Common use of Liability and Casualty Insurance Clause in Contracts

Liability and Casualty Insurance. 15.1 During the Term, Lessee at its sole cost and expense shall: 15.1.1 Keep all building(s) and improvements and equipment on, in or appurtenant to the Premises at the commencement of the Term and thereafter erected thereon or therein, including all alterations, insured against loss or damage by fire and such other risks as may be included in the standard form of extended coverage from time to time available, and against such other risks as Lessor from time to time reasonably may designate, in an amount not less than 100% of the then “full replacement cost” (exclusive of the cost of excavations, foundations and footings below the lowest basement floor). Such full replacement cost shall be determined from time to time, at the request of Lessor, by one of Lessee’s insurers or, at the option of Lessor, by an appraiser, architect or contractor selected by Lessor and reasonably acceptable to Lessee. No omission on the part of Lessor to request any such determination shall relieve Lessee of any of its obligations under this Section 15.1.1. 15.1.2 Provide and keep in force comprehensive general public liability insurance against claims for personal injury, death or property damage occurring on, in or about the Premises or on, in or about the adjoining street, property and passageways, such insurance to afford minimum protection, during the Term of this Lease, of not less than $10,000,000 in respect of personal injury or death to any one person, and of not less than $10,000,000 in respect of any one occurrence, and of not less than $5,000,000 for property damage or such other minimum amounts as Lessor may require. 15.2 Certificates of the insurance referred to in Section 15.1 shall be delivered by Lessee to Lessor. 15.3 It is expressly understood and agreed that Lessor is not obligated to obtain or pay for insurance on the Premises.