Common use of Fire and Property Insurance Clause in Contracts

Fire and Property Insurance. Upon completion of construction, Concessionaire Tenant shall procure and maintain policies of insurance at its own expense, insuring the Premises and improvements thereon against all perils of direct physical loss, excluding earthquake and flood. The insurance coverage shall be for not less than one hundred percent (100%) of the full replacement value of said Xxxxxxxx and improvements with an agreed amount clause and a reasonable and customary deductible on said Premises and improvements. Such amount is subject to final approval by City. The Concessionaire Tenant shall furnish to City evidence that such coverage has been procured and is being maintained in full force and effect. City maintains property insurance that covers the Airport, but will not cover any improvements made by Concessionaire Tenant to the Premises.

Fire and Property Insurance. Upon completion of construction, Concessionaire Tenant shall procure and maintain policies of insurance at its own expense, insuring the Premises and improvements thereon against all perils of direct physical loss, excluding earthquake and flood. The insurance coverage shall be for not less than one hundred percent (100%) of the full replacement value of said Xxxxxxxx Premises and improvements with an agreed amount clause and a reasonable and customary deductible on said Premises and improvements. Such amount is subject to final approval by City. The Concessionaire Tenant shall furnish to City evidence that such coverage has been procured and is being maintained in full force and effect. City maintains property insurance that covers the Airport, but will not cover any improvements made by Concessionaire Tenant to the Premises.