Common use of Insurance Obligation Clause in Contracts

Insurance Obligation. THE OWNER GENERALLY DOES NOT PROVIDE ANY TYPE OF INSURANCE WHICH WOULD PROTECT THE OCCUPANT'S PERSONAL PROPERTY FROM LOSS BY FIRE, THEFT, OR ANY OTHER TYPE OF CASUALTY LOSS. IT IS THE OCCUPANT'S RESPONSIBILITY TO OBTAIN SUCH INSURANCE. However, as a benefit of Occupant's Rental Agreement with Owner, Occupant shall be named as an additional insured under a policy of insurance issued in the name of the Owner for up to $2,000 of coverage on Occupant's stored goods (in the event of a covered loss) as an insurance benefit. Occupant will be provided with an Insurance Endorsement as part of its Agreement and a brochure from the Owner's insurance company that describes coverages and exclusions, provides instructions for how to file a claim, and contact information for the insurance company. This endorsement is only available to those tenants in eligible units and only applies to covered items. Occupant consents to business communication by Owner and Insurer via phone, text, e-mail and fax. The insurance benefit is consideration that the Owner receives for making this insurance benefit available. If Owner has given Occupant written permission to store property that Occupant values at over $2,000, then Occupant, at Occupant's sole expense, shall maintain an insurance policy of fire, extended coverage endorsement, burglary, vandalism and malicious mischief insurance (from a third party insurer) for the actual cash value of the stored property that exceeds the $2,000 value ("Excess Coverage"). Additionally, Occupant reserves the right to "OPT-OUT" of Owner's Insurance but must provide proof of insurance coverage for its stored property ("Primary Coverage"). Occupant's failure to have insurance for its stored property shall constitute a breach of this Agreement. Occupant expressly agrees that any insurance company providing Primary Coverage or Excess Coverage shall not be entitled to subrogate any claim of Occupant against Owner for any loss of or damage to Occupant's stored property. OCCUPANT OPT OUT:

Insurance Obligation. THE OWNER GENERALLY LESSOR DOES NOT PROVIDE ANY TYPE OF INSURANCE WHICH WOULD PROTECT THE OCCUPANTLESSEE'S PERSONAL PROPERTY FROM LOSS BY FIRE, THEFT, OR ANY OTHER TYPE OF CASUALTY LOSS. IT IS THE OCCUPANTLESSEE'S RESPONSIBILITY TO OBTAIN SUCH INSURANCE. However, as a benefit of Occupant's Rental Agreement with Owner, Occupant shall be named as an additional insured under a policy of insurance issued in the name of the Owner for up to $2,000 of coverage on Occupant's stored goods (in the event of a covered loss) as an insurance benefit. Occupant will be provided with an Insurance Endorsement as part of its Agreement and a brochure from the Owner's insurance company that describes coverages and exclusions, provides instructions for how to file a claim, and contact information for the insurance company. This endorsement is only available to those tenants in eligible units and only applies to covered items. Occupant consents to business communication by Owner and Insurer via phone, text, e-mail and fax. The insurance benefit is consideration that the Owner receives for making this insurance benefit available. If Owner has given Occupant written permission to store property that Occupant values at over $2,000, then OccupantLessee, at OccupantLessee's sole expense, shall maintain an insurance policy of fire, extended coverage endorsement, burglary, vandalism and malicious mischief insurance (from a third party insurer) for the actual cash value of the stored property that exceeds the $2,000 value ("Excess Coverage")property. Additionally, Occupant reserves the right to "OPT-OUT" of OwnerInsurance on Xxxxxx's Insurance but must provide proof of insurance coverage for its stored property ("Primary Coverage")is a material condition of this Agreement, and is for the benefit of both Lessee and Lessor. Occupant's Lessee’s failure to have carry the required insurance for its stored property shall constitute is a breach of this Agreement. Occupant expressly agrees , and Xxxxxx assumes all risk of loss to stored property that any insurance company providing Primary Coverage or Excess Coverage shall not would be entitled to subrogate any claim of Occupant against Owner for covered by such insurance, including any loss due to any acts whatsoever of Lessor, Lessor’s agents or damage employees, including, but not limited to Occupantthe alleged negligent or intentional acts of Lessor, or Lessor’s agents or employees, including negligent or intentional disposal of Xxxxxx's stored property. OCCUPANT OPT OUT:Xxxxxx expressly agrees that the carrier of such insurance shall not be subrogated to any claim of Xxxxxx against Lessor, Lessor's agents or employees. It is expressly agreed between Lessee and Lessor that it is intended that insurance coverage be acquired by Lessee to cover loss of the property due to any acts whatsoever of Lessor, Lessor's agents, or employees, whether intentional or negligent, or active or passive in nature, which results in any loss, disposal, or damage to Lessee’s stored property.

Insurance Obligation. THE OWNER GENERALLY DOES NOT PROVIDE ANY TYPE OF INSURANCE WHICH WOULD PROTECT THE OCCUPANT'S PERSONAL PROPERTY FROM LOSS BY FIRE, THEFT, OR ANY OTHER TYPE OF CASUALTY LOSS. IT IS THE OCCUPANT'S RESPONSIBILITY TO OBTAIN SUCH INSURANCE. However, as a benefit of Occupant's Rental Agreement with Owner, Occupant shall be named as an additional insured under a policy of insurance issued in the name of the Owner for up to $2,000 of coverage on Occupant's stored goods (in the event of a covered loss) as an insurance benefit. Occupant will be provided with an Insurance Endorsement as part of its Agreement and a brochure from the Owner's insurance company that describes coverages and exclusions, provides instructions for how to file a claim, and contact information for the insurance company. This endorsement is only available to those tenants in eligible units and only applies to covered items. Occupant consents to business communication by Owner and Insurer via phone, text, e-mail and fax. The insurance benefit is consideration that the Owner receives for making this insurance benefit available. If Owner has given Occupant written permission to store property that Occupant values at over $2,000, then Occupant, at Occupant's sole expense, shall maintain an insurance policy of fire, extended coverage endorsement, burglary, vandalism and malicious mischief insurance (from a third party insurer) for the actual cash value of the stored property that exceeds the $2,000 value ("Excess Coverage")property. Additionally, Occupant reserves the right to "OPT-OUT" of OwnerInsurance on Occupant's Insurance but must provide proof of insurance coverage for its stored property ("Primary Coverage")is a material condition of this agreement, and is for the benefit of both Occupant and Owner. Occupant's failure to have carry the required insurance for its stored property shall constitute is a breach of this Agreementagreement, and Occupant assumes all risk of loss to stored property that would be covered by such insurance, including any loss due to any acts whatsoever of Owner, Owner's agents or employees, including, but not limited to the alleged negligent or intentional acts of Owner, or Owner's agents or employees, including negligent or intentional disposal of Occupant's stored property. Occupant expressly agrees that any the carrier of such insurance company providing Primary Coverage or Excess Coverage shall not be entitled subrogated to subrogate any claim of Occupant against Owner, Owner's agents or employees. It is expressly agreed between Occupant and Owner for any that it is intended that insurance coverage be acquired by Occupant to cover loss of the property due to any acts whatsoever of Owner, Owner's agents, or employees, whether intentional or negligent, or active or passive in nature, which results in any loss, disposal, or damage to Occupant's stored property. OCCUPANT OPT OUT:INSURANCE ELECTION: Occupants elects one of the following (please initial):