Common use of Insurance Standards Clause in Contracts

Insurance Standards. All such policies and renewals thereof as are required to be obtained by Tenant shall name Landlord as an additional insured (provided that with respect to the insurance described in Section 10.1(b) above, Landlord may be named as a loss payee as its interests may appear). All such policies of insurance shall provide that (i) no material change or cancellation of said policies shall be made without thirty (30) days’ prior written notice to the other party and (ii) the insurance company issuing the same shall have waived any right of subrogation against the other party. Prior to the Commencement Date and at least sixty (60) days prior to the expiration dates of said policy or policies, each party shall provide to the other copies of policies or certificates of insurance evidencing all coverage required by this Lease. All the insurance required of Tenant or Landlord under this Lease shall be primary and non-contributory, issued by companies that are rated at least A-, VIII in Best’s Insurance Reports, and authorized to do business in North Carolina. Landlord makes no representation that the limits of liability specified to be carried by Tenant are adequate to protect Tenant. Tenant may obtain, at Tenant’s sole election and expense, such additional insurance coverage as Tenant deems adequate. Landlord shall have the right to increase the insurance requirements hereunder from time to time as may be necessary to maintain adequate insurance coverages as measured by insurance then typically required for land and improvements similar to the Premises in the greater Raleigh/Durham/Chapel Hill, North Carolina metropolitan area.