Liability & Property Insurance. The Lessee shall, during the entire term of this Lease, keep in full force and effect a policy of liability and property damage insurance covering the Premises and all activities conducted thereon, in which the limits of liability shall be no less than the standard insurance requirements in effect by the City on the date of the execution of this Lease. Such insurance policy shall name the City as an additional insured and shall contain a clause that the insurer will not cancel or change the insurance without first giving the City thirty (30) days prior written notice. Proof of insurance coverage shall be submitted each year with the annual rent payment.
Liability & Property Insurance. Tenant shall maintain at its sole expense during the term hereof, commercial general liability insurance with broad form contractual liability coverage and with coverage limits of not less than One Million Dollars ($1,000,000.00) per occurrence and a general aggregate limit of at least Two Million Dollars ($2,000,000.00) and Tenant shall provide, in addition, excess liability insurance on a following form basis, with overall excess limits of at least Five Million Dollars ($5,000,000.00). Tenant shall also keep in force special form also known as "all risk" perils coverage insurance for the full replacement value of Tenant's improvements and Tenant's Property, including, but not limited to, trade fixtures, furnishings and other personal property. All such policies shall be written by companies reasonably satisfactory to Landlord and Tenant will cause such insurance policies to name (i) Landlord as additional insured for the liability insurance required hereunder, (ii) at Landlord's election, Landlord's property manager as designated by Landlord from time to time ("Property Manager") as additional insured for the liability insurance required hereunder and (iii) Landlord as a loss payee with respect to Tenant's improvements. All such insurance shall be written so as to provide that the insurer waives all right of recovery by way of subrogation against Landlord or Landlord's property manager (as designated from time to time) in connection with any loss or damage covered by the policy. In addition, Tenant shall keep in force Worker's Compensation or similar insurance to the extent required by law. Upon execution of this Lease, Tenant shall deliver certificates of insurance evidencing the insurance carried hereunder to Landlord. Should Tenant fail to effect the insurance called for herein Landlord may, at its sole option, procure said insurance and pay the requisite premiums, in which event, Tenant shall pay all sums so expended to Landlord as Additional Rent following invoice and promptly upon demand. Tenant shall furnish to Landlord 30 days' prior written notice to Landlord before the policy, policies or insurance program structure in question shall be materially altered or cancelled. High deductibles, self-insured retentions, or any form of "self-insurance", or "captive insurance" may not be used to fulfill this requirement, and no deductible or similar retention will be accepted for any third party coverage; including, without limitation, workers compensatio...
Liability & Property Insurance. The Lessee will ensure that the following insurance is maintained during the Term and any other period it may be in possession of the Premises, including any period where the Lessee is removing the Improvements and Trade Fixtures under section 13.2, notwithstanding section 13.5:
8.3.1 Commercial general liability insurance against claims for bodily injury (including death), personal injury or property damage arising in connection with the use of the Premises. The policy will be written on a commercial general liability basis with liability limits of at least $[Amount] per occurrence (or to any higher amount that either the Lessor or the First Nation reasonably requires by delivery of notice to the Lessee) and with each of the Lessor and the First Nation as additional insureds.
8.3.2 Property insurance to cover “all risks” of physical damage to, or loss of, the Improvements and must include the perils of flood and earthquake (for any properties located in earthquake zones classified as high to extreme by the Institute for Catastrophic Loss Reduction or its successor) and blanket by-laws and sewer backup coverage. The policy will be written in an amount at least equal to such Improvements’ full replacement value, with the First Nation as a named insured, and with loss payable to the insureds and all Mortgagees as their respective interests may appear.
8.3.3 Equipment breakdown insurance against the explosion of pressure vessels, mechanical or electrical breakdown of machinery and equipment, air conditioning or refrigeration equipment and miscellaneous apparatus (and production machinery where applicable). The policy will be on a repair or replacement basis in an amount at least equal to the full replacement value of the Improvements housing the equipment, and any adjacent or ancillary Improvements in which the Lessee’s interest is insurable, and will include the First Nation as a named insured, with loss payable to the insureds and any Mortgagee as their respective interests may appear.
8.3.4 Any other insurance that may be reasonably required from time to time by either the Lessor or the First Nation and that a prudent owner of the Premises would obtain.
Liability & Property Insurance. Subject to section 6.2, the Lessee will ensure that the insurance required by Schedule E is obtained and maintained during the Term and any other period it may be on the Premises to remove Improvements under section 12.2, notwithstanding section 12.5.
Liability & Property Insurance. 18.1.1. From the Commencement Date until midnight on the last day of the calendar month in which Substantial Completion of a Phase occurs, the Lessee covenants and agrees to take out and maintain, or cause to be taken out and maintained, the following insurance:
Liability & Property Insurance. Subject to section 6.2, the Lessee will ensure that the following insurance is obtained and maintained during the Term and for any period the Lessee is on the Premises to remove Improvements and Trade Fixtures under section 11.2:
6.3.1 Commercial general liability insurance against claims for bodily injury (including death), personal injury, and property damage arising in connection with the use of the Premises, which must:
6.3.1.1 be written on a commercial general liability basis with liability limits of at least $[Amount] per occurrence (or any higher amount that the Lessor or the Locatee reasonably requires, by providing notice to the Lessee); and
6.3.1.2 include each of the Lessor and the Locatee as additional insureds.
6.3.2 Property insurance to cover “all risks” of physical damage to, or loss of, the Improvements, which must:
6.3.2.1 be written in an amount at least equal to the Improvements’ full replacement value;
6.3.2.2 include the Locatee as a named insured;
6.3.2.3 to prevent the Locatee from becoming a co-insurer, include either a stated amount co-insurance endorsement or confirm that no co- insurance applies;
6.3.2.4 include reasonable coverage for flood and for earthquake (for properties located in earthquake zones classified as high to extreme by the Institute for Catastrophic Loss Reduction or its successor); and
6.3.2.5 include by-laws coverage and sewer backup coverage.
6.3.3 Equipment breakdown insurance against the explosion of pressure vessels, mechanical or electrical breakdown of machinery and equipment, air conditioning or refrigeration equipment, and miscellaneous apparatus (and production machinery where applicable), which must:
6.3.3.1 be written on a repair or replacement basis in an amount at least equal to the full replacement value of the Improvements housing the equipment and any adjacent or ancillary Improvements in which the Lessee’s interest is insurable; and
6.3.3.2 include the Locatee as a named insured.
6.3.4 Other insurance reasonably required from time to time by the Lessor or the Locatee and that a prudent owner of the Premises might reasonably obtain.
Liability & Property Insurance. Tenant shall, at Tenant’s sole cost and expense, but for the mutual benefit of Landlord and Tenant, maintain comprehensive general liability insurance insuring against claims for bodily injury, death or property damage occurring in, upon or about the Leased Premises and on any sidewalks directly adjacent to the Leased Premises written on a per occurrence basis in an amount not less than a combined single limit of TWO MILLION DOLLARS ($2,000,000) for bodily injury, death, and property damage. Tenant shall also provide fire and property damage insurance to Landlord in the amount of the fair market value of the Leased Premises.
Liability & Property Insurance. Subject to section 6.2, the Lessee will ensure that the following insurance is obtained and maintained during the Term and for any period the Lessee is on the Premises to remove Improvements and Trade Fixtures under section 11.2:
6.3.1 Commercial general liability insurance against claims for bodily injury (including death), personal injury, and property damage arising in connection with the use of the Premises, which must:
6.3.1.1 be written on a commercial general liability basis with liability limits of at least $[Amount] per occurrence (or any higher amount that the Lessor or the First Nation reasonably requires, by providing notice to the Lessee); and96
6.3.1.2 include each of the Lessor and the First Nation as additional insureds.97 the property insurance requirement, but, if it does, then it may want to consider having some type of insurance to ensure cleanup of partially destroyed Improvements. As with liability insurance, the First Nation may wish to consider the likelihood of the Lessee being able to pay to rebuild in the absence of insurance or insufficient insurance. 94 Co-insurance is an arrangement by which insureds self-insure for a proportion of losses, usually for a reduced policy premium. A co-insurance clause is usually included in property policies to ensure that insureds purchase sufficient insurance. For example, a co-insurance provision may provide that if the insured does not purchase insurance equal to at least 80% of the value of the insured property, then the insured is responsible for a proportionate share of the loss, even if the loss is within the value of insurance actually purchased. A stated amount co-insurance endorsement is a rider waiving co- insurance. 95 This type of insurance is usually an exclusion from a standard property insurance policy, so it can be covered under its own policy or as a rider on a standard policy. If a Lessee wishes to change or delete this requirement, then the First Nation will want to consider if it is appropriate for the particular type of development on the particular lands.
Liability & Property Insurance. Subject to section 6.2, the Lessee will ensure that the following insurance is obtained and maintained during the Term and for any period the Lessee is on the Premises to remove Improvements and Trade Fixtures under section 11.2:
6.3.1 Commercial general liability insurance against claims for bodily injury (including death), personal injury, and property damage arising in connection with the use of the Premises, which must:
6.3.1.1 be written on a commercial general liability basis with liability limits of at least $[Amount] per occurrence (or any higher amount that the Lessor or the First Nation reasonably requires, by providing notice to the Lessee); and
6.3.1.2 include each of the Lessor and the First Nation as additional insureds.
6.3.2 Property insurance to cover “all risks” of physical damage to, or loss of, the Improvements, which must:
6.3.2.1 be written in an amount at least equal to the Improvements’ full replacement value;
6.3.2.2 include the First Nation as a named insured;
6.3.2.3 to prevent the First Nation from becoming a co-insurer, include either a stated amount co-insurance endorsement or confirm that no co- insurance applies;
6.3.2.4 include reasonable coverage for flood and for earthquake (for properties located in earthquake zones classified as high to extreme by the Institute for Catastrophic Loss Reduction or its successor); and
6.3.2.5 include by-laws coverage and sewer backup coverage.
6.3.3 Equipment breakdown insurance against the explosion of pressure vessels, mechanical or electrical breakdown of machinery and equipment, air conditioning or refrigeration equipment, and miscellaneous apparatus (and production machinery where applicable), which must:
6.3.3.1 be written on a repair or replacement basis in an amount at least equal to the full replacement value of the Improvements housing the equipment and any adjacent or ancillary Improvements in which the Lessee’s interest is insurable; and
6.3.3.2 include the First Nation as a named insured.
6.3.4 Other insurance reasonably required from time to time by the Lessor or the First Nation and that a prudent owner of the Premises might reasonably obtain.
