Common use of Manager’s Insurance Clause in Contracts

Manager’s Insurance. Manager throughout the Term, shall maintain in full force and effect, and at its cost, the following kinds of insurance, covering its performance of its obligations in respect of the Properties: (a) Property insurance for the full replacement value of Manager’s equipment, data, furniture and other personal property kept at any Property or used in connection with Manager’s services. Manager hereby waives all claims against Owner and Tenants at any Property, and, with respect to each of the foregoing, its employees, officers, shareholders, directors, agents, and representatives, for loss or damage to these items, regardless of whether the loss or damage is covered by insurance. (b) Commercial General Liability Insurance, including coverage for Premises-Operations, Products-Completed Operations, Independent Contracts, Blanket Contractual liability, Personal Injury and Broad form Property Damage, and including Cross Liability and Severability of Interests, with the following minimum limits: $ each occurrence; and $ general aggregate. Such policy shall provide coverage on a per occurrence and per location basis and shall be primary and non-contributory per Manager’s indemnification obligations. The contractual liability insurance shall include coverage sufficient to meet the indemnity obligations in this Agreement. Owner and Owner’s lenders and all other parties otherwise designated by the Owner from time to time shall each be added as an additional insured upon request. (c) Commercial Automobile Liability Insurance, including coverage for owned, non-owned, leased and hired autos, in the minimum amount of $ combined single limit for Bodily Injury and Property Damage if automobiles are used in the performance of Manager’s obligations hereunder. (d) All persons designated by Manager as authorized signatories or who otherwise handle funds for any Property shall be covered by comprehensive fidelity, employee crime and dishonesty insurance maintained by Manager with coverage in the minimum amount of $ . Owner, in the exercise of its reasonable discretion, may require Manager to increase the amount of such bond at Owner’s expense if Owner determines that circumstances reasonably warrant such increase in view of the risks involved. This policy or bond must include coverage for employee dishonesty, forgery or alteration, money and securities (in and out), computer fraud, funds transfer fraud, and third-party client coverage for Owner’s property. Owner and any other entity as applicable shall be named as loss payee under this policy. (e) Manager’s Professional Liability Insurance (Errors & Omissions) – Minimum of $ limit. This insurance must provide coverage for services performed at any time during the Term. If this policy is claims-made it must include a retroactive date of no later than the Commencement Date. (f) Employment practices liability insurance covering wrongful acts associated with employment, including wrongful termination, discrimination, and sexual harassment, and a third-party endorsement covering discrimination and sexual harassment, with limits of not less than $ per occurrence and $ general aggregate. If this policy is claims-made it must include a retroactive date of no later than the Commencement Date. (g) The above-referenced insurance shall be maintained and carried in amounts stated above and with coverages approved by Owner, in Owner’s reasonable judgment, with insurance carriers having an A.M. Best’s insurance rating of “A-“, “VIII” or better, which companies shall be authorized to do business in the states in which the Properties are located, and, notwithstanding anything to the contrary set forth in this Agreement, such insurance amounts and coverages are consistent with insurance carried by leading management companies for similar buildings and properties of similar quality in the metropolitan areas where the Properties are location. All such policies shall name Owner as an additional insured, with the exception of sub-sections (d), (e) and (f) above, and shall be endorsed with appropriate waivers of subrogation rights against Owner, with the exception of sub-sections (d), (e) and (f) above. (h) Any insurance limits required by this Agreement are minimum limits only and not intended to restrict the liability imposed on Manager for work performed under this Agreement.

Manager’s Insurance. Manager throughout the Term, shall maintain in full force and effect, and at its cost, the following kinds of insurance, covering its performance of its obligations in respect of the Properties: (a) Property insurance for the full replacement value of Manager’s equipment, data, furniture and other personal property kept at any Property or used in connection with Manager’s services. Manager hereby waives all claims against Owner and Tenants at any Property, and, with respect to each of the foregoing, its employees, officers, shareholders, directors, agents, and representatives, for loss or damage to these items, regardless of whether the loss or damage is covered by insurance. (b) Commercial General Liability Insurance, including coverage for Premises-Operations, Products-Completed Operations, Independent Contracts, Blanket Contractual liability, Personal Injury and Broad form Property Damage, and including Cross Liability and Severability of Interests, with the following minimum limits: $ $1,000,000 each occurrence; and $ $1,000,000 general aggregate. Such policy shall provide coverage on a per occurrence and per location basis and shall be primary and non-contributory per Manager’s indemnification obligations. The contractual liability insurance shall include coverage sufficient to meet the indemnity obligations in this Agreement. Owner and Owner’s lenders and all other parties otherwise designated by the Owner from time to time shall each be added as an additional insured upon request. (c) Commercial Automobile Liability Insurance, including coverage for owned, non-owned, leased and hired autos, in the minimum amount of $ $1,000,000 combined single limit for Bodily Injury and Property Damage if automobiles are used in the performance of Manager’s obligations hereunder. (d) All persons designated by Manager as authorized signatories or who otherwise handle funds for any Property shall be covered by comprehensive fidelity, employee crime and dishonesty insurance maintained by Manager with coverage in the minimum amount of $ $1,000,000. Owner, in the exercise of its reasonable discretion, may require Manager to increase the amount of such bond at Owner’s expense if Owner determines that circumstances reasonably warrant such increase in view of the risks involved. This policy or bond must include coverage for employee dishonesty, forgery or alteration, money and securities (in and out), computer fraud, funds transfer fraud, and third-party client coverage for Owner’s property. Owner and any other entity as applicable shall be named as loss payee under this policy. (e) Manager’s Professional Liability Insurance (Errors & Omissions) – Minimum of $ $1,000,000 limit. This insurance must provide coverage for services performed at any time during the Term. If this policy is claims-made it must include a retroactive date of no later than the Commencement Date. (f) Employment practices liability insurance covering wrongful acts associated with employment, including wrongful termination, discrimination, and sexual harassment, and a third-party endorsement covering discrimination and sexual harassment, with limits of not less than $ per occurrence and $ $1,000,000 general aggregate. If this policy is claims-made it must include a retroactive date of no later than the Commencement Date. (g) The above-referenced insurance shall be maintained and carried in amounts stated above and with coverages approved by Owner, in Owner’s reasonable judgment, with insurance carriers having an A.M. Best’s insurance rating of “A-“, “VIII” or better, which companies shall be authorized to do business in the states in which the Properties are located, and, notwithstanding anything to the contrary set forth in this Agreement, such insurance amounts and coverages are consistent with insurance carried by leading management companies for similar buildings and properties of similar quality in the metropolitan areas where the Properties are location. All such policies shall name Owner as an additional insured, with the exception of sub-sections (d), (e) and (f) above, and shall be endorsed with appropriate waivers of subrogation rights against Owner, with the exception of sub-sections (d), (e) and (f) above. (h) Any insurance limits required by this Agreement are minimum limits only and not intended to restrict the liability imposed on Manager for work performed under this Agreement.