proprietor and have just signed a commercial lease with the help of a cosigner. My cosigner is not my business partner, nor do they have any affiliation with the business in question. The landlord is requiring the cosigner to be labeled as a co insured next to me on my liability insurance. The insurance company is telling me that's not necessary because the cosigner is a cosigner to the lease only . Who is right?
Answer
If it is a requirement of the lease, then whether it is necessary or not is irrelevant. If it is not required by the lease, it still may be a good idea, but it is not necessary. If I were the cosigner I would want it.
Answer
I agree with Mr. McCormick. It is going to depend on the terms of the lease.
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