Common use of DAMAGE AND INSURANCE Clause in Contracts

DAMAGE AND INSURANCE. The Lessee shall be completely responsible for any damages whatsoever to any of the rented Equipment, however caused, whether through the fault of the Lessee or otherwise, and the Lessee shall be responsible for all costs of repair of such Equipment, including, without limitation, any applicable Insurance Deductible. If the Equipment cannot be repaired or the cost of repair is unreasonable, in the sole judgment of IIPCI, then the Lessee shall be responsible for the full replacement cost of any damaged Equipment with equivalent, new equipment, or its successor technology without deduction for depreciation. The Lessee agrees to compensate IIPCI for the full rental fee for the Equipment until the Equipment is repaired or replaced or the Lessee pays the insured value to IIPCI, or the equipment is returned to IIPCI in acceptable working order to IIPCI. IIPCI may request payment in advance for the repair or replacement of damaged Equipment.