Operational Property Insurance Clause Samples

Operational Property Insurance. The Lessee shall, during the term of this Agreement, (including, for the avoidance of doubt, the D&C Work Period and any and all extensions) procure, maintain, and pay premium for, property insurance on the Premises on full replacement cost basis, including coverage for all buildings, structures, improvements, installations, facilities and fixtures now or in the future located on the Premises (including all or any portion of the Existing Terminal Facilities prior to demolition thereof). Such insurance shall be on an “all risk” policy form and include equipment breakdown insurance, and include coverage (to the maximum extent that each such coverage is commercially available) for terrorism, fire, flood and earthquake, and if not commercially available, then against such hazards and risks as may now or in the future be included under a standard “all risk” property insurance form in the State of New York. The foregoing insurance shall name the Port Authority and the City Insureds as “additional named insureds.” Proceeds of Operational Property insurance shall be used by the Lessee for the restoration, replacement, or rebuilding of the Premises.