Common use of Insurance Obligation Clause in Contracts

Insurance Obligation. OCCUPANT, AT OCCUPANT'S EXPENSE, SHALL MAINTAIN A POLICY OF FIRE, EXTENDED COVERAGE ENDORSEMENT, BURGLARY, VANDALISM AND MALICIOUS MISCHIEF INSURANCE FOR THE ACTUAL CASH VALUE OF STORED PROPERTY. INSURANCE ON OCCUPANT'S PROPERTY IS A MATERIAL CONDITION OF THIS AGREEMENT AND IS FOR THE BENEFIT OF BOTH OCCUPANT AND OWNER. FAILURE TO CARRY THE REQUIRED INSURANCE IS A BREACH OF THIS AGREEMENT AND OCCUPANT ASSUMES ALL THE RISK OF LOSS TO STORED PROPERTY THAT WOULD BE COVERED BY SUCH INSURANCE. OCCUPANT EXPRESSLY AGREES THAT THE CARRIER OF SUCH INSURANCE SHALL NOT BE SUBROGATED TO ANY CLAIM OFOCCUPANT AGAINST OWNER, OWNER'S AGENTS OR EMPLOYEES. initials