Common use of Insurance and Indemnification Clause in Contracts

Insurance and Indemnification. Lessee shall always obtain and maintain continuously in effect during the term of this lease agreement and all renewals, at Lessee’s sole expense, general liability insurance with limits not less than $300,000.00 combined single limit for each accident/occurrence for bodily injury and property damage in or near the hangar or on the hangar space site. Lessee shall provide in each policy that the insurance company or companies immediately send Lessor a copy of said policy and all renewal and cancellation notices. Failure to submit such proof of insurance shall be sufficient grounds to terminate this lease agreement. Lessee bears sole risk of loss to the hangar, all aircraft and personal property on the premises or in the hangar. Lessor shall not be responsible for any damage or injury to Lessee, employees, agents, or guests of ▇▇▇▇▇▇, or property of ▇▇▇▇▇▇, arising out of the occupancy of the premises. Lessee shall indemnify and hold harmless the Lessor and Lander City Council members, the Airport Board members, employees, and agents of Lessor against any and all claims for loss or damage occasioned by or arising out of, direct or indirect, rental or occupancy of said hangar space and ▇▇▇▇▇▇’s hangar and the use of the airport. Such indemnification shall include any cost to Lessor, including court costs and attorney fees, in defending any claim against ▇▇▇▇▇▇. ▇▇▇▇▇▇ promises and agrees to pay to Lessor any damage to the leased premises arising out of ▇▇▇▇▇▇’s rental or occupancy of the premises. Nothing in this paragraph relieves Lessor of liability for ▇▇▇▇▇▇’s own negligence or intentional torts, for which Lessor shall indemnify and defend Lessee to the same extent set forth above. The liability insurance policy or policies required under the terms of this Agreement shall name Lessor as additional insured.