Provisions Regarding Liability, Property and Worker’s Compensation Insurance. Upon the delivery and acceptance of the Leased Property as provided in this Lease, the Authority 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 maximum insurable value thereof, provided that such coverage need not be in excess of the next succeeding Purchase Option Price. The Authority may, in its discretion, insure the Leased Property under blanket insurance policies which insure not only the Leased Property, but other property as well, as long as such blanket insurance policies otherwise comply with the requirements hereof. Any property damage insurance policy required by this Section 8.05 shall be so written or endorsed as to show the City as loss payee and/or additional insured, and to make losses, if any, payable to the Authority and the City, as their respective interests may appear. Upon the execution and delivery of this Lease, the Authority shall, at its own expense, cause public liability insurance, including blanket contractual liability or specific contractual liability insurance for this Lease and public officials’ errors and omissions coverage, to be carried and maintained with respect to the activities to be undertaken by the Authority and its officers, officials, agents and employees in connection with the use and possession of the Leased Property. All such policies (other than errors and omissions) shall show the Authority and all officers and employees thereof, and the City as additional insureds. Such coverage shall be in amounts not less than the limits of liability per occurrence set by the Colorado Governmental Immunity Act as the same may from time to time be amended, to a $5,000,000 annual aggregate, for claims to which the defense of sovereign immunity applies. The public liability insurance required by this Section 8.05 may be by blanket insurance policy or policies. Each property and liability insurance policy provided for in this Section 8.05 shall contain a provision to the effect that the insurance company shall not cancel the policy or modify it materially and adversely to the interests of the City without first giving written notice thereof to the City at least 30 days in advance of such cancellation or modification. In the event that the Authority has received such notice of cancellation or modification, it shall immediately furnish to the City a new insurance policy or certificate evidencing such policy replacing th...
Provisions Regarding Liability, Property and Worker’s Compensation Insurance. Upon the delivery and acceptance of the Leased Property as provided in this Lease, and subject to any additional requirements of the Pool IGA, the Lessees shall, at their own expense, provide or cause to be provided casualty and property insurance to be carried and maintained with respect to the Leased Property in an amount equal to the lesser of the next succeeding Purchase Option Price or the maximum insurable value of the Leased Property. Such insurance policy may have a deductible clause in an amount not to exceed $250,000 or such greater amount as is approved in writing by the Lender. The Lessees may, in their discretion, insure the Leased Property under blanket insurance policies which insure not only the Leased Property, but other property as well, as long as such blanket insurance policies otherwise comply with the requirements hereof. Any property damage insurance policy required by this Section 8.04 shall be so written or endorsed, to the extent permissible, as to show the Lender as loss payee and/or additional insured, and to make losses exceeding $250,000, if any, payable to the Lessees and the Lender, as their respective interests may appear. To the extent that any casualty and property insurance lump sum Net Proceeds are received or held by the Lessees in excess of $250,000, such moneys shall be deposited as provided in Section 9.02
Provisions Regarding Liability, Property and Worker’s Compensation Insurance. Upon the delivery and acceptance of the Leased Property as provided in this Lease, the City shall, at its own expense, provide or cause to be provided casualty and property insurance to be carried and maintained with respect to the Leased Property in an amount equal to the lesser of the next succeeding Purchase Option Price or the maximum insurable value of the Leased Property. Such insurance policy may have a deductible clause in an amount not to exceed $250,000 or such greater amount as is approved in writing by the Lender. The City may, in its discretion, insure the Leased Property under blanket insurance policies which insure not only the Leased Property, but other property as well, as long as such blanket insurance policies otherwise comply with the requirements hereof. Any property damage insurance policy required by this Section 8.04 shall be so written or endorsed, to the extent permissible, as to show the Lender as loss payee and/or additional insured, and to make losses exceeding $250,000, if any, payable to the City and the Lender, as their respective interests may appear. To the extent that any casualty and property insurance lump sum Net Proceeds are received or held by the City in excess of
