Last week, I got bit by a dog who was on a leash.

We were on a busy street.

The attack literally came out of nowhere. It happened so fast, when the dog jumped on me. I didn't think it would bite me until I felt a sharp pain on my thigh.

I was in disbelief as the owner snatched the dog's leash towards him. It happened on a crowded street in broad daylight with lots of witnesses. The owner began to deny it was bite straight away. He said "He only nipped you."

I then turned around and stood up, removed my hand -the bite mark and torn dress becoming obvious increasingly stained with blood was the "Oh crap" moment the owner needed to shut up.

I don't know how many times I have walked by a dog and it's owner on the street without a thought of being bitten.

The story isn't over.

A few days later I got a call from city animal control informing me the dog vaccines are not up to date and the dog is in fact a rescue dog that was being fostered by the person's girlfriend who was in possession of the dog at the time. As of yesterday the foster surrendered the dog and it is now being kept for observation.

I'll get into the commercial real estate side of this story as it got me thinking about how important having the right insurance coverage over your properties, and the properties of your client matter so much.

For example, the incident happened on property of a shopping district in front of a high rise residential building where the pet's foster lives.

It matters that the bullet points that hold each party liable for damages are clear.

Doing my Due Diligence, I call the Leasing and Manager office to inquire about their policy of having unvaccinated dogs on their premises. The policy is for the Tenant to update and notify management in writing of all pets on property., and a copy of their vaccines.

I wanted to share a commercial real estate insurance term.

Indemnity Insurance

Because you will certainly see this in leases and contracts.

What Is Indemnity Insurance?

The term indemnity insurance refers to an insurance policy that compensates an insured party for certain unexpected damages or losses up to a certain limit—usually the amount of the loss itself. Insurance companies provide coverage in exchange for premiums paid by the insured parties.

These policies are commonly designed to protect professionals and business owners when they are found to be at fault for a specific event such as misjudgment or malpractice.

• Indemnity insurance is a type of insurance policy where the insurance company guarantees compensation for losses or damages sustained by a policyholder.

• Indemnity insurance is designed to protect professionals and business owners when found to be at fault for a specific event such as misjudgment.

• Certain professionals must carry indemnity insurance including those involved in financial and legal services, such as financial advisors, insurance agents, accountants, mortgage brokers, and attorneys.

• Medical malpractice and errors and omissions insurance are examples of indemnity insurance.

Small things make a big difference

Making sure your your tenant gets the proper insurance can mean the world in an incident like what happened to me or others cases that have occured on commercial property.

Different POINT OF VIEW

The two most common types of commercial real estate insurance are commercial property insurance and general liability insurance.

Commercial property insurance covers your buildings and equipment for damage caused by extreme weather events, fire and some crimes such as vandalism.

A general liability insurance policy protects your commercial real estate from a lawsuit should a third party experience injury or property damage while on your premises.

What remains the same

Having the right insurance in commercial real estate means everything when it comes to protecting yourself and your clients.

Due Diligence will always be a game saver. Do it early and do it often.​

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Also check out this talk on on Restorative Practices in Real Estate that I gave last month.

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The best is yet to come,

Divine