Casualty Policy Clause Samples
A Casualty Policy clause defines the insurance coverage provided for losses or damages resulting from accidents, injuries, or unforeseen events affecting property or individuals. This clause typically outlines the types of incidents covered, such as fire, theft, or liability claims, and specifies the responsibilities of the insured party in maintaining coverage and reporting incidents. Its core practical function is to allocate risk by ensuring that financial losses from unexpected events are managed through insurance, thereby protecting both parties from significant unforeseen liabilities.
Casualty Policy. During the term hereof, Tenant shall at its expense except as provided below, keep the Leased Premises insured in the name of Landlord and Tenant (as their interests may appear with each as named or an additional insured or loss payee as applicable to provide each with the best position) against damage or destruction by fire and the perils commonly covered under a special form policy in an aggregate amount equal to the full replacement cost thereof (without deduction for physical depreciation), and shall have deductibles no greater than Fifty Thousand and No/100 Dollars ($50,000) (with higher deductibles for wind and earthquake coverage as the applicable insurer may require). Such policy also shall cover floods, earthquake and other similar hazards as may be customary for comparable properties in the area, and such other “additional coverage” insurance as Landlord or any holder of a Mortgage, on the Leased Premises may reasonably require, which at the time is usual and commonly obtained in connection with properties similar in type of building size and use to the Ski Facility and located in the geographic area where the Leased Premises are located. Tenant shall be responsible for determining that the amount of property damage coverage insurance maintained complies with the requirements of this Lease. The proceeds of such insurance in case of loss or damage shall be held in trust and applied on account of the obligation of Tenant to repair and/or rebuild the Leased Premises pursuant to the Article captioned “Damage Clause” to the extent that such proceeds are required for such purpose. The insurance required to be carried by Tenant under this paragraph and paragraph (C) of this Article (i) may be covered under a so-called “blanket” policy covering other operations of Tenant and Affiliates, so long as the amount of coverage available under said “blanket” policy with respect to the Leased Premises, or Tenant’s liability under this Lease, at all times meets the requirements set forth in this Lease, and (ii) shall be evidenced by a certificate of insurance (such insurance certificate with respect to property insurance shall be issued on ▇▇▇▇▇ 27 or equivalent) from Tenant’s insurer, authorized agent or broker. Upon request, Tenant shall name the holder of any Mortgage on the Leased Premises pursuant to a standard mortgagee, additional insured or loss payee clause with as such holder shall elect with respect to the foregoing property insurance, provided such hol...
Casualty Policy. If rental property is uninhabitable or destroyed during occupancy as declared by owner's insurance due to Acts of God or due to acts of governmental agency a refund will be issued for the days the property could not be used. If there is a state mandated evacuation due to a storm, you will be refunded for the days the rental could not be used. We will not however, pay for any alternative housing due to the storm or Acts of God or governmental agency. If the rental property is uninhabitable prior to occupancy and cannot be repaired in time for vacation occupancy as declared by owner's insurance due to Acts of God prior to occupancy by "Act of God"; ex. flood, earthquake, fire and acts of governmental agencies this agreement shall be null and void. All payments rendered shall be refunded to renter within 10 business days.