The tenant has to provide more than a security deposit. Besides additional insurance SPECIFICALLY for the parking use, there should be some kind of hold harmless clause in the lease protecting the landlord from lawsuits. Moving vehicles provide a host of liability issues. Remember, when the tenant gets sued for some kind of traffic accident on premises, so will the landlord. Many insurance policies require notice to them within a specific time period, otherwise they will not honor claims made. A vigilant insurance claim reporting procedures and monitoring must be adhered to. As for the environmental exposure, that is another issue that has its' own set of problems and exposure.
Aug 28, 2012