ii. What Property Did Rumba Lease from Owner?
Assuming, arguendo, that the insured has a contractual obligation to insure the owner’s property, in order to fall within subsection (A)(1)(b), the property must be leased. Notably, any personal property must be leased pursuant to the March 11, 2015, lease agreement, because that is the agreement from which the contractual obligation to insure the property might arise. The leased property as described in the lease agreement is: “those certain premises, situated and lying in City of Baltimore, State of Maryland, known and designated as 7 East Lexington Street, Baltimore, Maryland 21202, and consisting of approximately 2,000 square feet, more or less, first floor and the basement/storage area.” If the lease agreement is limited only to the real property discussed in the lease agreement, then any personal property would fall outside the scope of the requirement that the leased property be insured. If, however, the lease was interpreted more broadly to include not only the real property described therein, but any personal property belonging to the owner —notwithstanding the fact no personal property is described in the lease—then any such personal property might be covered under subsection (A)(1)(b)(7) of the personal property coverage form.
Notably, the lease agreement makes no reference to insuring any personal property in addition to the premises that is the subject of the lease agreement. The most reasonable interpretation of