Common use of Owner’s Insurance Coverage Clause in Contracts

Owner’s Insurance Coverage. Owner shall maintain all-risk form of property damage insurance including without limitation coverage against allied perils, vandalism, malicious mischief, sprinkler leakage and plate glass, in the amount of full replacement cost without coinsurance and containing such additional coverages, if any, as are customarily obtained in connection with the ownership and management of property similar to the Premises but in no event in an amount or containing coverages less than or of lesser quality or extent than that required by the terms of any mortgage or trust deed encumbering the Premises. In addition, Owner agrees to carry commercial general liability insurance on an occurrence form with a minimum limit of at least $1,000,000 per occurrence, $2,000,000 per location aggregate and at least $5,000,000 umbrella coverage, including contractual liability, elevator liability, steamboiler and such other insurance as may be necessary or appropriate for the protection of the interests of Owner and Co-Manager. The public liability, elevator liability, and contractual liability insurance must contain a severability of interest clause and coverage for Personal Injury Insurance. Each of Owner’s insurance policies shall be written with an insurance company or companies licensed to do business in the state where the Premises is located and who have a minimum Best Key rating of no less than A-VIII. Owner agrees to designate Co-Manager as an additional insured with Owner on the Commercial General and Umbrella Liability policies. This insurance shall be primary for Owner and Co-Manager with respect to the Premises. A certificate of each policy issued by the carrier shall be delivered by Owner to Co-Manager concurrently with Owner’s execution and delivery of this Agreement. Owner shall use commercially reasonable efforts to have each policy provide that it will not be canceled or materially modified without at least ten (10) days prior written notice from the insurer to Owner in the event of cancellation for non-payment, and at least thirty (30) days prior written notice from the insurer to Owner in any other event. Each policy for fire or extended coverage insurance and all other forms of property damage insurance covering the Premises or personal property, fixtures or equipment located thereon shall contain an appropriate clause or endorsement whereby the insurer waives subrogation or consents to a waiver of the right of recovery against Co-Manager, and Owner hereby agrees that it will not make any claim against Co-Manager for any loss or damage to property of the type covered by such insurance.

Owner’s Insurance Coverage. (a) To the extent Owner has an insurable interest in the Property and such insurance is applicable to the Property, Owner shall maintain all-risk form obtain and maintain, at its expense, during the term hereof a policy or policies of insurance insuring the Property, against: (i) loss or damage due to casualty falling within standard “all‑risk” property damage insurance including without limitation coverage against allied perils, vandalism, malicious mischief, sprinkler leakage and plate glass, in the amount of for full replacement cost; (ii) soft cost without coinsurance coverage, including business income and containing such additional coverages, if any, as are customarily obtained in connection with the ownership and management of property similar to the Premises but in no event in an amount or containing coverages less than or of lesser quality or extent than that required by the terms of any mortgage or trust deed encumbering the Premises. In addition, Owner agrees to carry extra expense; (iii) commercial general liability insurance on an occurrence form with a minimum limit limits of at least not less than $1,000,000 per occurrence, occurrence and $2,000,000 per location aggregate and at least $5,000,000 umbrella coveragecombined single limit, including contractual liabilitybodily injury and property damage, elevator liability, steamboiler products and such other insurance as may be necessary or appropriate for the protection of the interests of Owner and Co-Manager. The public liability, elevator liability, completed operations and contractual liability coverage to insure the indemnity obligations of this Agreement; (iv) boiler, machinery and miscellaneous apparatus insurance must contain a severability when exposure exists; and (v) umbrella liability insurance of interest clause not less than $5,000,000 per occurrence. Except as specifically required herein, the types and coverage for Personal Injury Insuranceamounts of insurance limits shall be acceptable to both Owner and Development Manager. Each of Owner’s Any deductible required under such insurance policies shall be written with an at Owner’s expense. (b) Upon request, Owner shall provide reasonable evidence of such insurance company or companies licensed to do business in the state where the Premises is located and who have form of a minimum Best Key rating of no less than A-VIII. Owner agrees to designate Co-Manager as an additional insured with Owner on the Commercial General and Umbrella Liability policies. This insurance shall be primary for Owner and Co-Manager with respect to the Premises. A certificate of each policy issued by the carrier shall be delivered by Owner to Co-insurance providing that Development Manager concurrently with Owner’s execution and delivery of this Agreement. Owner shall use commercially reasonable efforts to have each policy provide that it will not be canceled or materially modified without at least ten (10) days prior written notice from the insurer to Owner in the event of cancellation for non-payment, and at least receive thirty (30) days prior written notice from of any reduction in coverage, non-renewal or cancellation. Owner’s policy shall, in the insurer to Owner in case of commercial general liability insurance and umbrella liability insurance, be primary insurance and not contributory or excess over any other eventvalid existing and applicable insurance carried by the Development Manager and shall designate Development Manager as additional insured. Each policy for fire Owner (or extended Development Manager in the case of a Development Manager Approved Agreement) shall also cause each contractor and every sub‑contractor of every tier to add Owner and Development Manager as additional insureds under each of their respective commercial general liability policies, and such coverage shall be primary insurance and all not contributory or excess over any other forms of valid insurance. Owner’s property damage coverage shall designate Development Manager as a named insured. (c) If Owner fails to obtain and maintain insurance covering as required herein, Development Manager may, but shall not be obligated to, place such insurance and charge the Premises or personal property, fixtures or equipment located thereon shall contain an appropriate clause or endorsement whereby cost thereof to the insurer waives subrogation or consents to a waiver operating account of the right of recovery against Co-ManagerProperty. Development Manager shall promptly investigate and report to the Owner all accidents and claims for damage relating to the ownership, operation and Owner hereby agrees that it will not make any claim against Co-Manager for any loss or damage to property maintenance of the type covered by such insuranceProperty and any damage or destruction to the Property.

Owner’s Insurance Coverage. Owner shall maintain all-risk form of property damage insurance including without limitation coverage against allied perils, vandalism, malicious mischief, sprinkler leakage and plate glass, in the amount of full replacement cost without coinsurance and containing such additional coverages, if any, as are customarily obtained in connection with the ownership and management of property similar to the Premises but in no event in an amount or containing coverages less than or of lesser quality or extent than that required by the terms of any mortgage or trust deed encumbering the Premises. In addition, Owner agrees to carry commercial general liability insurance on an occurrence form with a minimum limit of at least $1,000,000 per occurrence, $2,000,000 per location aggregate and at least $5,000,000 umbrella coverage, including contractual liability, elevator liability, steamboiler and such other insurance as may be necessary or appropriate for the protection of the interests of Owner and Co-Manager. The public liability, elevator liability, and contractual liability insurance must contain a severability of interest clause and coverage for Personal Injury Insurance. Each of Owner’s insurance policies shall be written with an insurance company or companies licensed to do business in the state where the Premises is located and who have a minimum Best Key rating of no less than A-VIII. Owner agrees to designate Co-Manager as an additional insured with Owner on the Commercial General and Umbrella Liability policies. This insurance shall be primary for Owner and Co-Manager with respect to the Premises. A certificate of each policy issued by the carrier shall be delivered by Owner to Co-Manager concurrently with Owner’s execution and delivery of this Agreement. Owner and Co-Manager shall use commercially reasonable efforts to have each policy provide that it will not be canceled or materially modified without at least ten (10) days prior written notice from the insurer to either Owner or Co-Manager in the event of cancellation for non-payment, and at least thirty (30) days prior written notice from the insurer to either Owner or Co-Manager in any other event. Each policy for fire or extended coverage insurance and all other forms of property damage insurance covering the Premises or personal property, fixtures or equipment located thereon shall contain an appropriate clause or endorsement whereby the insurer waives subrogation or consents to a waiver of the right of recovery against Co-Manager, and Owner hereby agrees that it will not make any claim against Co-Manager for any loss or damage to property of the type covered by such insurance.