Required Policies. During the Term, Tenant shall maintain the following insurance with respect to each Facility at its sole cost and expense: 9.1.1 With respect to the Premises, Tenant shall maintain commercial, property insurance on the Premises (including Tenant Personal Property and all Landlord Personal Property) written on a “special cause of loss form”, including but not limited to sprinkler leakage, in a per occurrence amount not less than 100% of current replacement cost for all real and business personal property; and including business income (subject to terms of Section 9.1.2), and providing or containing, as applicable: (a) an Agreed Amount Endorsement with respect to the Premises (including all Tenant Personal Property and Landlord Personal Property) waiving all co-insurance provisions; (b) an “Ordinance or Law Coverage” (Code Upgrade coverage) which shall provide coverage for the increased cost of construction, demolition cost, value of the undamaged portion of the structure and any increased time to rebuild due to the enforcement of building or zoning laws or requirements; (c) coverage for: (i) flood hazard (if such Facility is located in whole or in part within a designated 000 xxxx xxxxx xxxxx xxxx) (ii) earthquake, and (iii) coastal windstorm insurance, if applicable; provided that the insurance pursuant to the foregoing clauses (i), (ii) and (ii) shall be required only to the extent it is available at commercially reasonable rates and terms and is customarily carried for similar properties, as reasonably determined by Landlord; 9.1.2 Business income insurance covering all risks required to be covered by the insurance provided for in Section 9.1.1 above, as applicable for a period of twelve (12) months and including an extended period of indemnity endorsement which provides that after the physical loss to the Premises (including Tenant Personal Property and Landlord Personal Property) has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the applicable Facility is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; (a) Deductibles/self-insured retentions for the insurance policies required under Section 9.1.1 shall not be greater than $100,000; provided, however, that the deductibles/self-insured retentions for losses sustained from earthquake (including earth movement), or windstorm (i.e., wind/hail) may be equal to, but not greater than, five percent (5%) of the replacement cost of the total insured value of the applicable Facility, or $250,000, whichever is greater. The flood deductible shall not be greater than $100,000, unless the Facility is in the designated 100 year flood plain area, in which event the deductible may be $500,000 or less and the Tenant shall obtain and maintain flood coverage from the National Flood Insurance Program for the applicable Facility, if required by Landlord; (b) the commercial property and business income insurance required under Sections 9.1.1 and 9.1.2 above shall cover perils of terrorism and acts of terrorism defined as certified acts by the Terrorism Risk Insurance Act (TRIA) and Tenant shall maintain commercial property and business income insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 9.1.1 and 9.1.2 above at all times during the term of the Lease as long as such coverage is available in the commercial market at a premium no greater than 300% of the premium for such coverage paid as of the Commencement Date; (c) all times Tenant will provide coverage during which structural construction, repairs or alterations are being made with respect to the improvements, under the coverages and terms specified in Sections 9.1.1 and 9.1.2 or alternatively (i) commercial property insurance written on a “special cause of loss” builder's risk completed value form on a non-reporting basis, against all risks insured against pursuant to Section 9.1.1 above, including permission to occupy the Facility; and with an agreed amount endorsement waiving co-insurance provisions; and (ii) owner's contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the commercial general liability insurance policy required sections; 9.1.3 Tenant shall maintain comprehensive boiler and machinery insurance, in amount of Five Million dollars ($5,000,000) or other such amounts as shall be reasonably required by Landlord or any Facility Mortgagee on terms consistent with the commercial property insurance policy required above and any applicable governmental regulations; 9.1.4 If there is any storage tank, whether above ground or below ground, located at a Facility, whether or not in use, Pollution Liability Insurance with limits of at least One Million Dollars ($1,000,000) per occurrence and aggregate or other such higher amounts if required by regulation. All policies shall comply with all applicable regulatory requirements and shall insure both the interest of the Tenant and Landlord; 9.1.5 Commercial General Liability Coverage (“CGL”) (including products and completed operations liability and broad form coverage, host liquor liability, broad form property damage, blanket contractual liability, no exclusion for independent contractors, personal injury and advertising injury coverage against claims for bodily injury, death or property damage occurring on, in or about such Facility, affording the parties protection of not less than $1,000,000 per occurrence and $3,000,000 in the annual aggregate;
Appears in 2 contracts
Samples: Master Lease (Diversicare Healthcare Services, Inc.), Master Lease (Diversicare Healthcare Services, Inc.)
Required Policies. During the Term, Tenant shall maintain the following insurance with respect to each Facility at its sole cost and expense:
9.1.1 With respect to the Premises8.1.1 Fire and Extended Coverage against loss or damage by fire, Tenant shall maintain commercialvandalism and malicious mischief, property insurance on the Premises (including Tenant Personal Property extended coverage perils commonly known as “Special Risk,” and all Landlord Personal Property) written on a “special cause of physical loss form”perils normally included in such Special Risk insurance, including but not limited to sprinkler leakage, in a all with an aggregate loss limit per occurrence amount of not less than 100% of current replacement cost for all real $250,000,000.00 and business personal property; and including business income (subject to terms of Section 9.1.2), and providing or containing, as applicable: (a) an Agreed Amount Endorsement with respect to the Premises (including all Tenant Personal Property and Landlord Personal Property) waiving all co-insurance provisions; (b) an “Ordinance or Law Coverage” (Code Upgrade coverage) which shall provide coverage for the increased cost of construction, demolition cost, value of the undamaged portion of the structure and any increased time to rebuild due to the enforcement of building or zoning laws or requirements; flood (c) coverage for: (i) flood hazard (only if such Facility is located in whole or in part within a designated 000 xxxx xxxxx xxxxx xxxx) (ii) earthquake, 100-year flood plain area and (iii) coastal windstorm insurance, if applicable; provided that the insurance pursuant to the foregoing clauses (i), (ii) and (ii) shall be required only to the extent it such coverage is available at commercially reasonable rates and terms and is customarily carried premiums) with an aggregate loss limit per occurrence of not less than $10,000,000.00. A sublimit for similar properties, as reasonably determined by Landlordwindstorm coverage shall be allowed up to $100,000,000 per occurrence;
9.1.2 Business income 8.1.2 If such Facility contains steam boilers, pressure vessels or similar apparatus, insurance covering all risks required to be covered by with an agreed amount endorsement (such that the insurance provided carrier has accepted the amount of coverage and has agreed that there will be no co-insurance penalty), covering the major components of the central heating, air conditioning and ventilating systems, boilers, other pressure vessels, high pressure piping and machinery, elevators and escalators, if any, and other similar equipment installed in such Facility, which policy shall insure against physical damage to and loss of occupancy and use of such Facility arising out of an accident, explosion, or breakdown covered thereunder all with an aggregate loss limit per occurrence of not less than $250,000,000.00;
8.1.3 [Reserved];
8.1.4 Business Interruption and Extra Expense Coverage for in Section 9.1.1 above, as applicable loss of business income on an actual loss sustained basis for a period of no less than twelve (12) months months, including either an agreed amount endorsement or a waiver of any co-insurance provisions, so as to prevent Tenant, Landlord and including any other insured thereunder from being a co-insurer, and containing an extended period of indemnity endorsement which that provides that after the physical loss to the Premises (including Tenant Personal Property and Landlord Personal Property) has been repaired, the continued loss of business income will be insured until such income either returns to the same level it was at prior to the loss, loss or the expiration of not fewer than six (6) months from after the date that of the applicable Facility is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end completed repairs all with an aggregate loss limit per occurrence of such periodnot less than $250,000,000.00;
(a) Deductibles/self-insured retentions for the insurance policies required under Section 9.1.1 shall not be greater than $100,000; provided, however, that the deductibles/self-insured retentions for losses sustained from earthquake (including earth movement), or windstorm (i.e., wind/hail) may be equal to, but not greater than, five percent (5%) of the replacement cost of the total insured value of the applicable Facility, or $250,000, whichever is greater. The flood deductible shall not be greater than $100,000, unless the Facility is in the designated 100 year flood plain area, in which event the deductible may be $500,000 or less and the Tenant shall obtain and maintain flood coverage from the National Flood Insurance Program for the applicable Facility, if required by Landlord;
(b) the commercial property and business income insurance required under Sections 9.1.1 and 9.1.2 above shall cover perils of terrorism and acts of terrorism defined as certified acts by the Terrorism Risk Insurance Act (TRIA) and Tenant shall maintain commercial property and business income insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 9.1.1 and 9.1.2 above at all times during the term of the Lease as long as such coverage is available in the commercial market at a premium no greater than 300% of the premium for such coverage paid as of the Commencement Date;
(c) all times Tenant will provide coverage during which structural construction, repairs or alterations are being made with respect to the improvements, under the coverages and terms specified in Sections 9.1.1 and 9.1.2 or alternatively (i) commercial property insurance written on a “special cause of loss” builder's risk completed value form on a non-reporting basis, against all risks insured against pursuant to Section 9.1.1 above, including permission to occupy the Facility; and with an agreed amount endorsement waiving co-insurance provisions; and (ii) owner's contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the commercial general liability insurance policy required sections;
9.1.3 Tenant shall maintain comprehensive boiler and machinery insurance, in amount of Five Million dollars ($5,000,000) or other such amounts as shall be reasonably required by Landlord or any Facility Mortgagee on terms consistent with the commercial property insurance policy required above and any applicable governmental regulations;
9.1.4 If there is any storage tank, whether above ground or below ground, located at a Facility, whether or not in use, Pollution Liability Insurance with limits of at least One Million Dollars ($1,000,000) per occurrence and aggregate or other such higher amounts if required by regulation. All policies shall comply with all applicable regulatory requirements and shall insure both the interest of the Tenant and Landlord;
9.1.5 8.1.5 Commercial General Liability Coverage (“CGL”) (including products and completed operations liability and broad form coverage, host liquor liability, broad form property damage, blanket contractual liability, no exclusion for independent contractorscontractors liability, personal injury and advertising injury coverage coverage) against claims for bodily injury, death or death, property damage occurring on, in or about such Facility, affording the parties protection of not less than $1,000,000 1,000,000.00 per occurrence claim and $3,000,000 3,000,000.00 in the annual aggregate;
Appears in 1 contract
Samples: Master Lease (Ensign Group, Inc)
Required Policies. During the Loan Term, Borrower shall maintain, or shall cause Facility Tenant shall maintain to maintain, the following insurance with respect to each Borrower, Facility Tenant and the Facility, as applicable, at its (or Facility Tenant’s) sole cost and expense:
9.1.1 With respect to the Premises(i) Fire and Extended Coverage against loss or damage by fire, Tenant shall maintain commercialvandalism and malicious mischief, property insurance on the Premises (including Tenant Personal Property extended coverage perils commonly known as “Special Risk,” and all Landlord Personal Property) written on a “special cause of physical loss form”perils normally included in such Special Risk insurance, including but not limited to sprinkler leakageleakage and windstorm, in a per occurrence amount not less than 100% of current replacement cost together with coverage for all real and business personal property; and earthquake (including business income (subject to terms of Section 9.1.2earth movement), and providing or containing, as applicable: (a) an Agreed Amount Endorsement with respect to the Premises (including all Tenant Personal Property and Landlord Personal Property) waiving all co-insurance provisions; (b) an “Ordinance or Law Coverage” (Code Upgrade coverage) which shall provide coverage for the increased cost of construction, demolition cost, value of the undamaged portion of the structure and any increased time to rebuild due to the enforcement of building or zoning laws or requirements; (c) coverage for: (i) flood hazard (if such the Facility is located in whole or in part within a designated 000 000-xxxx xxxxx xxxxx xxxx) (ii) earthquakeand terrorism, and (iii) coastal windstorm insurance, if applicable; provided that the insurance pursuant to the foregoing clauses (i), (ii) and (ii) shall be required only to the extent it is available at commercially reasonable rates and terms and is customarily carried for similar propertiesnot included or specifically excluded from such Special Risk Insurance, as reasonably determined by Landlord;
9.1.2 Business income insurance covering all risks required in an amount equal to be covered by the insurance provided for in Section 9.1.1 above, as applicable for a period of twelve (12) months and including an extended period of indemnity endorsement which provides that after the physical loss to the Premises (including Tenant Personal Property and Landlord Personal Property) has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the applicable Facility is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period;
(a) Deductibles/self-insured retentions for the insurance policies required under Section 9.1.1 shall not be greater than $100,000; provided, however, that the deductibles/self-insured retentions for losses sustained from earthquake (including earth movement), or windstorm (i.e., wind/hail) may be equal to, but not greater than, five one hundred percent (5100%) of the full replacement cost of the total insured value of the applicable FacilityFacility (as defined below in Section 8.1(c)), or $250,000, whichever is greater. The flood deductible shall not be greater than $100,000, unless the Facility is in the designated 100 year flood plain area, in which event the deductible may be $500,000 or less and the Tenant shall obtain and maintain flood including a building ordinance coverage from the National Flood Insurance Program for the applicable Facility, if required by Landlordendorsement;
(bii) If the commercial property and business income Facility contains steam boilers, pressure vessels or similar apparatus, insurance required under Sections 9.1.1 and 9.1.2 above shall cover perils of terrorism and acts of terrorism defined as certified acts by the Terrorism Risk Insurance Act (TRIA) and Tenant shall maintain commercial property and business income insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 9.1.1 and 9.1.2 above at all times during the term of the Lease as long as such coverage is available in the commercial market at a premium no greater than 300% of the premium for such coverage paid as of the Commencement Date;
(c) all times Tenant will provide coverage during which structural construction, repairs or alterations are being made with respect to the improvements, under the coverages and terms specified in Sections 9.1.1 and 9.1.2 or alternatively (i) commercial property insurance written on a “special cause of loss” builder's risk completed value form on a non-reporting basis, against all risks insured against pursuant to Section 9.1.1 above, including permission to occupy the Facility; and with an agreed amount endorsement waiving (such that the insurance carrier has accepted the amount of coverage and has agreed that there will be no co-insurance provisions; and (ii) owner's contingent or protective liability insurance penalty), covering claims not covered by or under the terms or provisions major components of the commercial general liability insurance central heating, air conditioning and ventilating systems, boilers, other pressure vessels, high pressure piping and machinery, elevators and escalators, if any, and other similar equipment installed in the Facility, in an amount equal to one hundred percent (100%) of the full replacement cost of the Facility, which policy required sectionsshall insure against physical damage to and loss of occupancy and use of the Facility arising out of an accident, explosion, or breakdown covered thereunder;
9.1.3 Tenant shall maintain comprehensive boiler and machinery insurance, in amount of Five Million dollars ($5,000,000iii) or other such amounts as shall be reasonably required by Landlord or any Facility Mortgagee on terms consistent with the commercial property insurance policy required above and any applicable governmental regulations;
9.1.4 If there is any storage tank, whether above ground or below ground, located at a the Facility, whether or not in use, Pollution Liability Insurance with the same limits as required for the commercial general liability insurance pursuant to Section 8.1(b)(v) below;
(iv) Business Interruption and Extra Expense Coverage for loss of at least One Million Dollars business income on an actual loss sustained basis for no less than twelve ($1,000,00012) per occurrence months, covering perils consistent with the requirements of Section 8.1(b), including either an agreed amount endorsement or a waiver of any co-insurance provisions, so as to prevent Borrower, Lender and aggregate any other insured thereunder from being a co-insurer, and containing an extended period indemnity endorsement that provides that the continued loss of business income will be insured until such income returns to the same level it was prior to the loss or other such higher amounts if required by regulation. All policies shall comply with all applicable regulatory requirements and shall insure both the interest expiration of not fewer than six (6) months after the date of the Tenant and Landlordcompleted repairs;
9.1.5 (v) Commercial General Liability Coverage (“CGL”) (including products and completed operations liability and broad form coverage, host liquor liability, broad form property damagedamage (with the explosion, collapse and underground damage exclusions deleted), blanket contractual liability, no exclusion for independent contractorscontractors liability, personal injury and advertising injury coverage and medical payments coverage) against claims for bodily injury, death or death, medical expenses, property damage 54151.4 33 occurring on, in or about such the Facility, affording the parties protection of not less than One Million Dollars ($1,000,000 1,000,000) per occurrence and Two Million Dollars ($3,000,000 2,000,000) in the annual aggregate;
Appears in 1 contract
Required Policies. During the Term, Tenant shall maintain the following insurance with respect to each Facility at its sole cost and expense:
9.1.1 With respect to the Premises, Tenant shall maintain commercial, property insurance on the Premises (including Tenant Personal Property and all Landlord Personal Property) written on a “special cause of loss form”, including but not limited to sprinkler leakage, in a per occurrence amount not less than 100% of current replacement cost for all real and business personal property; and including business income (subject to terms of Section 9.1.2), and providing or containing, as applicable: (a) an Agreed Amount Endorsement with respect to the Premises (including all Tenant Personal Property and Landlord Personal Property) waiving all co-insurance provisions; (b) an “Ordinance or Law Coverage” (Code Upgrade coverage) which shall provide coverage for the increased cost of construction, demolition cost, value of the undamaged portion of the structure and any increased time to rebuild due to the enforcement of building or zoning laws or requirements; (c) coverage for: (i) flood hazard (if such Facility is located in whole or in part within a designated 000 xxxx xxxxx xxxxx xxxx) (ii) earthquake, and (iii) coastal windstorm insurance, if applicable; provided that the insurance pursuant to the foregoing clauses (i), (ii) and (ii) shall be required only to the extent it is available at commercially reasonable rates and terms and is customarily carried for similar properties, as reasonably determined by Landlord;
9.1.2 Business income insurance covering all risks required to be covered by the insurance provided for in Section 9.1.1 above, as applicable for a period of twelve (12) months and including an extended period of indemnity endorsement which provides that after the physical loss to the Premises (including Tenant Personal Property and Landlord Personal Property) has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the applicable Facility is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period;
(a) Deductibles/self-insured retentions for the insurance policies required under Section 9.1.1 shall not be greater than $100,000; provided, however, that the deductibles/self-insured retentions for losses sustained from earthquake (including earth movement), or windstorm (i.e., wind/hail) may be equal to, but not greater than, five percent (5%) of the replacement cost of the total insured value of the applicable Facility, or $250,000, whichever is greater. The flood deductible shall not be greater than $100,000, unless the Facility is in the designated 100 year flood plain area, in which event the deductible may be $500,000 or less and the Tenant shall obtain and maintain flood coverage from the National Flood Insurance Program for the applicable Facility, if required by Landlord;
(b) the commercial property and business income insurance required under Sections 9.1.1 and 9.1.2 above shall cover perils of terrorism and acts of terrorism defined as certified acts by the Terrorism Risk Insurance Act (TRIA) and Tenant shall maintain commercial property and business income insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 9.1.1 and 9.1.2 above at all times during the term of the Lease as long as such coverage is available in the commercial market at a premium no greater than 300% of the premium for such coverage paid as of the Commencement Date;
(c) all times Tenant will provide coverage during which structural construction, repairs or alterations are being made with respect to the improvements, under the coverages and terms specified in Sections 9.1.1 and 9.1.2 or alternatively (i) commercial property insurance written on a “special cause of loss” builder's risk completed value form on a non-reporting basis, against all risks insured against pursuant to Section 9.1.1 above, including permission to occupy the Facility; and with an agreed amount endorsement waiving co-insurance provisions; and (ii) owner's contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the commercial general liability insurance policy required sections;
9.1.3 Tenant shall maintain comprehensive boiler and machinery insurance, in amount of Five Million dollars ($5,000,000) or other such amounts as shall be reasonably required by Landlord or any Facility Mortgagee on terms consistent with the commercial property insurance policy required above and any applicable governmental regulations;
9.1.4 If there is any storage tank, whether above ground or below ground, located at a Facility, whether or not in use, Pollution Liability Insurance with limits of at least One Million Dollars ($1,000,000) per occurrence and aggregate or other such higher amounts if required by regulation. All policies shall comply with all applicable regulatory requirements and shall insure both the interest of the Tenant and Landlord;
9.1.5 Commercial General Liability Coverage (“CGL”) (including products and completed operations liability and broad form coverage, host liquor liability, broad form property damage, blanket contractual liability, no exclusion for independent contractors, personal injury and advertising injury coverage against claims for bodily injury, death or property damage occurring on, in or about such Facility, affording the parties protection of not less than $1,000,000 per occurrence and $3,000,000 in the annual aggregate;9.
Appears in 1 contract
Samples: Master Lease
Required Policies. During the Term, Tenant shall maintain the following insurance with respect to each Facility at its sole cost and expense:
9.1.1 With respect to the Premises8.1.1 Fire and Extended Coverage against loss or damage by fire, Tenant shall maintain commercialvandalism and malicious mischief, property insurance on the Premises (including Tenant Personal Property extended coverage perils commonly known as “Special Risk,” and all Landlord Personal Property) written on a “special cause of physical loss form”perils normally included in such Special Risk insurance, including but not limited to sprinkler leakageleakage and windstorm, in a all with an aggregate loss limit per occurrence amount of not less than 100% of current replacement cost for all real Four Hundred Million Dollars ($400,000,000) and business personal property; and including business income (subject to terms of Section 9.1.2), and providing or containing, as applicable: (a) an Agreed Amount Endorsement with respect to the Premises (including all Tenant Personal Property and Landlord Personal Property) waiving all co-insurance provisions; (b) an “Ordinance or Law Coverage” (Code Upgrade coverage) which shall provide coverage for the increased cost of construction, demolition cost, value of the undamaged portion of the structure and any increased time to rebuild due to the enforcement of building or zoning laws or requirements; flood (c) coverage for: (i) flood hazard (only if such Facility is located in whole or in part within a designated 000 xxxx xxxxx xxxxx xxxx) (ii) earthquake, 100-year flood plain area and (iii) coastal windstorm insurance, if applicable; provided that the insurance pursuant to the foregoing clauses (i), (ii) and (ii) shall be required only to the extent it such coverage is available at commercially reasonable rates and terms and is customarily carried for similar properties, as reasonably determined by Landlordpremiums) with an aggregate loss limit per occurrence of not less than Two Hundred Fifty Million Dollars ($250,000,000);
9.1.2 Business income 8.1.2 If such Facility contains steam boilers, pressure vessels or similar apparatus, insurance covering all risks required to be covered by the insurance provided for in Section 9.1.1 above, as applicable for a period of twelve (12) months and including an extended period of indemnity endorsement which provides that after the physical loss to the Premises (including Tenant Personal Property and Landlord Personal Property) has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the applicable Facility is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period;
(a) Deductibles/self-insured retentions for the insurance policies required under Section 9.1.1 shall not be greater than $100,000; provided, however, that the deductibles/self-insured retentions for losses sustained from earthquake (including earth movement), or windstorm (i.e., wind/hail) may be equal to, but not greater than, five percent (5%) of the replacement cost of the total insured value of the applicable Facility, or $250,000, whichever is greater. The flood deductible shall not be greater than $100,000, unless the Facility is in the designated 100 year flood plain area, in which event the deductible may be $500,000 or less and the Tenant shall obtain and maintain flood coverage from the National Flood Insurance Program for the applicable Facility, if required by Landlord;
(b) the commercial property and business income insurance required under Sections 9.1.1 and 9.1.2 above shall cover perils of terrorism and acts of terrorism defined as certified acts by the Terrorism Risk Insurance Act (TRIA) and Tenant shall maintain commercial property and business income insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 9.1.1 and 9.1.2 above at all times during the term of the Lease as long as such coverage is available in the commercial market at a premium no greater than 300% of the premium for such coverage paid as of the Commencement Date;
(c) all times Tenant will provide coverage during which structural construction, repairs or alterations are being made with respect to the improvements, under the coverages and terms specified in Sections 9.1.1 and 9.1.2 or alternatively (i) commercial property insurance written on a “special cause of loss” builder's risk completed value form on a non-reporting basis, against all risks insured against pursuant to Section 9.1.1 above, including permission to occupy the Facility; and with an agreed amount endorsement waiving (such that the insurance carrier has accepted the amount of coverage and has agreed that there will be no co-insurance provisions; and (ii) owner's contingent or protective liability insurance penalty), covering claims not covered by or under the terms or provisions major components of the commercial general liability insurance central heating, air conditioning and ventilating systems, boilers, other pressure vessels, high pressure piping and machinery, elevators and escalators, if any, and other similar equipment installed in such Facility, which policy required sectionsshall insure against physical damage to and loss of occupancy and use of such Facility arising out of an accident, explosion, or breakdown covered thereunder all with an aggregate loss limit per occurrence of not less than Four Hundred Million Dollars ($400,000,000);
9.1.3 Tenant shall maintain comprehensive boiler and machinery insurance, in amount of Five Million dollars ($5,000,000) or other such amounts as shall be reasonably required by Landlord or any Facility Mortgagee on terms consistent with the commercial property insurance policy required above and any applicable governmental regulations;
9.1.4 8.1.3 If there is any storage tank, whether above ground or below ground, located at a such Facility, whether or not in use, Pollution Liability Storage Tank Insurance with limits affording the parties protection of at least not less than One Million Dollars ($1,000,000) per occurrence and aggregate in the annual aggregate;
8.1.4 Business Interruption and Extra Expense Coverage for loss of business income on an actual loss sustained basis for no less than twelve (12) months, including either an agreed amount endorsement or a waiver of any co-insurance provisions, so as to prevent Tenant, Landlord and any other insured thereunder from being a co-insurer, and containing an extended period indemnity endorsement that provides that the continued loss of business income will be insured until such higher amounts if required by regulation. All policies shall comply with all applicable regulatory requirements and shall insure both income returns to the interest same level it was prior to the loss or the expiration of not fewer than six (6) months after the date of the Tenant and Landlordcompleted repairs all with an aggregate loss limit per occurrence of not less than Four Hundred Million Dollars ($400,000,000);
9.1.5 8.1.5 Commercial General Liability Coverage (“CGL”) (including products and completed operations liability and broad form coverage, host liquor liability, broad form property damage, blanket contractual liability, no exclusion for independent contractorscontractors liability, personal injury and advertising injury coverage coverage) against claims for bodily injury, death or death, medical expenses, property damage occurring on, in or about such Facility, affording the parties protection of not less than One Million Dollars ($1,000,000 1,000,000) per occurrence claim and Three Million Dollars ($3,000,000 3,000,000) in the annual aggregate;
Appears in 1 contract
Samples: Master Lease (CareTrust REIT, Inc.)
Required Policies. During the Term, Tenant shall maintain the following insurance with respect to each Facility at its sole cost and expense, including any policy deductibles or self-insured retentions, and any claims thereunder shall be adjudicated by and at the expense of Tenant, its insurance carrier or a third party administrator approved by the insurance carrier:
9.1.1 With 5.1.2.1. Property insurance coverage with respect to the Premises, Tenant shall maintain commercial, each Facility or Facilities against loss or damage from all causes under standard “all risk” or “special perils” property insurance on coverage in amounts that are not less than [***] of the Premises full replacement cost of such Facility (including Tenant Personal Property and all Landlord Personal Property) written on a “special cause of loss form”with such amount subject to Landlord’s annual approval, including but not limited to be unreasonably withheld), without exclusion for fire, lightning, windstorm, hail, water damage, explosion, smoke damage, scheduled mobile equipment (if any), sprinkler leakage, in a flood (subject to an annual aggregate sublimit of [***] except [***] for locations wholly or partially within special flood hazard areas (at SFHA), areas of 100 year flooding as defined by the Federal Emergency Management Agency (FEMA), and [***] per occurrence amount for the peril of Named Storm in tier 1 counties), vandalism, earthquake (subject to an annual aggregate sublimit of [***] other than [***] for earth movement in all of the following States combined: California, Alaska, Hawaii, and or Puerto Rico; [***] for all earth movement in pacific northwest earthquake zone counties; [***] for all earth movement in new Madrid earthquake zone counties), terrorism, malicious mischief or any other risks normally covered under an extended coverage endorsement, in amounts that are not less than 100% [***] of current the full replacement cost for all real and business personal property; and including business income (of such Facility, subject to terms a limit of Section 9.1.2)liability, including all Alterations, and providing or containing, as applicable: (a) an Agreed Amount Endorsement with respect to the Premises (including all Tenant Personal Property associated therewith (including the cost of demolition, debris removal and Landlord Personal Property) waiving all co-insurance provisions; (b) an “Ordinance or Law Coverage” (Code Upgrade coverage) which shall provide coverage for the increased cost of construction);
5.1.2.2. If any Facility contains steam boilers, demolition coststeam pipes, value steam engines, steam turbines or other high pressure vessels, machinery and equipment breakdown insurance with an agreed amount endorsement (such that the insurance carrier(s) has/have accepted the amount of coverage and has agreed that there will be no co-insurance penalty), covering the major components of the undamaged portion central heating, air conditioning and ventilating systems, boilers, other pressure vessels, high pressure piping, and machinery, elevators, and escalators, if any, and other similar equipment installed in such Facility, in an amount equal to [***] of the structure full replacement cost of such Facility, subject to an equipment breakdown sublimit of [***], which policies shall insure against physical damage to and any increased time to rebuild due to the enforcement loss of building or zoning laws or requirements; (c) coverage for: (i) flood hazard (if occupancy and use of such Facility is located in whole arising out of an accident, explosion, or in part within a designated 000 xxxx xxxxx xxxxx xxxxbreakdown covered thereunder;
5.1.2.3. Business interruption and extra expense coverage (A) with respect to each Facility for loss of time element on an actual loss sustained basis or, but no less than 12 months, covering perils consistent with the requirements of Section 5.1.2.1, (iiB) earthquakeproviding that any covered loss thereunder shall be payable to Tenant, and (iiiC) coastal windstorm insurance, if applicable; provided that the insurance pursuant to the foregoing clauses (i), (ii) and (ii) shall be required only to the extent it is available at commercially reasonable rates and terms and is customarily carried for similar properties, as reasonably determined by Landlord;
9.1.2 Business income insurance covering all risks required to be covered by the insurance provided for in Section 9.1.1 above, as applicable for a period of twelve (12) months and including containing an extended period of indemnity endorsement which that provides that after the physical loss to the Premises (including Tenant Personal Property and Landlord Personal Property) has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, loss or the expiration of not fewer than six (6) months from after the date that of the applicable Facility is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such periodcompleted repairs;
(a) Deductibles/self-insured retentions for the 5.1.2.4. Builder’s risk insurance policies required under Section 9.1.1 shall not be greater than $100,000; providedcoverage, however, that the deductibles/self-insured retentions for losses sustained from earthquake (including earth movement), or windstorm (i.e., wind/hail) may be equal to, but not greater than, five percent (5%) of the replacement cost of the total insured value of the applicable Facility, or $250,000, whichever is greater. The flood deductible shall not be greater than $100,000, unless the Facility is in the designated 100 year flood plain area, in which event the deductible may be $500,000 or less and carried by the Tenant shall obtain and maintain flood coverage from the National Flood Insurance Program for the applicable Facilityor contractor, if required by Landlord;
(b) the commercial property and business income insurance required under Sections 9.1.1 and 9.1.2 above shall cover perils of terrorism and acts of terrorism defined as certified acts by the Terrorism Risk Insurance Act (TRIA) and Tenant shall maintain commercial property and business income insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 9.1.1 and 9.1.2 above at all times during the term of the Lease as long as such coverage is available in the commercial market at a premium no greater than 300% of the premium for such coverage paid as of the Commencement Date;
(c) all times Tenant will provide coverage during which Alterations or structural construction, construction or repairs or alterations are being made with respect to any Facility, and only if the improvementscoverage under Section 5.1.2.1 above does not otherwise apply, under the coverages secured and terms specified in Sections 9.1.1 and 9.1.2 or alternatively (i) commercial property insurance written on a “special cause of loss” builder's risk completed value form form, (a) on a non-reporting basis, against (b) covering all risks insured against pursuant to Section 9.1.1 5.1.2.1 above, including permission (c) with respect to occupy the Facility; and any standalone builder’s risk policies, with an agreed amount endorsement waiving (such that the insurance carrier(s) has accepted the amount of coverage and has agreed that there will be no co-insurance provisions; penalty) and (iid) owner's contingent or protective liability insurance covering claims not covered by or under the terms or provisions interests of the Landlord and Xxxxxx and their respective architects, engineers, contractors and subcontractors.
5.1.2.5. Healthcare Umbrella Liability policy that includes commercial general liability insurance policy required sections;
9.1.3 Tenant shall maintain comprehensive boiler and machinery insurancecoverage with respect to each Facility including, in amount of Five Million dollars ($5,000,000) or other such amounts as shall be reasonably required by Landlord or any Facility Mortgagee on terms consistent with the commercial property insurance policy required above and any applicable governmental regulations;
9.1.4 If there is any storage tankbut not limited to, whether above ground or below groundpremises operations, located at a Facility, whether or not in use, Pollution Liability Insurance with limits of at least One Million Dollars ($1,000,000) per occurrence and aggregate or other such higher amounts if required by regulation. All policies shall comply with all applicable regulatory requirements and shall insure both the interest of the Tenant and Landlord;
9.1.5 Commercial General Liability Coverage (“CGL”) (including products and completed operations liability and broad form coverageliability, host liquor liability, broad form property damagedamage (with the explosion, blanket collapse, and underground damage exclusions deleted), contractual liability for insured contracts, vicarious independent contractors liability, no exclusion for independent contractors, personal injury and advertising injury coverage and coverage against claims for bodily injury, death or death, personal and advertising injury, medical expenses, and property damage occurring on, in or about such Facility, affording the parties protection Landlord Insured Parties defense and indemnity protection, including healthcare professional liability coverage on either an ISO, or its equivalent, occurrence or claims-made form with respect to each Facility for damages for bodily injury, death or otherwise on account of professional services rendered or which should have been rendered, with no exclusion for patient abuse or sexual molestation. The policy will be in a minimum amount of not less than $1,000,000 [***] each occurrence/[***] annual aggregate.
5.1.2.6. Workers’ compensation insurance coverage with respect to each Facility for injuries or occupational illness sustained by Tenant’s employees in the course of their employment and otherwise consistent with all applicable statutory and Legal Requirements and employer’s liability coverage with limits of not less than [***] each accident, [***] bodily injury due to disease each employee and [***] bodily injury due to disease policy limit. In the alternative, for facilities where State law allows self-insurance for workers’ compensation, Tenant may self-insure consistent with all applicable statutory and Legal Requirements and secure Excess workers’ compensation and employer’s liability coverage with limits of not less than [***] per occurrence. For facilities that are in a state where workers compensation and employers liability is not required, the Tenant may maintain an Employer’s Indemnity policy with respect to injuries or occupational illness sustained by Tenant’s employees in the course of their employment and otherwise consistent with all applicable statutory and applicable Legal Requirements with a total policy limit of not less than [***] combined single limit per covered employee/[***] combined single limit per occurrence. If facilities have any employees required to be enrolled in a State Monopolistic Fund, Tenant will maintain compliance with the Monopolistic Fund requirements.
5.1.2.7. Motor vehicle liability insurance for all owned and non- owned vehicles, including any rented and/or leased vehicles, covering bodily injury, including death, and property damage with limits not less than [***] each accident, including garagekeepers legal liability, subject to a [***] sub-limit (but only for any Facility at which Tenant provides valet parking service), except emergency vehicle limits shall be [***] each accident.
5.1.2.8. Umbrella/excess liability insurance in addition to underlying coverage in an amount not less than [***] each occurrence and $3,000,000 [***] annual aggregate, on terms generally consistent with the healthcare liability umbrella policy (including commercial general liability insurance and healthcare professional liability policy), motor vehicle liability policy and employer’s liability policy except non-subscription policy(ies) required under this Section 5.1.2 and covering all claims typically covered by an umbrella/excess liability policy;
5.1.2.9. Crime insurance against employee dishonesty, with limits not less than [***] for employee dishonesty and [***] for coverage for third parties;
5.1.2.10. Contingent Aviation Liability for the operation or use of non-owned aircraft, maximum seating not to exceed [***] seats, with a combined single limit for bodily injury and property damage liability including passengers with a limit of [***] each occurrence and [***] each occurrence for Physical Damage Liability, [***] each occurrence Aviation Premises Liability, [***] each offense and [***] in the annual aggregate Personal Injury Liability, any one aircraft/any one occurrence Care, Custody and Control, and [***] any one fire for Fire Legal Liability; and
5.1.2.11. Environmental Liability insurance (including limited mold coverage) with limits not less than Site Liability of [***] per occurrence/[***] policy aggregate;; Storage Tanks [***] per occurrence/[***] annual aggregate.
5.1.2.12. Deductibles/self-insured retentions for the above policies shall not be greater than a [***] deductible/self-insured retention for property insurance with a [***] of Total Insurable Values (TIV) of the damaged location deductible/self-insured retention, except for Named Storm coverage which shall have a deductible per loss of up to [***] TIV of the damaged location, subject to a minimum of [***] for any one occurrence for all loss or damage arising out of a Named Storm in a Tier 1 or 2 High Hazard Wind Zone; Hail coverage which shall have a maximum deductible per loss of up to [***] TIV of the damaged location, subject to a minimum of [***] for any occurrence with a maximum deductible of [***] for all loss or damage arising out of hail in a Tier 1 or 2 High Hazard Hail Zone; a [***] Building, [***] Contents and [***] all other loss deductible/self-insured retention for Special Flood Hazard Areas; and a [***] deductible/self-insured retention for earthquake coverage except [***] of TIV of the damaged location for CA, HI, AK, PR, subject to a minimum [***]; [***] of TIV of the damaged location for New Madrid EQ Zone Counties or Pacific Northwest EQ Zone Counties, subject to a minimum [***]; a [***] deductible/self-insured retention for workers’ compensation/employer’s liability; a [***] deductible/self-insured retention for motor vehicle liability; a [***] deductible/self-insured retention for crime; and the lesser of (i) [***] and (ii) the then commercially reasonable deductible/self-insured retention amount for commercial general liability/healthcare professional liability; a [***] deductible for environmental liability and a [***] deductible for contingent aviation liability.
Appears in 1 contract
Samples: Master Lease and Guaranty of Master Lease (Ardent Health Partners, LLC)
Required Policies. During the Term, Tenant shall maintain the following insurance with respect to each Facility at its sole cost and expense:
9.1.1 With respect to the PremisesFire and Extended Coverage against loss or damage by fire, Tenant shall maintain commercialvandalism and malicious mischief, property insurance on the Premises (including Tenant Personal Property extended coverage perils commonly known as “Special Risk,” and all Landlord Personal Property) written on a “special cause of physical loss form”perils normally included in such Special Risk insurance, including but not limited to sprinkler leakageleakage and windstorm, in a per occurrence amount not less than 100% of current replacement cost together with coverage for all real and business personal property; and earthquake (including business income (subject to terms of Section 9.1.2earth movement), and providing or containing, as applicable: (a) an Agreed Amount Endorsement with respect to the Premises (including all Tenant Personal Property and Landlord Personal Property) waiving all co-insurance provisions; (b) an “Ordinance or Law Coverage” (Code Upgrade coverage) which shall provide coverage for the increased cost of construction, demolition cost, value of the undamaged portion of the structure and any increased time to rebuild due to the enforcement of building or zoning laws or requirements; (c) coverage for: (i) flood hazard (if such Facility is located in whole or in part within a designated 000 000-xxxx xxxxx xxxxx xxxx) (ii) earthquakeand terrorism, and (iii) coastal windstorm insurance, if applicable; provided that the insurance pursuant to the foregoing clauses (i), (ii) and (ii) shall be required only to the extent it is available at commercially reasonable rates and terms and is customarily carried for similar propertiesnot included or specifically excluded from such Special Risk Insurance, as reasonably determined by Landlord;
9.1.2 Business income insurance covering all risks required in an amount equal to be covered by the insurance provided for in Section 9.1.1 above, as applicable for a period of twelve (12) months and including an extended period of indemnity endorsement which provides that after the physical loss to the Premises (including Tenant Personal Property and Landlord Personal Property) has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the applicable Facility is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period;
(a) Deductibles/self-insured retentions for the insurance policies required under Section 9.1.1 shall not be greater than $100,000; provided, however, that the deductibles/self-insured retentions for losses sustained from earthquake (including earth movement), or windstorm (i.e., wind/hail) may be equal to, but not greater than, five one hundred percent (5100%) of the full replacement cost of the total insured value of the applicable Facilitysuch Facility (as replacement cost is defined below in Section 9.3), or $250,000, whichever is greater. The flood deductible shall not be greater than $100,000, unless the Facility is in the designated 100 year flood plain area, in which event the deductible may be $500,000 or less and the Tenant shall obtain and maintain flood including a building ordinance coverage from the National Flood Insurance Program for the applicable Facility, if required by Landlordendorsement;
(b) the commercial property and business income 9.1.2 If such Facility contains steam boilers, pressure vessels or similar apparatus, insurance required under Sections 9.1.1 and 9.1.2 above shall cover perils of terrorism and acts of terrorism defined as certified acts by the Terrorism Risk Insurance Act (TRIA) and Tenant shall maintain commercial property and business income insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 9.1.1 and 9.1.2 above at all times during the term of the Lease as long as such coverage is available in the commercial market at a premium no greater than 300% of the premium for such coverage paid as of the Commencement Date;
(c) all times Tenant will provide coverage during which structural construction, repairs or alterations are being made with respect to the improvements, under the coverages and terms specified in Sections 9.1.1 and 9.1.2 or alternatively (i) commercial property insurance written on a “special cause of loss” builder's risk completed value form on a non-reporting basis, against all risks insured against pursuant to Section 9.1.1 above, including permission to occupy the Facility; and with an agreed amount endorsement waiving (such that the insurance carrier has accepted the amount of coverage and has agreed that there will be no co-insurance provisions; and (ii) owner's contingent or protective liability insurance penalty), covering claims not covered by or under the terms or provisions major components of the commercial general liability insurance central heating, air conditioning and ventilating systems, boilers, other pressure vessels, high pressure Liberty:Pristine piping and machinery, elevators and escalators, if any, and other similar equipment installed in such Facility, in an amount equal to one hundred percent (100%) of the full replacement cost of such Facility, which policy required sectionsshall insure against physical damage to and loss of occupancy and use of such Facility arising out of an accident, explosion, or breakdown covered thereunder;
9.1.3 Tenant shall maintain comprehensive boiler and machinery insurance, in amount of Five Million dollars ($5,000,000) or other such amounts as shall be reasonably required by Landlord or any Facility Mortgagee on terms consistent with the commercial property insurance policy required above and any applicable governmental regulations;
9.1.4 If there is any storage tank, whether above ground or below ground, located at a such Facility, whether or not in use, Pollution Liability Insurance with the same limits as required for the commercial general liability insurance pursuant to Section 9.1.5 below;
9.1.4 Business Interruption and Extra Expense Coverage for loss of at least One Million Dollars business income on an actual loss sustained basis for no less than twelve ($1,000,00012) per occurrence months, covering perils consistent with the requirements of Section 9.1.1, including either an agreed amount endorsement or a waiver of any co-insurance provisions, so as to prevent Tenant, Landlord and aggregate any other insured thereunder from being a co-insurer, and containing an extended period indemnity endorsement that provides that the continued loss of business income will be insured until such income returns to the same level it was prior to the loss or other such higher amounts if required by regulation. All policies shall comply with all applicable regulatory requirements and shall insure both the interest expiration of not fewer than six (6) months after the date of the Tenant and Landlordcompleted repairs;
9.1.5 Commercial General Liability Coverage (“CGL”) (including products and completed operations liability and broad form coverage, host liquor liability, broad form property damagedamage (with the explosion, collapse and underground damage exclusions deleted), blanket contractual liability, no exclusion for independent contractorscontractors liability, personal injury and advertising injury coverage and medical payments coverage) against claims for bodily injury, death or death, medical expenses, property damage occurring on, in or about such Facility, affording the parties protection of not less than One Million Dollars ($1,000,000 1,000,000) per occurrence and Three Million Dollars ($3,000,000 3,000,000) in the annual aggregate;
Appears in 1 contract
Samples: Master Lease (CareTrust REIT, Inc.)
