Property and Business Interruption Insurance. “All-Risk” property form, as such term is used in the insurance industry, including coverage for the perils of flood, earthquake, hail, lightning, strike, riot and civil commotion, vandalism and malicious mischief. Such policy shall insure all real and personal property of the Borrower whether at a fixed (including non-owned location for off-Site repair or refurbishment), off-Site storage or a warehouse location or while in the course of inland or ocean transit (as the case may be), for an amount of not less than the greater of (a) $35,000,000 and (b) 10% of the current aggregate replacement cost of the Project. The policy shall provide cover in accordance with this Schedule 3.22 for each System from the time no later than the time of delivery to the Borrower in accordance with the terms of the PUMA or such earlier time that the Borrower has risk of loss. This cover shall include cover for installation, testing including hot testing and commissioning sufficient to cover planned testing and commissioning activities and any likely over-run of such activities. Sub-limits are permitted with respect to the following perils: • For earthquake and flood a separate aggregate limit for each as commercially available but in no event less than $12,500,000; • Unintentional Errors & Omissions, aggregated limit as commercially available but in no event less than $7,000,000; • such other coverages customarily sub-limited and/or aggregated or restricted in reasonable amounts consistent with current industry practice, including without limitation, extra expense, debris removal, on site pollutant cleanup (resulting from a covered peril) and other perils normally sub-limited. Such policy shall include: (a) an automatic reinstatement of limits following each loss except for those perils normally aggregated (including the perils of earthquake, named windstorm, pollution cleanup and flood), (b) replacement cost valuation with no deduction for depreciation and no coinsurance clauses (or a waiver thereof). Business Interruption insurance triggered by any and all losses covered for property damage subject to such additional exclusions as are customary for time element insurance shall be provided for not less than 12 months projected covered revenue loss less non-recurrent costs and for an indemnity period of not less than 12 months for example:
a) if the main policy limit for property damage is 10% of the total portfolio replacement cost; then
b) the limit for business interruption...
Property and Business Interruption Insurance. Insurance on all personal property and fixtures of Tenant and all Alterations made by or for Tenant to the Premises, on an “All Risk” basis, insuring such property for the full replacement value of such property, and business interruption insurance with a limit of liability representing loss of at least 6 months of income and continuing expense.
Property and Business Interruption Insurance. The Borrower will maintain a portion of the insurance coverage described in SECTION 7.1.1
(a) (i) above at least equal to the Maximum Foreseeable Casualty Loss, and the insurance coverage described in SECTION 7.1.1(a)(iv) above, with either (x) the insurers who insure the Improvements and Equipment on the date of this Agreement or (y) one or more other primary insurers having (or a syndicate of insurers through which at least 75% of the coverage (if there are 4 or fewer members of the syndicate) or at least 60% of the coverage (if there are 5 or more members of the syndicate) is with carriers having), a claims-paying-ability rating by S&P not lower than "AA" and a claims-paying ability rating by Xxxxx'x not lower than "Aa".
Property and Business Interruption Insurance. Lessee acknowledges and agrees that insurance coverage carried by Lessor will not cover Lessee’s property within the Premises or within the Building. Lessee shall, at Lessee’s expense, obtain and keep in force during the Term a policy of “All Risk” property insurance, including without limitation, coverage for boiler and machinery (if applicable); sprinkler damage; vandalism; malicious mischief; and demolition, increased cost of construction and contingent liability from changes in building laws on all leasehold improvements installed in the Premises at Lessee’s expense (if any), and on all equipment, trade fixtures, inventory, fixtures and personal property located on or in the Premises, including improvements or fixtures hereafter constructed or installed on the Premises. Such insurance shall be in an amount equal to the full replacement cost of the aggregate of the foregoing and shall provide coverage comparable to the coverage in the Standard ISO All Risk form, when such form is supplemented with the coverage’s required above. In addition, Lessee shall obtain and keep in force, during the Term of this Lease, a policy of business interruption insurance insuring that the monthly Base Rent will be paid to Lessor for a period which is the lesser of (i) the period of business interruption and (ii) one (1) year. Lessor shall obtain and keep in force during the Lease term a policy or policies of insurance covering loss or damage to the Premises improvements, but not Lessee’s personal property, fixtures, equipment or improvements, in an amount not to exceed the full replacement value thereof, as the same may exist from time to time, providing protection against all perils included within the classification of fire, extended coverage, vandalism, malicious mischief (“All risks,” as such term is used in the insurance industry, except that for the purposes of this Lease, such term shall not include earthquake damage and Lessor shall have no obligation under this Lease to carry earthquake insurance), plate glass insurance and such other insurance as Lessor deems advisable.
Property and Business Interruption Insurance. During the Lease Term, Tenant shall maintain a policy of insurance covering loss of or damage to the Property (including Tenant's fixtures, equipment and leasehold improvements) in the full amount of its replacement value and including business interruption insurance in an amount sufficient to pay one year's Base Rent plus estimated real property taxes and insurance premiums. Landlord and Landlord's mortgagee shall be named loss payee under such policy, as their interests may appear. Such policy shall contain an Inflation Guard endorsement, shall not provide for any deductible amount greater than $10,000, and shall provide protection against all perils included within the classification of fire, extended coverage (including any perils arising from Tenant's use of chemicals at the Property), vandalism, malicious mischief, special extended perils (all risk), sprinkler leakage and any other perils which Landlord deems reasonably necessary (including flood and earthquake insurance, if required by any lender holding a security interest in the Property). Tenant shall not do or permit anything to be done which invalidates any such insurance policies.
Property and Business Interruption Insurance. Tenant shall, at its sole cost and expense throughout the entire Term of this Lease:
(a) Keep the Improvements insured against loss or damage by fire, windstorm, flood, earthquake, and such other, further, and additional risks as now are or hereafter may be embraced by the ISO special form and Builder’s Risk extended coverage form or endorsements, with a deductible of no more than Seventy-Five Thousand and 00/100 Dollars ($75,000) (adjusted annually on each anniversary of the Commencement Date by the percentage increase of the Consumer Price Index from the Commencement Date to the anniversary in question) per occurrence, in each case in amounts equal to the full replacement cost of the Improvements from time to time. The full replacement cost shall be redetermined from time to time (but not more frequently than every ten (10) years) at the request of Landlord, by a Qualified Appraiser designated by Tenant and approved by Landlord; and
(b) Maintain business interruption insurance (and/or extended period of indemnity) covering loss of revenues or other income by Tenant due to total or partial suspension of, or interruption in, the operation of the Premises caused by damage or destruction of the Premises in an amount sufficient to meet rent payments and other recurring payments for one (1) year, subject to the reasonable discretion of Landlord.
Property and Business Interruption Insurance. Permittee shall at all times maintain in effect with respect to any Alterations and Permittee's Trade Equipment and personal property, commercial property insurance providing coverage, on an "all risk" or "special form" basis, in an amount equal to the full replacement cost of the covered property. Permittee may carry such insurance under a blanket policy, provided that such policy provides coverage equivalent to a separate policy. During the Term, the proceeds from any such policies of insurance shall be used for the repair or replacement of the Alterations, Trade Fixtures and personal property so insured. Permittee shall also carry business interruption insurance insuring loss of income, including all monthly Rental payable to the Port under this Permit for a period of up to twelve (12) months if the property is destroyed or rendered inaccessible by a risk insured against by the property insurance Permittee is required to maintain under this Subsection (b) of this Paragraph G. Port shall be provided coverage under the insurance required by this section to the extent of its insurable interest and, if requested by Port, both Port and Permittee shall sign all documents reasonably necessary or proper in connection with the settlement of any claim or loss under such insurance. Port will have no obligation to carry insurance on any Alterations or on Permittee's Trade Fixtures or personal property.
Property and Business Interruption Insurance. Part 1 of this MasterPackage policy is arranged as follows: ▪ Section 1 – Property Damage ▪ Section 2 – Business Interruption ▪ Section 3 – Money ▪ Section 4 – Transit ▪ Section 5 – Contract Works ▪ Section 6 – Mechanical / Electrical Breakdown Insurance ▪ Section 7 – Terrorism in a Listed Territory ▪ Section 8 – Terrorism in England, Wales and Scotland - Pool Re - Non Pool (WRAP) ▪ Section 9 – Impairment of Computer Services ▪ Exclusions applicable to all sections of Part 1 ▪ Conditions applicable to Part 1
Property and Business Interruption Insurance. Part 1 of this MasterPackage policy is arranged as follows: ▪ Section 1 – Property Damage ▪ Section 2 – Business Interruption ▪ Section 3 – Money ▪ Section 4 – Transit ▪ Section 5 – Contract Works ▪ Section 6 – Mechanical / Electrical Breakdown Insurance ▪ Section 7 – Terrorism: Pool Re and Non Pool (Wrap) ▪ Section 8 – Terrorism: Outside Specified Territory – Non Pool ▪ Section 9 – Impairment of Computer Services ▪ Exclusions applicable to all sections of Part 1 ▪ Conditions applicable to Part 1 Part 1, Section 1 – Property Damage Cover The Company will pay for damage occurring during the Period of Insurance to property insured at or within 250 metres of an Insured Location shown in the Specification caused by or resulting from a cause not otherwise excluded. At the Company’s option, the Company shall either: ▪ pay the value of the property insured (or any part of it that sustains damage) at the time of the damage having regard to physical deterioration, physical depreciation, obsolescence or depletion, or ▪ reinstate or replace the property insured (or any part of it that sustains damage). The most the Company will pay under this Part or any Extension is the applicable Limit of Liability shown in the Schedule.
Property and Business Interruption Insurance. During the Lease Term, Landlord shall maintain a policy of insurance covering loss of or damage to the Property in the full amount of its replacement value and including business interruption insurance in an amount sufficient to pay one year's rent from the Property plus estimated real property taxes and insurance premiums. Landlord and Xxxxxxxx's mortgagee shall be named loss payee under such policy, as their interests may appear. This policy shall cover the fixtures, equipment and leasehold improvements in the Premises which are customarily insured as part of the realty (such as electric wiring and panels, lighting fixtures and HVAC ducts and equipment), but Tenant shall be solely responsible at its expense and under its management for separately insuring Tenant's movable tenant improvements, equipment and personal property located in the Premises. Such policy shall contain an Inflation Guard endorsement, shall not provide for any deductible amount greater than $10,000, and shall provide protection against all perils included within the classification of fire, extended coverage (including any perils arising from Tenant's use of chemicals at the Premises), vandalism, malicious mischief, special extended perils (all risk), sprinkler leakage and any other perils which Landlord deems reasonably necessary (including flood and earthquake insurance, if required by any lender holding a security interest in the Property). Tenant shall not do or permit anything to be done which invalidates any such insurance policies.
