Common use of Property Manager’s Insurance Clause in Contracts

Property Manager’s Insurance. Property Manager shall maintain, at its expense, insurance coverages in the following amounts: (i) Worker’s Compensation – Coverage A: statutory amount Coverage B: Employer’s Liability insurance: $500,000 Each Accident $500,000 Disease, Policy Limit $500,000 Disease, Each Employee (ii) Commercial General Liability, on an occurrence basis, including Bodily Injury and Property Damage Liability, Personal and Advertising Injury Liability for the following limits: General Aggregate $ 2,000,000 Products - Completed Operations Aggregate $ 2,000,000 Each Occurrence $ 1,000,000 Personal and Advertising Injury Liability $ 1,000,000 (iii) Owned, Hired and Non-Owned Business Automobile liability insurance in an amount no less than $1,000,000 per accident Combined Single Limit for bodily injury and property damage (iv) Property Manager’s Errors & Omissions Insurance in an amount not less than $1,000,000 per loss, aggregate. (v) Employee Theft Insurance in an amount not less than $1,000,000. Employee Theft Insurance policy shall provide coverage for theft of Owner’s money, securities and other property by employees of Property Manager. (vi) Property Insurance coverage for personal property of Property Manager. All coverage shall be provided by insurance companies with a current Best’s Rating of A VIII or higher. At the commencement of the Agreement, Property Manager shall furnish Owner with Certificates of Insurance. All insurance policies shall provide for 30 days’ written notice to Owner prior to the cancellation or any material change to any provisions therein. Certificates of Insurance shall be modified so the words “endeavor to”, “but failure to mail such notice shall impose no obligation or liability of any kind upon the company, its agents or representatives”, and all provisions of similar effect shall be deleted from the certificate form’s cancellation provision. At least ten (10) days prior to the expiration of any such policy, Property Manager will provide to Owner evidence of the renewal or replacement of the aforesaid policies.

Property Manager’s Insurance. Property Manager shall maintain, at its expense, insurance coverages in the following amounts: (i) Worker’s Compensation – Coverage A: statutory amount Coverage B: Employer’s Liability insurance: $500,000 Each Accident $500,000 Disease, Policy Limit $500,000 Disease, Each Employee (ii) Commercial General Liability, on an occurrence basis, including Bodily Injury and Property Damage Liability, Personal and Advertising Injury Liability for the following limits: General Aggregate $ 2,000,000 Products - Completed Operations Aggregate $ 2,000,000 Each Occurrence $ 1,000,000 Personal and Advertising Injury Liability $ 1,000,000 (iii) Owned, Hired and Non-Owned Business Automobile liability insurance in an amount no less than $1,000,000 per accident Combined Single Limit for bodily injury and property damage (iv) Property Manager’s Errors & Omissions Insurance in an amount not less than $1,000,000 per loss, aggregate. (v) Employee Theft Insurance in an amount not less than $1,000,000. Employee Theft Insurance policy shall be endorsed to name Owner as Additional Insured and to provide coverage for theft of Owner’s money, securities and other property by employees of Property Manager. (vi) Property Insurance coverage for personal property of Property Manager. All coverage shall be provided by insurance companies with a current Best’s Rating of A VIII or higher. At the commencement of the Agreement, Property Manager shall furnish Owner with Certificates of Insurance. All insurance policies shall provide for 30 days’ written notice to Owner prior to the cancellation or any material change to any provisions therein. Certificates of Insurance shall be modified so the words “endeavor to”, “but failure to mail such notice shall impose no obligation or liability of any kind upon the company, its agents or representatives”, and all provisions of similar effect shall be deleted from the certificate form’s cancellation provision. At least ten (10) days prior to the expiration of any such policy, Property Manager will provide to Owner evidence of the renewal or replacement of the aforesaid policies.