Risks to be Insured. The Mortgagor will, at its expense, maintain or cause to be maintained with insurance carriers approved by the Mortgagee (a) insurance with respect to the Improvements against loss or damage by fire, lightning and such other risks as are included in standard "all-risk" policies, in amounts sufficient to prevent the Mortgagor and the Mortgagee from becoming a co-insurer of any partial loss under the applicable policies, but in any event in amounts not less than the then full insurable value (actual replacement value) of the Improvements, as determined by the Mortgagor in accordance with generally accepted insurance practice and approved by the Mortgagee or, at the request of the Mortgagee, as determined at the Mortgagor's expense by the insurer or insurers or by an expert approved by the Mortgagee, (b) comprehensive public liability, including bodily injury and product liability and property damage, insurance, with personal injury endorsements, applicable to the Property in such amounts as are customarily carried by Persons operating similar properties in the same general locality, but in any event with a combined single limit of not less than Twenty Million Dollars ($20,000,000) per occurrence, (c) explosion insurance in respect of any steam and pressure boilers and similar apparatus located in the Property in such amounts as are usually carried by persons operating similar properties in the same general locality, but in any event in an amount not less than Twenty Million Dollars ($20,000,000), (d) business interruption insurance (including added expense coverage) against all insurable perils for a period of not fewer than twelve (12) months (subject to a reasonable aggregate deductible not exceeding ten (10) days per any occurrence), (e) worker's compensation insurance to the full extent required by applicable law for all employees of the Mortgagor engaged in any work on or about the Property and employer's liability insurance with a limit of not less than Ten Million Dollars ($10,000,000) for each occurrence, (f) all-risk, builders' risk insurance with respect to the Property during any period during which there is any construction work being performed, against loss or damage by fire or other risks, including vandalism, malicious mischief and sprinkler leakage, as are included in so-called "extended coverage" clauses at the time available and (g) such other insurance with respect to the Property in such amounts and against such insurable hazards as the M...
Risks to be Insured. With respect to each Pool A Property, each Loan Party shall procure or cause to be procured, and each Loan Party shall maintain or cause to be maintained continuously in effect, insurance coverage issued by an insurer (i) authorized to issue such insurance in all applicable jurisdictions, (ii) rated ``A'' (or its equivalent) or better by Xxxxxx X. Best Company, Inc., (iii) with a financial size rating of VIII (or its equivalent) or better, by Xxxxxx X. Best Company, Inc., and (iv) otherwise satisfactory to the Agent; PROVIDED, HOWEVER, that the requirements set forth in clauses (ii) and (iii) above with respect to any Pool A Property shall be subject to any requirements of any related Ground Lease; PROVIDED FURTHER, HOWEVER, that (1) each insurer of CapStar's or any of its Subsidiaries' umbrella liability insurance policies as of the Closing Date (and any renewal thereof by such insurers), may be rated ``A- '' (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that such carrier(s) shall comply with the requirement set forth in clause (ii) above, and (2) as of the Closing Date, the insurers of CapStar's or any of its Subsidiaries' earthquake, flood and wind insurance policies (and any renewals thereof by such insurers, respectively) may be rated ``A-'' (or its equivalent) by Xxxxxx X. Best Company, Inc. and have a financial size rating of ``VIII'' (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that, in the event CapStar or any of its Subsidiaries procures any earthquake, flood or wind insurance from a carrier other than the carrier providing such insurance on the Closing Date, such carrier shall comply with the requirements set forth in clauses (ii) and (iii) above unless otherwise approved by the Agent. Each Loan Party shall pay, and shall cause each of its Subsidiaries to pay, in a timely manner all premiums due in connection therewith. All insurance policies shall be issued by insurers doing business as admitted licensed carriers in the state where such Property is located, and shall be authorized and licensed to issue insurance in such state unless otherwise approved by the Agent in its sole discretion. The insurance to be procured and maintained by CapStar and its Subsidiaries is the following:
Risks to be Insured. Subject to the terms and provisions of paragraph 2 above, the Borrower, at its sole cost and expense, will maintain insurance of the following character:
(i) Insurance on the buildings and other improvements now existing or hereafter erected on the Land and on the fixtures and personal property included in the Mortgaged Property against loss by fire, and other hazards covered by the so-called “special” form of policy without a co-insurance clause in an amount equal to the full replacement cost thereof (with a deductible of not more than $25,000) without deduction for physical depreciation, which insurance shall in no event be less than the unpaid principal balance of the Note at any given time. While any building or other improvement is in the course of being constructed or rebuilt on the Land, the Borrower shall provide the aforesaid hazard insurance in builder’s risk completed value form including coverage available on the so-called “special” non-reporting form of policy for an amount equal to 100% of the insurable replacement cost of such building or other improvement.
(ii) If the Mortgaged Property includes steam boilers or other equipment for the generation or transmission of steam, insurance against loss or damage by explosion, rupture or bursting of steam boilers, pipes, turbines, engines and other pressure vessels and equipment, in an amount satisfactory to the Lender, without a co-insurance clause.
(iii) If the Land or any part thereof is located in a designated official flood-hazardous area, flood insurance insuring the buildings and improvements now existing or hereafter erected on the Land in an amount equal to the lesser of the principal balance of the Note or the maximum limit of coverage made available with respect to such buildings and improvements under the Federal Flood Disaster Protection Act of 1973, as amended, and the regulations issued thereunder.
(iv) Comprehensive general liability insurance in an amount not less than $5,000,000 protecting against claims arising from any accident or occurrence in or upon the Mortgaged Property in the form and amount acceptable to the Lender.
(v) While any building or improvement is in the course of being constructed, renovated or rebuilt on the Land, such worker’s compensation insurance as is required by statute.
(vi) Insurance against interruption of business in respect of the Mortgaged Property in an amount sufficient to pay one (1) year’s debt service on the Note, including principal and interes...
Risks to be Insured. During the term of this Mortgage the ------------------- Mortgagors will, at their sole cost and expense, maintain or cause to be maintained with respect to each Mortgaged Property, insurance coverage, cost and expense, of the following types (and minimum limits) and shall pay in a timely manner all premiums due in connection therewith:
(a) insurance with respect to the Improvements and the Equipment against any peril included within the classification "All Risks of Physical Loss" with extended coverage in amounts at all times sufficient to prevent any Mortgagor from becoming co-insurer within the terms of the applicable policies, but in any event such insurance shall be maintained in an amount equal to the full insurable value of the Improvements and the Equipment, the term "full insurable value" to mean the actual replacement cost of the Improvements and the Equipment (without taking into account any depreciation, and exclusive of excavations, footings and foundations, landscaping and paving) as reasonably determined annually in accordance with the Mortgagors' customary practices by an insurer, a recognized independent insurance broker or an appraiser selected and paid by the Mortgagors (unless reasonably disapproved by the Mortgagee) and in no event less than the coverage required pursuant to the terms of any Ground Lease, Lease or Operating Agreement;
(b) comprehensive general liability insurance, including bodily injury, death and property damage liability, and umbrella liability insurance against any and all claims, including all legal liability to the extent insurable imposed upon the Mortgagee and all court costs and attorneys' fees and expenses, arising out of or connected with the possession, use, leasing, operation, maintenance or condition of such Mortgaged Property in such amounts as are generally available at reasonable premiums and are generally required by institutional lenders for properties comparable to such Mortgaged Property;
(c) statutory workers' compensation insurance (to the extent the risks to be covered thereby are not already covered by other policies of insurance maintained by the Mortgagors or their agents), with respect to any work on or about such Mortgaged Property;
(d) business interruption and/or loss of "rental value" insurance in an amount sufficient to avoid any co-insurance penalty and, if the duration of such coverage is limited by reference to the passage of time, to provide Proceeds for a period not less than one a...
Risks to be Insured. Borrower, at its expense, shall maintain with insurers approved by the Bank (a) builder's risk insurance, (b) insurance with respect to any completed Improvements against loss or damage by fire, earthquake, and casualty and against such other risks as are included in coverage of the type now known as extended coverage, in amounts sufficient to prevent Borrower or the Bank from becoming co-insurers under the applicable policies, and in any event in an amount equal to the full replacement value thereof, and in no event less than $6,000,000.00, (c) comprehensive general public liability insurance against claims for personal injury, death or property damage, occurring on, in or about the Mortgaged Property or relating in any way to the Mortgaged Property, with combined, single limits of not less than $1,000,000.00 in respect of any one occurrence, (d) where required by law, appropriate worker's compensation insurance or other insurance against liability arising from the claim of workers in respect of any work on or about the Mortgaged Property and (e) such other insurance with respect to the Mortgaged Property, in such amounts and against such insurable hazards as the Bank from time to time may require in its discretion by written notice to Borrower.
Risks to be Insured. Tenant at its Cost and Expense during the Lease Term will maintain the following insurance for the Leased Premises with reputable insurers authorized to do business in Arizona and rated at least A-IV by A.M. Best Company:
i. primary coverage insurance with respect to the Improvements against loss or damage by fire and other risks from time to time in so-called "all risk" form with a sprinkler leakage endorsement insuring the personal property, inventory, trade fixtures, and Alterations within the Leased Premises and the Leased Premises for the full replacement value thereof, as determined from time to time by the insurer, and in any event in an amount sufficient to prevent Landlord from becoming a co-insurer of any such loss or damage;
ii. commercial general liability insurance, together with host liquor liability insurance, and together with excess liability insurance coverage, insuring against, liability for personal injury, bodily injury, death and damage to property occurring in or about, or resulting from an occurrence in or about, the Leased Premises with combined single limit coverage on a per occurrence basis of not less than a minimum amount of Five Million Dollars ($5,000,000.00) and an aggregate limit of not less than a minimum amount of Five Million Dollars ($5,000,000.00), which insurance shall contain (1) a "contractual liability" endorsement insuring Tenant's performance of Tenant's obligation to indemnify Landlord for losses related to personal injury, bodily injury, death and damage to property, as contained in Section 17; and (2) a cross liability endorsement;
Risks to be Insured. The Grantor will, at its expense, maintain or cause to be maintained insurance policies and coverages with respect to the Trust Premises at least as expansive as required by the terms of the Credit Agreement.
Risks to be Insured. In addition to any insurance required to be maintained in accordance with the Credit Agreement, Mortgagor, at its sole cost and expense, will maintain, or cause to be maintained, insurance of the following character:
(i) With respect to such part of the Mortgaged Properties which is of an insurable nature and of a character usually insured by persons operating similar properties, insurance against loss or damage by fire and from such other cause customarily insured against.
(ii) Comprehensive general liability insurance protecting against claims arising from any accident or occurrence in or upon the Mortgaged Properties in an amount acceptable to Mortgagee.
Risks to be Insured. (1) Without limiting his obligation or responsibilities under Clause 25, the Contractor shall, before the commencement of any work under this Contract, in the joint names of the Employer and the Contractor, insure against all damage, losses or injury from whatever cause arising (other than the “excepted risk” as defined in Clause 25.2) for which he is responsible under the terms of the Contract, the Permanent Works, any Temporary Works and all unfixed Plant, materials and goods delivered on or adjacent to the Site for incorporation into the Works (but excluding tools and Construction Equipment owned or hired by the Contractor or any subcontractors) and any structures or other works erected on or adjacent to the Site to the value of not less than the Contract Sum shown in the Letter of Award (plus the percentage stated in the Appendix for professional fees). The Contractor shall keep such Permanent Works, Temporary Works, materials, goods, structures or works so insured until fourteen (14) days after the Date of Substantial Completion (or the latest Date of Substantial Completion if more than one) certified by the Superintending Officer pursuant to Clause 17 and during the Defects Liability Period for damage, losses or injury arising from a cause occurring prior to the commencement of the Defects Liability Period.
(2) Such insurance shall be effected with an insurer in terms approved by the Superintending Officer and the Contractor shall deposit with the Superintending Officer before the commencement of any work on Site a copy of the policy or policies of insurance and no later than fourteen
Risks to be Insured. (a) Lessee shall maintain or cause to be maintained with insurers and pursuant to insuring agreements approved by Lessor:
(i) insurance with respect to all buildings, improvements, equipment and machinery constituting a part of the Combined Premises against loss or damage by perils customarily included under standard "all-risk" policies (including specifically damage by water), in amounts sufficient to prevent Lessor or Lessee from becoming a co-insurer of any partial loss under the applicable policies, and in any event in amounts not less than 90% of the then full replacement cost (without deducting depreciation) of such buildings, improvements, equipment and machinery (exclusive of the costs of foundations, excavations and footings) (the "full replacement cost") as determined at the request of Lessor, made not sooner than one year after the previous determination, and at Lessee's expense by the insurer or insurers or by an expert selected by Lessee and approved by Lessor;
(ii) boiler and machinery coverage, either, as Lessee shall elect, as part of the policy referred to in clause (i) of this section 14.1(a) or, if by a separate policy, in an amount not less than $5,000,000 or such greater amount as Lessor may reasonably require by notice to Lessee;
(iii) comprehensive general liability insurance, including broad form bodily injury, personal injury, property damage and blanket contractual insurance, against claims arising out of or connected with the possession, use, operation or condition of the Combined Premises with a combined single limit of not less than $100,000,000 (or, such greater amount as Lessor may reasonably require by notice to Lessee) for all claims with respect to bodily injury, property damage and personal injury with respect to any one occurrence;
(iv) appropriate builder's risk insurance with respect to any Alterations (including, without limitation, any Restoration) or other work on or about the Combined Premises or any part thereof;
(v) appropriate worker's compensation and employer's liability insurance with respect to any Alteration (including, without limitation, any Restoration) or other work on or about the Combined Premises or any part thereof;
(vi) such other insurance with respect to the Combined Premises or any part thereof in such amounts and against such insurable casualties as Lessor from time to time may reasonably require by notice to Lessee; and
(vii) rental value or rental continuation insurance to take effect upon 50...
