Liability question

[Runman]

I was hoping that someone could help me with a question regarding liability for property owners. While this may seem like a dumb question to some, as a new real estate investor it does strike me as an important question.
Let`s say you own an apartment building and one day something happens like the place catches on fire and god forbid someone dies in the fire. Is the building owner liable?
I know that this may seem a bit morbid, but it`s a realistic scenario.
What do you guys think about this?

Thanks alot
Josh

Thanks alot

Josh

 

[Mecheng]

QUOTE (Runman @ Apr 26 2010, 12:33 PM) I was hoping that someone could help me with a question regarding liability for property owners. While this may seem like a dumb question to some, as a new real estate investor it does strike me as an important question. Let`s say you own an apartment building and one day something happens like the place catches on fire and god forbid someone dies in the fire. Is the building owner liable?
I know that this may seem a bit morbid, but it`s a realistic scenario.
What do you guys think about this?

Thanks alot
Josh

Thanks alot

Josh

This is why a good insurance agent, that understands rental properties, is a valuable member of your team.
Your insurance should cover both the building and personal injury claims. Tenants should carry their own renters insurance for personal belongings.
In the event of a death, liability "should be" determined by cause. If it can be determined you are at fault then you will be held liable.
This can range from faulty wiring you didn`t maintain to fire detection you didn`t provide. (I buy the 10yr lithium battery detectors)

I currently only own s.f.h.`s but imagine the same or similar applies for apartments. (Maybe a fire suppression system to maintain as well?)
If not, some of the more experienced can add there two cents.

 

[Thomas Beyer]

QUOTE (Runman @ Apr 26 2010, 12:33 PM) ..
Let`s say you own an apartment building and one day something happens like the place catches on fire and god forbid someone dies in the fire. Is the building owner liable?
..
possibly .. and for sure he`ll be named in a lawsuit as will be the owner (usually a corporation) as well as the property manager.

Then there is the issues of he finer legal points of negligence vs. gross negligence vs. fraud vs.reasonable care vs. willful misconduct .. and it differs by jurisdiction.

some answers on web here:

http://forum.freeadvice.com/landlord-tenan...ring-67944.html

http://www.highbeam.com/doc/1G1-139346183.html

http://www.ciremagazine.com/article.php?article_id=745