Boiler and Machinery/Equipment Breakdown. If the Mortgaged Property contains a central heating, ventilation and cooling system (“HVAC System”) where steam boilers and/or other pressurized systems are in operation and are regulated by the Property Jurisdiction, Insurance providing coverage in the amount required by Lender.
Boiler and Machinery/Equipment Breakdown. If the Mortgaged Property contains a central heating, ventilation and cooling system (“HVAC System”) where steam boilers and/or other pressurized systems are in operation and are regulated by the Property Jurisdiction, Insurance providing coverage in the amount required by Lender for:
(A) Damage to the HVAC System.
(B) Other portions of the Mortgaged Property if the damage is the result of an explosion of steam boilers, pressure vessels or similar apparatus now or in the future installed at the Mortgaged Property.
Boiler and Machinery/Equipment Breakdown. If the Mortgaged Property contains a central heating, ventilation and cooling system (“HVAC System”) where steam boilers and/or other pressurized systems are in operation and are regulated by the Property Jurisdiction, Insurance providing coverage in the amount required by Lender for:
(A) Damage to the HVAC System.
(B) Other portions of the Mortgaged Property if the damage is the result of an explosion of steam boilers, pressure vessels or similar apparatus now or in the future installed at the Mortgaged Property. (vi) Builder’s Risk. During any period of construction or Restoration, builder’s risk Insurance (including fire and other perils within the scope of a policy known as “Causes of Loss – Special Form” or “All Risk” policy) in an amount not less than the sum of the related contractual arrangements.
Boiler and Machinery/Equipment Breakdown. If the Mortgaged Property contains a central heating, ventilation and cooling system (“HVAC System”) where steam boilers and/or other pressurized systems are in operation and are regulated by the Property Jurisdiction, Insurance providing coverage in the amount required by Lender. (vi) Builder’s Risk. During any period of construction or Restoration, builder’s risk Insurance (including fire and other perils within the scope of a policy known as “Causes of Loss – Special Form” or “All Risk” policy) in an amount not less than the sum of the related contractual arrangements.
Boiler and Machinery/Equipment Breakdown coverage is to include property damage, business income, extra expense and hazardous substance. If the Building and Boiler and Machinery/Equipment Breakdown coverages are provided by separate policies, a Joint Loss Agreement Endorsement should be obtained on each policy.
Boiler and Machinery/Equipment Breakdown a) If the boiler and machinery/equipment breakdown coverage is included within the “All Risk” Property policy, then the limit of protection shall be equal to that specified in Section 1a above (including business income, rental income and extra expense).
Boiler and Machinery/Equipment Breakdown coverage is to include property damage, business income, extra expense and hazardous substance. If the Building and Boiler and Machinery/Equipment Breakdown coverages are provided by separate policies, a Joint Loss Agreement Endorsement should be obtained on each policy. A Seismic Report is required on all properties located in Seismic Zone 3 or 4 as designated in the 1997 edition of the Uniform Building Code. Earthquake insurance is required on properties that exceed the tolerance levels established by the Xxxxxxx National Life Insurance Company Seismic Report Guidelines (usually > 20%). The building and business personal property coverage limits must be for the full Replacement Cost of the property unless waived in writing by PPM. This requirement includes Wind, and when required, Flood. The policy must contain an Agreed Amount Endorsement or Waiver of Coinsurance Clause. Blanket policies should not contain a Margin Clause. The Agreed Amount Endorsement must identify the insured property by its street address and include Business Income. Property in Flood Zones A and V and/or all zones in the 100 year flood zone plain as determined by FEMA must obtain flood coverage through the National Flood Insurance Program (NFIP). Excess Flood coverage will be required if the NFIP limits fall below full Replacement Cost of the building. Business Income Coverage is required for the loss of gross rental income and other gross income for an amount not less than 12 months rental income or on an Actual Loss Sustained form of coverage. Coverage must provide a period of restoration of not less than 12 months. If the tenant insures the building under a triple net lease and the lease contains a Rent Abatement Clause, the Borrower must carry Business Income Coverage independently from any coverage the tenant may provide. The Borrower may use multiple policies to satisfy the requirements stated above as long as each carrier used is rated A- IX or better by AM Best and the insurance program as a whole satisfies all the requirements herein. No gaps of coverage between policy layers are acceptable.
