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Leasehold Improvements Insurable under Building Coverage

The U.S. District Court for the Middle District of North Carolina ruled that a tenant could recover under the building coverage of a Standard Flood Insurance Policy for flood damage to leasehold improvements in Studio Frames LTD v. Standard Fire Ins. Co., NO. 1:01CV0876, 2005 WL 1993511 (M.D.N.C. Aug. 16, 2005).

The Studio Frames art gallery leased spaced at a shopping center owned by Federal Realty Trust Investments, Inc. After suffering flood damage as a result of Hurricane Fran, Studio Frames received a loan from the Small Business Administration, which required the company to carry flood insurance to cover its leasehold improvements and the contents of its gallery.

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