Common use of Approval of Insurers; Certificate and Other Requirements Clause in Contracts

Approval of Insurers; Certificate and Other Requirements. (a) All insurance policies required to be carried by Owner pursuant to the terms of this Agreement shall be effected under valid policies issued by insurers authorized to do business in the State of Texas and which have an A.M. Best Company, Inc. rating of “A-” or better and a financial size category of not less than “VIII”. If A.M. Best Company, Inc. no longer uses such rating system, then the equivalent or most similar ratings under the rating system then in effect, or if A.M. Best Company, Inc. is no longer the most widely accepted rater of the financial stability of insurance companies providing coverage such as that required by this Agreement, then the equivalent or most similar rating under the rating system then in effect of the most widely accepted rater of the financial stability of such insurance companies at the time. Owner may utilize insurers with lower ratings with the prior written Approval of the City Parties. (b) Each and every insurance policy required to be carried by or on behalf of the Owner pursuant to this Agreement shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that such insurance policy shall not be canceled, non-renewed or coverage thereunder materially reduced unless the City shall have received Notice of cancellation, non-renewal or material reduction in coverage, in each such case (except for Notice of cancellation due to non-payment of premiums) such Notice to be sent to the City not less than thirty (30) days (or the maximum period of days permitted under Applicable Law, if less than thirty (30) days) prior to the effective date of such cancellation, non-renewal or material reduction in coverage, as applicable. If any insurance policy required to be carried by or on behalf of Owner pursuant to this Agreement is to be canceled due to non-payment of premiums, the requirements of the preceding sentence shall apply except that the Notice shall be sent to the City on the earliest possible date but in no event less than ten (10) days prior to the effective date of such cancellation. (c) Each and every insurance policy required to be carried by the Owner pursuant to this Agreement shall provide that the policy is primary and that any other insurance of any insured, Loss Payee or additional insured thereunder with respect to matters covered by such insurance policy shall be excess and non-contributing. (d) Owner shall require all subcontractors performing any of the Construction Work to carry insurance and otherwise complying with the requirements of Section 20.1 of this Agreement; provided, however, the amount and type of such subcontractor’s insurance must be commensurate with the amount and type of the subcontract, but in no case less than what would be required by a Reasonable and Prudent Developer or a Reasonable and Prudent Operator, as applicable. Owner shall provide certificates of insurance regarding all such subcontractor policies to City in accordance with Section 19.4.2. (e) Owner shall comply in all material respects with all rules, orders, regulations and requirements of the Board of Fire Underwriters or any other similar body having jurisdiction, in the case of fire insurance policies, or as approved by carrier underwriters in place of regulations or jurisdictional requirement.

Approval of Insurers; Certificate and Other Requirements. (a) All insurance policies required to be carried by Owner Tenant pursuant to the terms of this Agreement Lease shall be effected under valid policies issued by insurers authorized to do business in the State of Texas and which have an A.M. Xxxxxx X. Best Company, Inc. rating of “A-” or better and a financial size category of not less than “VIIIVI”. If A.M. In the event that Xxxxxx X. Best Company, Inc. no longer uses such rating system, then the equivalent or most similar ratings under the rating system then in effect, or if A.M. Xxxxxx X. Best Company, Inc. is no longer the most widely accepted rater of the financial stability of insurance companies providing coverage such as that required by this AgreementLease, then the equivalent or most similar rating under the rating system then in effect of the most widely accepted rater of the financial stability of such insurance companies at the time. Owner Landlord and Tenant may utilize insurers with lower ratings with the prior written Approval of the City Partiesother Party. (b) Each and every insurance policy required to be carried by Tenant pursuant to this Lease in which Landlord is named as loss payee or Landlord Insured as additional insured in accordance with the terms of this Lease shall (i) contain an endorsement to the effect that the “other insurance” clause which may appear therein is not applicable to Landlord Insured, (ii) join Landlord as loss payee and Landlord Insured as additional insured, as applicable, at the time of issuance thereof and (iii) duly note and be endorsed upon all slips, cover notes, policies or other instruments of insurance issued or to be issued in connection therewith the interest of Landlord or Landlord Insured, as applicable; (c) Each and every insurance policy required to be carried by Landlord pursuant to this Lease, if any, in which Tenant is named as loss payee or additional insured in accordance with the terms of this Lease shall (i) contain an endorsement to the effect that the “other insurance” clause which may appear therein is not applicable to Tenant, (ii) join Tenant as loss payee and addition insured, as applicable, at the time of issuance thereof and (iii) duly note and be endorsed upon all slips, cover notes, policies or other instruments of insurance issued or to be issued in connection therewith the interest of Tenant; (d) Each and every insurance policy required to be carried by or on behalf of the Owner either Party pursuant to this Agreement Lease shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that such insurance policy shall not be canceled, non-renewed or coverage thereunder materially reduced unless the City other Party shall have received Notice of cancellation, non-renewal or material reduction in coverage, in each such case (except for Notice of cancellation due to non-payment of premiums) such Notice to be sent to the City other Party not less than thirty (30) calendar days (or the maximum period of calendar days permitted under Applicable Law, if less than thirty (30) calendar days) prior to the effective date of such cancellation, non-renewal or material reduction in coverage, as applicable. If In the event any insurance policy required to be carried by or on behalf of Owner either Party pursuant to this Agreement Lease is to be canceled due to non-payment of premiums, the requirements of the preceding sentence shall apply except that the Notice shall be sent to the City other Party on the earliest possible date but in no event less than ten (10) calendar days prior to the effective date of such cancellation. (ce) Each Except as otherwise provided for herein, each and every insurance policy required to be carried by the Owner either Party pursuant to this Agreement Lease shall provide that the policy is primary and that any other insurance of any insured, Loss Payee insured or additional insured thereunder with respect to matters covered by such insurance policy shall be excess and non-contributing. Each of said insurance policies shall also provide that any loss shall be payable in accordance with the terms of such policy notwithstanding any action, inaction or negligence of the insured or of any other Person (including Tenant or Landlord Insured) which might otherwise result in a diminution or loss of coverage, including “breach of warranty”, and the respective interests of Tenant and Landlord Insured shall be insured regardless of any breach or violation by Tenant, Landlord Insured or any other Person of any warranty, declaration or condition contained in or with regard to such insurance policies. (df) Owner Tenant shall require all subcontractors performing any of the Construction Work to carry insurance naming Landlord Insured as an additional insured and otherwise complying with the requirements of Section 20.1 19.1 of this AgreementLease; provided, however, the amount and type of such subcontractor’s insurance must be commensurate with the amount and type of the subcontract, but in no case less than what would be required by a Reasonable and Prudent Developer or a Reasonable and Prudent Operator, as applicable. Owner Tenant shall provide certificates of insurance regarding all such subcontractor policies to City Landlord in accordance with Section 19.4.219.5.2. (eg) Owner Tenant shall comply in all material respects with all rules, orders, regulations and requirements of the Board of Fire Underwriters or any other similar body having jurisdiction, in the case of fire insurance policies, or as approved by carrier underwriters in place of regulations or jurisdictional requirement.

Approval of Insurers; Certificate and Other Requirements. (a) All insurance policies required to be carried by Owner Licensee or parties performing work on its behalf pursuant to the terms of this Agreement shall be effected under valid policies issued by insurers authorized to do business in the State of Texas Georgia and which have an A.M. AM Best Company, Inc. rating of “A-A” or better and a financial size category of not less than “VIIIX”. If A.M. AM Best Company, Inc. no longer uses such rating system, then the equivalent or most similar ratings under the rating system then in effecteffect shall be used, or if A.M. AM Best Company, Inc. is no longer the most widely accepted rater of the financial stability of insurance companies providing coverage such as that required by this Agreement, then the equivalent or most similar rating under the rating system then in effect of the most widely accepted rater of the financial stability of such insurance companies at the timetime shall be used. Owner Licensee may utilize insurers with lower ratings with the prior written Approval approval of the City PartiesLicensor. (b) Each When allowed by the insurance carrier, each and every insurance policy required to be carried by or on behalf of the Owner either Party pursuant to this Agreement shall provide by way of an endorsement (and any certificate evidencing the existence of each such insurance policy shall certify) that such insurance policy shall not be canceled, non-renewed or coverage thereunder materially reduced unless the City other Party shall have received Notice of cancellation, non-renewal or material reduction in coverage, in each such case (except for Notice of cancellation due to non-payment of premiums) such Notice is to be sent to the City other Party not less than thirty (30) days (or the maximum period of days permitted under Applicable LawGovernmental Rule, if less than thirty (30) days) prior to the effective date of such cancellation, non-renewal or material reduction in coverage, as applicable. If any insurance policy required to be carried by or on behalf of Owner either Party pursuant to this Agreement is to be canceled due to non-non- payment of premiums, the requirements of the preceding sentence shall apply except that the Notice shall be sent to the City other Party on the earliest possible date but in no event less than ten (10) days prior to the effective date of such cancellation. In circumstances where the carrier will not allow such Notice to be made to the other Party, the Party carrying the insurance will be required to provide a copy of the Notice of cancellation, non-renewal or material reduction in coverage to the other Party within forty-eight (48) hours receipt from the insurance carrier. (c) Each Except as otherwise provided for herein, each and every insurance policy required to be carried by the Owner either Party pursuant to this Agreement shall provide that the policy is primary and that any other insurance of any insured, Loss Payee insured or additional insured thereunder with respect to matters covered by such insurance policy shall be excess and non-contributing. Each and every policy required to be carried hereunder shall also provide for waivers of subrogation by endorsement or other means, which waivers of subrogation shall be effective as to any Party and any Affiliate of any Party. (d) Owner Licensee shall require all subcontractors performing any of the Construction Capital Work to carry insurance naming Licensor as an additional insured and otherwise complying with the requirements of Section 20.1 11.1 of this Agreement; provided, however, the amount and type of such subcontractor’s insurance must be commensurate with the amount and type of the subcontract, but in no case less than what would be required by a Reasonable and Prudent Developer or a Reasonable and Prudent Operator, as applicable. Owner shall provide certificates of insurance regarding all such subcontractor policies to City in accordance with Section 19.4.2. (e) Owner Licensee shall use commercially reasonable efforts (at its cost) to comply in all material respects with all rules, orders, regulations and requirements of the Board National Fire Protection Association (NFPA) and the lead property underwriter of Fire Underwriters or any other similar body having jurisdiction, in the case of fire insurance policies, or as approved by carrier underwriters in place of regulations or jurisdictional requirementAll Risk Property Insurance Policy.