Full Repair and Insurance Lease Agreement

A full repairing and insuring lease (“FRI Lease”) is a lease in which the tenant takes on all of the costs for repairs and insurance for the property being leased from the landlord…The requirement for repair of the premises applies even if the property is in a poor state of repair to begin with!

Liz Hailey, https://www.herrington-carmichael.com/full-repairing-and-insuring-lease/

In this option, the management committee would assume almost full control and responsibility for the building. West Lothian Council would retains ownership of the building but all operational costs, building repairs and maintenance and insurance costs are the responsibility of the Management Committee.

The management committee would require permission from the West Lothian Council to make any structural or other changes to the building and would be required to meet all costs associated with any change.

The council will re-charge the building insurance premium in addition to the rent.

The council’s insurance policy does not cover the repair of burst pipes but does cover damage to the property as a result of the escape of water.

We must have adequate insurance for:

• Glass breakage
• loss or damage by theft or attempted theft
• content
• public liability insurance
• Any improvements that we make to the building