Provisions For Liability and Property Insurance Sample Clauses

Provisions For Liability and Property Insurance. The City, at the Trustee’s option, will either self-insure, or at City’s cost, will cause casualty insurance and property damage insurance to be carried and maintained on the Leased Property, with all such coverages to be in such amounts sufficient to cover the value of the Leased Property at the commencement of this Lease (as determined by the purchase price paid for the Leased Property), and public liability insurance with respect to the Leased Property in the amounts required by law, but in no event with a policy limit less than $1,000,000 per occurrence. All insurance shall be written in such forms, to cover such risks, and with such insurers, as are customary for public entities such as the City. A combination of self-insurance and policies of insurance may be utilized. If policies of insurance are obtained, City will cause the Trustee to be a loss payee as its interest under this Lease may appear on such property damage insurance policies and an additional insured on a primary and noncontributory basis on such public liability insurance in an amount equal to or exceeding the minimum limit stated herein. The City will deliver to the Trustee the policies or evidences of insurance or self-insurance satisfactory to the Trustee, together with receipts for the applicable premiums prior to the execution and delivery of this Lease, and at least thirty (30) days before the expiration of any such policies. By endorsement upon the policy or by independent instrument furnished to the Trustee, such insurer will agree that it will give the Trustee at least thirty (30) days' written notice prior to cancellation or alteration of the policy. To the extent required by law, the City will carry workers compensation insurance covering all employees working on, in, or about the Leased Property, and will require any other person or entity working on, in, or about the Leased Property to carry such coverage, and will furnish to the Trustee certificates evidencing such coverages throughout the Lease Term upon request of the Trustee. If, at any time during the Lease Term it is determined that any part of the Leased Property is located in a flood zone, as determined in accordance with 12 CFR Chapter 1, Part 22 or its successor (the “Flood Insurance Regulations”), the City, at its own expense, shall obtain and maintain for the entire Lease Term flood insurance covering the Leased Property in such form and amount as is required under the Flood Insurance Regulations. If, at any ti...

Provisions For Liability and Property Insurance. Upon the execution and delivery of this Lease, the District shall, at its own expense, cause casualty and property insurance to be carried and maintained with respect to the Leased Property in an amount equal to the greater of the Outstanding amount of the Certificates or the estimated replacement cost of the Leased Property. Such insurance policy or policies may have a deductible clause in an amount deemed reasonable by the Board. The District may, in its discretion, insure the Leased Property under blanket insurance policies which insure not only the Leased Property, but other buildings as well, as long as such blanket insurance policies comply with the requirements hereof. If the District shall insure against similar risks by self-insurance, the District may, at its election provide for property damage insurance with respect to the Leased Property, partially or wholly by means of a self-insurance fund. If the District shall elect to self-insure, the District Representative shall annually furnish to the Trustee a certification of the adequacy of the District’s reserves. The Trustee shall be named additional insured and loss payee on any property insurance. Upon the execution and delivery of this Lease, the District shall, at its own expense, cause public liability insurance to be carried and maintained with respect to the activities to be undertaken by and on behalf of the District in connection with the use of the Leased Property, in an amount not less than the limitations provided in the Colorado Governmental Immunity Act (Article 10, Title 24, Colorado Revised Statutes, as heretofore or hereafter amended). Such insurance may contain deductibles and exclusions deemed reasonable by the Board. The public liability insurance required by this Section may be by blanket insurance policy or policies. If the District shall insure against similar risks by self-insurance, the District, at its election may provide for public liability insurance with respect to the Leased Property, partially or wholly by means of a self-insurance fund. If the District shall elect to self-insure, the District Representative shall annually furnish to the Trustee a certification of the adequacy of the District’s reserves. The Trustee shall be named as additional insured on any public liability insurance. Any property damage insurance policy required by this Section shall be so written or endorsed as to make payments under such insurance policy payable to the District and the Trustee....