When renting out your common and/or party rooms, one last thing to remember is that any property belonging to your tenants, the event attendees or organizers is not covered by your corporation’s insurance policy.  It is important to make this clear when you are renting these rooms and in any rental contract or agreement.  If; however, anything happens at or during the event that results in loss or damage to property belonging to your housing corporation, your policy will provide coverage as long as the cause of the loss or damage is an “Insured Peril” (aka: a covered risk).

We’ve talked about several different aspects of the risks and issues for you to think about regarding common and/or party room rentals recently and our final installment in our series will recap them all.  In the meantime, refer to parts 1, 2 and 3 for a refresher or for anything you may have missed.

Party Room/Common Room Rentals Series

• Part 1
• Part 2
• Part 3