Common use of Insurance Policies and Insurers Clause in Contracts

Insurance Policies and Insurers. All insurance policies required to be obtained and maintained by Tenant under this Lease shall be issued by insurance companies authorized to do business in the Commonwealth of Virginia and with a rating of at least “A” in A.M. Best’s Key Rating Guide and at least “X” in A.M. Best’s Financial Rating Guide, shall be written as primary policies and not contributing with or in excess of any coverage which Landlord may carry, shall provide that the policy may not be canceled or amended or the coverage thereunder reduced unless Landlord and each other party designated as an additional insured or loss payee thereunder shall have received thirty (30) days prior written notice, shall contain a provision or have the effect that Landlord and any other parties in interest shall be entitled to recover under those policies for any covered loss occasioned to them, notwithstanding any act or omission of Tenant or any other named insured and shall otherwise be in form and content reasonably satisfactory to Landlord. Tenant shall furnish to Landlord, prior to the Commencement Date, and within thirty (30) days prior to the expiration of each such policy, a certificate of insurance issued by the insurance carrier of each policy of insurance carried by Tenant pursuant hereto, reflecting the coverages required by this Article 9, and a copy of each insurance policy. Landlord, its successors and assigns, Landlord’s property management company(ies) and each nominee of Landlord holding any interest in the Premises shall be designated as an additional insured and as a loss payee, as applicable, under each policy of insurance (other than those for worker’s compensation) maintained by Tenant pursuant to this Article 9. The premiums on any policy which Tenant is required to carry pursuant to this Article 9 shall be paid when due. Upon payment of such premiums, reasonable evidence of payment shall be provided to Landlord. Tenant shall immediately notify Landlord in the event that any of its insurance carriers cancel or modify any policy of insurance and shall also notify Landlord at least thirty (30) days prior to changing insurance carriers or the modification or cancellation of any policy; provided, however, that the notification hereinabove required shall not relieve Tenant of its obligation to maintain continuously in effect the types and amounts of insurance specified in this Article 9. If Tenant fails to provide evidence reasonably satisfactory to Landlord of Tenant’s timely compliance with the requirements of this Article 9, Landlord shall have the right, after written notice to Tenant, to place any and all of the insurance coverages set forth above and Tenant agrees to reimburse Landlord immediately upon demand, as Additional Rent, Landlord’s cost of such coverages. From time to time, but in no event more frequently than once in any three-year period, Landlord shall have the right to reasonably adjust the dollar limits of coverage set forth in this Article 9 consistent with market recommendations.

Insurance Policies and Insurers. All insurance policies required to be obtained and maintained by Tenant under this Lease shall be issued by insurance companies authorized to do business in the Commonwealth State of Virginia Maryland and with a rating of at least “"A” " in A.M. Best’s 's Key Rating Guide and at least “"X” " in A.M. Best’s 's Financial Rating Guide, shall be written as primary policies and not contributing with or in excess of any coverage which Landlord may carry, shall provide that the policy may not be canceled or amended or the coverage thereunder reduced unless Landlord and each other party designated as an additional insured or loss payee thereunder shall have received thirty (30) days prior written notice, shall contain a provision or have the effect that Landlord and any other parties in interest shall be entitled to recover under those policies for any covered loss occasioned to them, notwithstanding any act or omission of Tenant or any other named insured and shall otherwise be in form and content reasonably satisfactory to Landlord. Tenant shall furnish to Landlord, prior to the Commencement Date, and within thirty (30) days prior to the expiration of each such policy, a certificate of insurance issued by the insurance carrier of each policy of insurance carried by Tenant pursuant hereto, reflecting the coverages required by this Article 9, . and a copy of each insurance policy. Landlord, its successors and assigns, Landlord’s 's property management company(ies) and each nominee of Landlord holding any interest in the Premises shall be designated as an additional insured and as a loss payee, as applicable, under each policy of insurance (other than those for worker’s 's compensation) maintained by Tenant pursuant to this Article 9. The premiums on any policy which Tenant is required to carry pursuant to this Article 9 shall be paid when due. Upon payment of such premiums, reasonable evidence of payment shall be provided to Landlord. Tenant shall immediately notify Landlord in the event that any of its insurance carriers cancel or modify any policy of insurance and shall also notify notify1 Landlord at least thirty (30) days prior to changing insurance carriers or the modification or cancellation of any policy; provided, however, that the notification hereinabove required shall not relieve Tenant of its obligation to maintain continuously in effect the types and amounts of insurance specified in this Article 9. If Tenant fails to provide evidence reasonably satisfactory to Landlord of Tenant’s 's timely compliance with the requirements of this Article 9, Landlord shall have the right, after written notice to Tenant, to place any and all of the insurance coverages set forth above and Tenant agrees to reimburse Landlord immediately upon demand, as Additional Rent, Landlord’s 's cost of such coverages. From time to time, but in no event more frequently than once in any three-year twelve month period, Landlord shall have the right to reasonably adjust the dollar limits of coverage set forth in this Article 9 consistent with market recommendations9.