LRO stands for Lessor’s Risk Only. This insurance protects landlords from claims by tenants for property damage or bodilly injury, such as fire or water damage, or slip-and-fall accidents.
What does LTO mean in the insurance industry?
Lessor’s risk only insurance is a necessary for owners of leased commercial assets such as residential buildings, retail complexes, and warehouses in order to safeguard their investment. Lessor’s risk insurance, often known as landlord or LRO insurance, protects you in the event that one of your tenants sues you for property damage or injuries caused on your property.
Is third-party liability coverage required? – Yes. Before registering their automobiles with the LTO, drivers are obliged to acquire TPL insurance.
What are the LTO prerequisites?
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- Practical Driving Course (PDC) and PDC Certificate are only available at LTO-approved driving schools. This video demonstrates how to take the PDC and obtain the PDC Certificate.
- Review well before taking the exam. You can review utilizing the LTO Portal as well as other online reviewers. For information on how to pass the LTO Exam, please view this video.
- To minimize delays, ensure you have all the necessary documents (including photocopies) before traveling to the LTO Office.
- Go to the LTO Office early in the morning so that you may complete the process within the same day. According to my past experience, I went there at 7:00 a.m. and received my new non-professional license about 2:00 p.m.
- Dress correctly
- certain LTO Offices prohibit candidates from wearing short pants.
- If you use eyeglasses, wear them during the application process, especially during the driving test.
- The validity of a non-professional driver’s license is five (5) years.
This video demonstrates in detail how I obtained my Non-Professional Driver’s License.