Common use of Insurance Subrogation and Waiver of Claims Clause in Contracts

Insurance Subrogation and Waiver of Claims. (A) Landlord's insurance Landlord shall, as part of operating expenses, maintain during the term full comprehensive public liability insurance. Landlord shall also, as part of operating expenses, maintain during the term primary, noncontributory insurance on the property against fire and extended coverage or "all-risk" insurance, in an amount equal to 100% of the full insurable value of the property (exclusive of the costs of excavation, foundations, and footings), and such other coverage as landlord shall deem appropriate or that may be required by any holder (as defined in article XXVI). (B) Bearing of risk of loss By this article, landlord and tenant intend that the risk of loss described above shall be borne by responsible insurance carriers to the extent above provided, and landlord and tenant hereby agree to look solely to, and seek recovery only from, their respective insurance carriers in the event of a loss to the extent that such coverage is agreed to be provided hereunder. For this purpose, any applicable deductible amount shall be treated as though it were recoverable under such policies. The parties each hereby waive all rights and claims against each other for such losses, and waive all rights of subrogation of their respective insurers. The parties further agree that their respective insurance policies are now, or shall be, endorsed such that said waiver of subrogation shall in no way affect the validity of such policies or the right of the insured to recover thereunder.