Property and Operational Insurance. A. Management Company and/or its Affiliates shall, commencing with the Management Commencement Date and continuing throughout the Term of this Agreement, procure and maintain, as an Operating Expense, with insurance companies reasonably acceptable to TRS or by legally qualifying itself as a self insurer, a minimum of the following insurance to the extent reasonably commercially available:
(i) Insurance on the Hotel (including contents) against loss or damage by fire, lightning and all other risks covered by the usual standard extended coverage endorsements, with deductible limits approved by TRS, in an amount not less than ninety percent (90%) of the replacement cost thereof (Management Company acknowledges that TRS may require such insurance to be in an amount up to one hundred percent (100%) of replacement cost);
(ii) Insurance against loss or damage from explosion of boilers, pressure vessels, pressure pipes and sprinklers, to the extent applicable, installed in the Hotel;
(iii) Insurance on the Hotel (including contents) against loss or damage by earth movement, with deductible limits approved by TRS, in an amount to be reasonably determined by TRS consistent with local market conditions;
(iv) Business interruption insurance covering loss of profits and necessary continuing expenses for interruptions caused by any occurrence covered by the insurance referred to in Section 12.01 A1, A2, and A3, of a type and in amounts and with such deductible limits as are approved by TRS;
(v) Workers' compensation and employer's liability insurance as may be required under applicable laws covering all of Hotel Employees in each case, with such deductible limits as are approved by TRS;
(vi) Fidelity bonds, in amounts and with deductible limits approved by TRS, covering Management Company's employees in job classifications which TRS reasonably requests be bonded;
(vii) Commercial general liability insurance, including contractual liability, independent contractors, bodily injury, and broad form property damage, with a combined single limit for bodily injury and property damage of Twenty Five Million Dollars ($25,000,000) per occurrence. This requirement can be met through a combination of primary commercial general liability and umbrella/excess liability policies. Coverage shall be primary with respect to any coverage purchased by the TRS. Liquor Liability shall also be provided with a limit of Twenty Five Million Dollars ($25,000,000);
(viii) Coverage against liability...
Property and Operational Insurance. Operator shall, commencing with the Effective Date and thereafter during the Term of this Agreement, procure and maintain, either with insurance companies of recognized responsibility or by legally qualifying itself as a self insurer, a minimum of the following insurance:
A. Property insurance on the Retirement Community and contents against loss or damage by fire, lightning and all other risks covered by the usual extended coverage endorsement, all in an amount not less than one hundred percent (100%) of the replacement cost thereof (excluding the cost of foundations and excavations);
B. Boiler and machinery insurance against loss or damage from explosion of boilers or pressure vessels to the extent applicable to the Retirement Community;
C. Business interruption insurance covering loss of profits and necessary continuing expenses for interruptions caused by any occurrence covered by the insurance referred to in Section 12.02 A and B, which shall be of a type and in such amounts (but such coverage shall in no event be for less than one (1) year) as are generally established by Operator at similar retirement communities it owns, leases or manages under the Marriott name in the United States;
D. General liability insurance against claims for bodily injury, death or property damage occurring on, in, or in conjunction with the business of the Retirement Community, and automobile liability insurance on vehicles operated in conjunction with the Retirement Community, with a combined single limit for each occurrence of not less than One Hundred Million Dollars ($100,000,000); representatives of Operator and Owner shall meet, at Owner's request, at intervals of approximately once every five (5) years, to review the adequacy of such limit;
Property and Operational Insurance. Management Company shall, commencing with the Effective Date and thereafter during the term of this Agreement, procure and maintain, using funds deducted from Gross Revenues in determining Operating Profit, either with insurance companies of recognized responsibility or by legally qualifying itself as a self insurer in the state where the respective Inn is located, a minimum of the insurance identified below.
A. Property insurance on each Inn building(s) and contents against loss or damage by all perils covered by "all risk" (as such term is commonly used in the insurance industry, excluding earthquake and flood) coverage in an amount not less than one hundred percent (100%) of the replacement cost thereof except that if such 100% replacement cost coverage is not available on reasonable terms and rates, then such insurance shall be in an amount not less than ninety percent (90%) of the replacement cost of the Inn;
B. Should an Inn be located in a zone identified by the Federal Emergency Management Agency as a flood hazard area, flood insurance shall be maintained in an amount not less than the maximum limit available under the National Flood Insurance Program if required by the Owner's lender holding a first mortgage on said Inn.
C. Insurance against loss or damage from explosion of boilers, pressure vessels, pressure pipes and sprinklers, to the extent applicable to each Inn;
D. Business interruption insurance covering loss of profits and necessary continuing expenses for interruptions caused by any occurrence covered by the insurance referred to in Section 12.01 A through C for Management Company's established period (but not less than one (1) year after the occurrence) of a type and in amounts as are generally established by Management Company at other similar inns it or Marriott Affiliates own, lease or manage under the Fairfield Inn name in the United States;
E. General liability insurance against claims for personal injury, death or property damage occurring on, in, or about any Inn, and automobile liability insurance on vehicles operated in conjunction with any Inn, with a combined single limit for each occurrence of not less than Twenty Million Dollars ($20,000,000);
Property and Operational Insurance. Management Company shall, commencing with the Effective Date and thereafter during the term of this Agreement, procure and maintain, either with insurance companies of recognized responsibility or by legally qualifying itself as a self insurer, a minimum of the following insurance:
A. Property insurance on the Hotel building(s) and contents against loss or damage by fire, lightning and all other risks covered by the usual extended coverage endorsement, all in an amount not less than one hundred percent (100%) of the replacement cost thereof (excluding the cost of foundations and excavations);
B. Boiler and machinery insurance against loss or damage from explosion of boilers or pressure vessels to the extent applicable to the Hotel;
C. Business interruption insurance covering loss of profits and necessary continuing expenses for interruptions caused by any occurrence covered by the insurance referred to in Sections 12.02 A and B, which shall be of a type and in such amounts (but such coverage shall in no event be for less than one (1) year) as are generally established by Management Company at similar hotels it owns, leases or manages under the Marriott name in the United States;
D. General liability insurance against claims for bodily injury, death or property damage occurring on, in, or in conjunction with the business of the Hotel, and automobile liability insurance on vehicles operated in conjunction with the Hotel, with a combined single limit for each occurrence of not less than One Hundred Million Dollars ($100,000,000); representatives of Management Company and Owner shall meet, at Owner's request, at intervals of approximately once every five (5) years, to review the adequacy of such limit;
Property and Operational Insurance. A. Management Company shall, commencing with the Management Commencement Date and continuing throughout the Term of this Agreement, procure and maintain, as a Deduction and upon the terms set forth in the Lease Agreement, with insurance companies (i) reasonably acceptable to Owner, (ii) required by a Qualified Lender, and (iii) licensed to underwrite the type of insurance being issued in the jurisdiction in which such insurance policy shall be delivered, a minimum of the following insurance to the extent reasonably commercially available. Subject to Owner’s and any Qualified Lender’s prior approval (in their sole discretion), Management Company may procure and maintain such insurance as required in this Section 12.01 by legally qualifying itself as a self insurer:
1. Insurance on the Hotel (including contents) against loss or damage by fire, lightning and all other risks covered by the usual standard extended coverage endorsements, with deductible limits approved by Owner, in an amount not less than one hundred percent (100%) of the replacement cost thereof;
2. Insurance against loss or damage from explosion of boilers, pressure vessels, pressure pipes and sprinklers, to the extent applicable, installed in the Hotel;
3. Insurance on the Hotel (including contents) against loss or damage by earth movement, with deductible limits approved by Owner, in an amount to be reasonably determined by Owner consistent with local market conditions;
4. Business interruption insurance covering loss of profits and necessary continuing expenses for interruptions caused by any occurrence covered by the insurance referred to in Section 12.01 A1, A2, and A3, of a type and in amounts and with such deductible limits as are approved by Owner;
Property and Operational Insurance. A. Management Company shall, commencing with the Management Commencement Date and continuing throughout the Term of this Agreement, procure and maintain, as an Operating Expense, with insurance companies reasonably acceptable to TRS or by legally qualifying itself as a self insurer, a minimum of the following insurance to the extent reasonably commercially available:
1. Insurance on the Hotel (including contents) against loss or damage by fire, lightning and all other risks covered by the usual standard extended coverage endorsements, with deductible limits approved by TRS, in an amount not less than ninety percent (90%) of the replacement cost thereof (Management Company acknowledges that TRS may require such insurance to be in an amount up to one hundred percent (100%) of replacement cost);
2. Insurance against loss or damage from explosion of boilers, pressure vessels, pressure pipes and sprinklers, to the extent applicable, installed in the Hotel;
3. Insurance on the Hotel (including contents) against loss or damage by earth movement, with deductible limits approved by TRS, in an amount to be reasonably determined by TRS consistent with local market conditions;
4. Business interruption insurance covering loss of profits and necessary continuing expenses for interruptions caused by any occurrence covered by the insurance referred to in Section 12.01 A1, A2, and A3, of a type and in amounts and with such deductible limits as are approved by TRS;
Property and Operational Insurance. A. Management Company shall, commencing with the Management Commencement Date and continuing throughout the term of this Agreement, procure and maintain, as a Deduction, with insurance companies reasonably acceptable to Owner or by legally qualifying itself as a self insurer, a minimum of the following insurance to the extent reasonably commercially available:
1. Insurance on the Hotel (including contents) against loss or damage by fire, lightning and all other risks covered by the usual standard extended coverage endorsements, with deductible limits approved by Owner, in an amount not less than ninety percent (90%) of the replacement cost thereof (Management Company acknowledges that Owner may require such insurance to be in an amount up to one hundred percent (100%) of replacement cost);
2. Insurance against loss or damage from explosion of boilers, pressure vessels, pressure pipes and sprinklers, to the extent applicable, installed in the Hotel;
3. Insurance on the Hotel (including contents) against loss or damage by earth movement, with deductible limits approved by Owner, in an amount to be reasonably determined by Owner consistent with local market conditions;
4. Business interruption insurance covering loss of profits and necessary continuing expenses for interruptions caused by any occurrence covered by the insurance referred to in Section 12.01 A1, A2, and A3, of a type and in amounts and with such deductible limits as are approved by Owner;
Property and Operational Insurance. Operator shall, commencing with the Effective Date and thereafter during the Term of this Agreement, procure and maintain, either with insurance companies of recognized responsibility or by legally qualifying itself as a self insurer, a minimum of the following insurance:
A. Property insurance on the Retirement Community and contents against loss or damage by fire, lightning and all other risks covered by the usual extended coverage endorsement, all in an amount not less than one hundred percent (100%) of the replacement cost thereof (excluding the cost of foundations and excavations);
B. Boiler and machinery insurance against loss or damage from explosion of boilers or pressure vessels to the extent applicable to the Retirement Community;
C. Business interruption insurance covering loss of profits and necessary continuing expenses for interruptions caused by any occurrence covered by the insurance referred to in Section 12.02 A and B, which shall be of a type and in such amounts (but such coverage shall in no event be for less than one (1) year) as are generally established by Operator at similar retirement communities it owns, leases or manages under the Marriott name in the United States;
D. General liability insurance against claims for bodily injury, death or property damage occurring on, in, or in conjunction with the business of the Retirement Community, and automobile liability insurance on vehicles operated in conjunction with the Retirement Community, with a combined single limit for each occurrence of not less than One Hundred Million Dollars ($100,000,000); representatives of Operator and Owner shall meet, at Owner's request, at intervals of approximately once every five (5) years, to review the adequacy of such limit; ------------------------------------------------------------------------------- FORM OF OPERATING AGREEMENT [DATE], PAGE 44
E. Employment Practices Liability Insurance, and Workers' compensation and employer's liability insurance as may be required under applicable laws covering all of Operator's employees at the Retirement Community;
F. Fidelity bonds, with reasonable limits to be determined by Operator, covering its employees in job classifications normally bonded in other similar retirement communities it leases or manages under the Marriott name in the United States or as otherwise required by law, and comprehensive crime insurance to the extent Operator and Owner mutually agree it is necessary for the Retirement Community; a...
Property and Operational Insurance. Subject to Section 13.5.1 of the Operating Agreement:
A. Subject to Section 12.05 C, Management Company shall, commencing with the Management Commencement Date and continuing throughout the term of this Agreement, procure and maintain, as a Deduction, with insurance companies reasonably acceptable to Owners or by legally qualifying itself as a self insurer, a minimum of the following insurance:
1. Insurance on the Hotel & Conference Center (including contents) against loss or damage by fire, lightning and all other risks covered by the usual standard all-risk coverage endorsements, with deductible limits approved by Owners in accordance with Sections 13.1.1 and 13.2.1 of the Operating Agreement, in an amount not less than one hundred percent (100%) of the replacement cost thereof;
2. Insurance against loss or damage from explosion of boilers, pressure vessels, pressure pipes and sprinklers, to the extent applicable, installed in the Hotel & Conference Center;
Property and Operational Insurance. A. Management Company shall, commencing with the Management Commencement Date and continuing throughout the Term of this Agreement, procure and maintain, at its expense and upon the terms set forth in the Lease, the Franchise Agreement, and any Loan Documents, with insurance companies (i) reasonably acceptable to Master Tenant, (ii) required by a Lender, and (iii) licensed or admitted to underwrite the type of insurance being issued in the jurisdiction in which such insurance policy shall be delivered, a minimum of the following insurance to the extent reasonably commercially available:
1. Insurance on the Hotel (including contents) against loss or damage by fire, lightning and all other risks covered by the usual standard extended coverage endorsements, with deductible limits approved by Master Tenant, in an amount not less than one hundred percent (100%) of the replacement cost thereof as agreed on in advance by Master Tenant;
2. Insurance against loss or damage from equipment breakdown (i.e. explosion of boilers, pressure vessels, pressure pipes and sprinklers, to the extent applicable, installed in the Hotel);
3. Insurance on the Hotel (including contents) against loss or damage by earthquake, with deductible limits approved by Master Tenant, in an amount to be reasonably determined by Master Tenant consistent with local market conditions;
4. Business interruption insurance covering loss of profits and necessary continuing expenses for interruptions caused by any occurrence covered by the insurance referred to in Section 12.01 A1, A2, and A3, of a type and in amounts and with such deductible limits as are approved by Master Tenant;
