Liability and Property Insurance. The Finance and Audit Committee of the Company Board shall determine on an annual basis or more often, as necessary (a) coverage limits, deductibles and policy forms for the Company’s liability and property casualty insurance coverage (collectively, the “Insurance Program”) and (b) a market-based premium for any insurance coverage that is part of the Insurance Program and that the Members obtain on behalf of the Company pursuant to this Section 3.14 (the “Premium Amount”). To the extent that the Company Board elects not to have the Company procure directly any portion of the insurance coverage contemplated by the Insurance Program, each Member shall be responsible under Section 6.2(a) for its Percentage Interest of each Insurance Payment Amount associated with an Insurance Payment Event that occurs under such Insurance Program, regardless of a Member’s ability to recover any such Insurance Payment Amounts from any third party. Each Member’s obligation under Section 6.2 shall be the Member’s Percentage Interest of such Insurance Payment Amount less the proceeds received by the Company under insurance coverage obtained by such Member on behalf of the Company associated with such Insurance Payment Event. Without limiting any Member’s obligations under Section 6.2(a), each Member shall obtain on behalf of the Company insurance policies (on terms acceptable to such Member in its sole discretion) covering its Percentage Interest of any risks associated with the Insurance Program that the Board has elected not to have the Company procure directly, and each such policy that a Member obtains shall name the Company as an additional insured, or if a Member elects to insure the Company with the Member’s captive insurance company, a separate policy in the Company’s name will be issued. If a loss shall occur that the Company believes constitutes an Insurance Payment Event, the Company shall notify the Members of such occurrence as soon as reasonably practicable and shall cause a Qualified Adjuster to determine whether such loss constitutes an Insurance Payment Event and the Qualified Adjuster and the Members shall determine the Insurance Payment Amount applicable thereto.
3. The Agreement is hereby amended by deleting Section 6.2 thereto and inserting the following Section 6.2 in lieu thereof:
Liability and Property Insurance. (a) Tenant shall procure and maintain in full force and effect at all times during the term of this Lease, at Tenant’s cost and expense, commercial general liability insurance to protect against liability arising out of or related to the use of or resulting from any accident occurring in, upon or about the Property, with combined single limit of liability of not less than Five Million Dollars ($5,000,000) per occurrence for bodily injury and property damage. Such insurance shall name Landlord and its partners, shareholders, agents and employees as additional insureds thereunder. The amount of such insurance shall not be construed to limit any liability or obligation of Tenant under this Lease. Tenant shall also procure and maintain in full force and effect at all times during the term of this Lease, at Tenant’s cost and expense, product liability insurance on terms and in amounts satisfactory to Landlord in its reasonable discretion.
(b) Landlord shall procure and maintain in full force and effect at all times during the term of this Lease, at Landlord’s cost and expense (but reimbursable as an Operating Expense under Section 9.2 hereof), commercial general liability insurance to protect against liability arising out of or related to the use of or resulting from any accident occurring in, upon or about the Property, with combined single limit of liability of not less than Five Million Dollars ($5,000,000) per occurrence for bodily injury and property damage.
(c) Landlord shall procure and maintain in full force and effect at all times during the term of this Lease, at Landlord’s cost and expense (but reimbursable as an Operating Expense under Section 9.2 hereof), fire and extended coverage insurance for the Building Shell (as defined in Exhibit C) and for the improvements in the Common Areas of the Property on a full replacement cost basis, and for the Interior Improvements in an amount not less than the total amount contributed by Landlord toward the payment for the Interior Improvements pursuant to Exhibit C. Such insurance may include earthquake coverage to the extent Landlord in its discretion elects to carry such coverage, and shall have such deductibles and other terms as Landlord in its discretion determines to be appropriate. Except as expressly set forth in this paragraph (c), Landlord shall have no obligation to insure the Interior Improvements and shall, in all events, have no obligation to insure any other alterations, additions or improvements...
Liability and Property Insurance. Lessor shall, during the term of this lease, maintain adequate fire and casualty liability insurance coverage on the Demised Premises in solvent, mutual or stock companies or company, insuring both the Lessor and Lessee, in an amount and form reasonably acceptable to the parties. Lessee shall, during the demised term, maintain adequate personal property insurance insuring all equipment, trade fixtures, fixtures, inventory and other personal property located on the Demised Premises. Lessee shall maintain throughout the term of this lease adequate general liability insurance coverage on the Demised Premises in solvent, mutual or stock companies or company, insuring both the Lessor and the Lessee, in an amount and form reasonably acceptable to the parties.
Liability and Property Insurance. Maintain at Borrower's expense (with such insurers, in such amounts and with such deductibles as is satisfactory to Lender) public liability and third party property damage insurance and insurance on the Collateral (including without limitation insurance against fire, explosion, boiler damage, theft, burglary, spoilage, pilferage, loss in transit and all other hazards and risks ordinarily insured against by other owners or users of such properties in similar businesses), which insurance shall be evidenced by policies (i) in form and substance satisfactory to Lender, (ii) designating Lender and its assigns as additional co-insureds or loss payees as their interests may appear from time to time, (iii) containing a "breach of warranty clause" whereby the insurer agrees that a breach of the insuring conditions or any negligence of Borrower or any other person shall not invalidate the insurance as to Lender and its assigns, and (iv) requiring at least thirty (30) days prior written notice to Lender and its assigns before cancellation or any material change shall be effective.
Liability and Property Insurance. Lessee shall, at its own expense, procure and maintain continuously in effect during each Lease Term: (a) public liability insurance for death or injuries to persons, or damage to property arising out of or in any way connected to the Equipment sufficient to protect Lessor and its assigns from liability in all events, with a coverage of not less than $1,000,000 per occurrence unless specified differently in the related Lease Schedule, and (b) insurance against such hazards as Lessor may require, including, but not limited to, all-risk casualty and property insurance, in an amount equal to the greater of the full replacement cost of the Equipment or the applicable Prepayment Price.
Liability and Property Insurance. 10 10. RECONSTRUCTION.................................................. 13 11.
Liability and Property Insurance. (a) Tenant shall, at its own cost and expense, secure and maintain during the entire term of this Lease and any extended term of this Lease, public liability, property damage, and products liability insurance, insuring both Tenant and its employees against all bodily injury, property damage, personal injury, or other loss or liability that might arise in connection with Tenant’s occupation and use of the Premises under this Lease.
(b) Landlord shall be named as an additional insured and the policy or policies shall contain cross-liability endorsements.
(c) If the limits of liability and property damage insurance carried by Tenant are materially less than the amount or type of insurance typically carried by owners or tenants of properties located in the same county in which the Premises are located, which are similar to and operated for similar business purposes as the Premises, Landlord may elect to require Tenant to increase the amount of specific coverage, change the type of policy carried, or both. If Landlord so elects, Tenant shall be notified in writing of the specific change in policy amount or type required and shall have 30 days after the date of Landlord’s notice to effect the change in amount or type of policy. If, however, the parties disagree as to the necessary amount of coverage, the insurance carrier that is then carrying the largest amount of liability and property insurance coverage on the Premises shall make a determination as to the necessary amount of coverage. The insurer’s determination shall be final and Tenant shall, if necessary, immediately increase the amount of insurance carried on the Premises to the amount determined by that carrier. Notwithstanding any provision to the contrary, increases in coverage pursuant to this section may not be made more often than once per calendar year, unless otherwise agreed by Landlord and Tenant in a separate writing. Notwithstanding the preceding sentence, if Tenant makes improvements or alterations to the Premises during any given year of the term of this Lease, Landlord may request an increase in coverage pursuant to the provisions of this section.
Liability and Property Insurance. (a) Landlord shall procure and maintain in full force and effect at all times during the Term of this Lease, at Landlord’s cost and expense (but reimbursable as part of the Operating Costs under Section 7.2 hereof), with such deductibles as Landlord elects, commercial general liability insurance to protect against liability arising out of or related to the use of or resulting from any accident occurring in, upon or about the Property, with combined single limit of liability of not less than Four Million Dollars ($4,000,000) per occurrence for bodily injury and property damage.
(b) Landlord shall procure and maintain in full force and effect at all times during the Term of this Lease, at Landlord’s cost and expense (but reimbursable as part of the Operating Costs under Section 7.2 hereof), fire and extended coverage insurance for the Building and the Project on a full replacement cost basis or any other basis Landlord may elect. Landlord’s insurance may include, earthquake, flood, environmental, excess umbrella liability, brush fire and land slide coverage to the extent Landlord in its discretion elects to carry such coverage, and shall have such deductibles and other terms as Landlord in its discretion determines to be appropriate. Except as expressly set forth in this paragraph (b), Landlord shall have no obligation to insure the Tenant Improvements and shall, in all events, have no obligation to insure any other alterations, additions or improvements installed by Tenant on or about the Property. In addition to the foregoing, and not by way of limitation, Landlord shall have the right in its sole discretion to procure and maintain any additional insurance coverage Landlord deems appropriate at any time during the Term of the Lease (including, but not limited to, rent loss, earthquake, flood, environmental, brush fire and landslide), at Landlord’s cost and expense (but reimbursable as part of the Operating Costs under Section 7.2 hereof).
(c) Tenant, at Tenant’s sole cost and expense, shall obtain and keep in force during the Term:
(i) commercial general liability insurance, including contractual liability, covering the legal liability of Tenant against claims for bodily injury, death or property damage, occurring on, in or about the Property and the adjoining land, in the minimum combined single limit amount of $1,000,000 with respect to any one occurrence.
(ii) worker’s compensation insurance and employer’s liability insurance (with a minimum limit of $5...
Liability and Property Insurance. INSURANCE FOR UNIT CONTENTS IS YOUR RESPONSIBILITY — PROBOX DOES NOT INSURE CUSTOMER’S UNIT CONTENTS. Customer shall maintain a policy of public liability insurance with not less than a $500,000 per occurrence limit that covers claims and lawsuits arising out of Customer’s use of the Unit(s). PROBOX shall be named as an additional insured under such policy while the Unit(s) is in Customer’s possession. Customer shall provide insurance on the contents of each rented Unit(s) at Customer’s expense. Insurance on Customer’s property is a material condition of this Agreement and is for the benefit of both Customer and PROBOX. Customer expressly agrees that the insurance company providing such insurance shall not be subrogated to any claim of Customer against PROBOX, PROBOX's agents or employees for loss of or damage to stored property.
Liability and Property Insurance. Throughout the Term, Providers shall each maintain commercial general liability insurance (including coverage for contractual liability) with (i) policy limits of not less than $5,000,000 each occurrence for bodily injury and $5,000,000 each occurrence for damage to property, or, alternatively, combined single limit each occurrence for bodily injury and property damage combined, (ii) Company and its directors, officers, employees and agents included as additional insureds to the extent of contractual liability assumed by Provider under this Agreement, (iii) coverage to be primary and not contributing with any coverage maintained by Company, and (iv) a severability of interests provision in favor of the additional insureds.
