Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts. 10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis. 10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 3 contracts
Samples: Lease (AltheaDx, Inc.), Lease (AltheaDx, Inc.), Lease (AltheaDx, Inc.)
Tenant’s Insurance. Tenant shall maintain agrees to purchase, in advance, and to carry in full force and effect during the following coverages in the following amounts.Lease Term:
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) “All risk” property insurance covering liability arising from bodily injury (including mental anguish the full replacement value of all of Tenant’s leasehold improvements, trade fixtures and death), personal property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to within the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a (ii) commercial general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with providing coverage on an “occurrence” rather than a “claims made” basis, which policy shall include coverage for Bodily Injury, Property Damage, Personal Injury, Contractual Liability (applying to this Lease), and Independent Contractors, in current Insurance Services Office form or other form which provides coverage at least as broad. Tenant shall maintain a combined policy limit of not less than at least $10,000,000 each occurrence. This insurance must (i) provide 1,000,000 applying to Bodily Injury, Property Damage and Personal Injury, which limit may be satisfied by Tenant’s basic policy, or by the basic policy in combination with umbrella or excess policies so long as the coverage is at least as broad as the applicable primary coverages (andthat required herein. Such liability, if excess, must umbrella and/or excess policies may be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect subject to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum aggregate limits have not at any pertinent time been reduced to less than the policy limit stated above, and provided further that any umbrella or excess policy provides coverage from the point that such aggregate limits in the basic policy become reduced or exhausted. Lessor shall be named as additional insured under all such policies. At least ten (10) days prior to entry by Tenant on the Premises, Tenant shall deliver to Lessor evidence that the insurance required by this Lease is in full force and effect. At least ten (10) days prior to expiration of any such coverage, Tenant shall deliver evidence that the excess/umbrella coverage in question will be renewed or replaced upon expiration. Such evidence of insurance shall contain sufficient information to enable Lessor to determine whether Tenant’s insurance complies with the requirements of this Lease. Upon request, Tenant shall also furnish insurer-certified copies of all pertinent policies. All policies used to provide the coverage required by this Lease shall (i) be endorsed to require the insurer to provide at least ten (10) days’ notice to Lessor prior to cancellation or non-renewal, and (ii) be issued by financially sound companies having an A.M. Best Company rating of at least A:VII. Tenant may not maintain any insurance concurrent in form or contributing in the event of loss unless Lessor is increased by the amount of the primary reductionnamed therein as loss payee or additional insured.
Appears in 3 contracts
Samples: Lease Agreement (ConversionPoint Holdings, Inc.), Lease Agreement (ConversionPoint Holdings, Inc.), Lease Agreement (ConversionPoint Holdings, Inc.)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of about the Premises, under which Tenant is named as the Building insured and all areas appurtenant Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than *****; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises and is reduced by the Buildingpayment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, including any parking areas and areas outside Tenant shall immediately arrange to have the Premises that aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant is authorized maintains sufficient excess liability insurance to use temporarily), operations, independent contractors, personal and advertising injury, and satisfy the liability assumed under an insured contract, requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with limits extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 each occurrenceon an occurrence basis, $1,000,000 personal covering bodily injury and advertising injury, $2,000,000 general aggregate, death to one or more persons and $2,000,000 products-completed operations aggregate, 100,000 in connection with property damage; and
(iiivi) with defense provided such other insurance in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (such amounts as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized Mortgagee and/or any Lessor may reasonably require from time to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage time for the Landlord Parties’ own acts related premises comparable to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 3 contracts
Samples: Lease (MSG Spinco, Inc.), Lease Agreement (Madison Square Garden, Inc.), Lease Agreement (Madison Square Garden, Inc.)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form or an equivalent acceptable Building, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the PremisesInsured Parties, the Building and all areas appurtenant Tenant shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 25. The minimum limits of liability applying exclusively to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized shall be a combined single limit with respect to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The self insured retention for such policy shall not exceed $1,000,000 personal 10,000. Tenant may satisfy the limits of liability required herein with a combination of umbrella and/or excess policies of insurance, provided that such policies comply with all of the provisions hereof (including, without limitation, with respect to scope of coverage and advertising injury, $2,000,000 general aggregatenaming of the Insured Parties);
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the initial installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 25,000;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition all work incorporated in the Building and all materials and equipment in or about the Premises to policy limits, the extent such Alteration activities are not covered by Tenant’s then-existing property insurance policies;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers’ Compensation Insurance, and as required by law;
(v) including Business Interruption Insurance covering a minimum of one year of anticipated gross income;
(vi) if the Landlord Parties (as defined below) as additional insuredsBuilding or Real Property includes a parking garage or surface parking lot that is utilized by Tenant, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownershipCommercial Automobile Liability Insurance for any owned, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance owned or hired vehicles with a combined single limit with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit each occurrence in an amount of not less than $10,000,000 each occurrence. This 1,000,000; and
(vii) such other insurance must (i) provide coverage at least as broad in such amounts as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Insured Parties as additional insureds with respect may reasonably require from time to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime.
Appears in 2 contracts
Samples: Lease Agreement (Marchex Inc), Lease Agreement (Marchex Inc)
Tenant’s Insurance. Tenant shall maintain insurance complying with all of the following coverages following:
A. Tenant shall procure, pay for and keep in full force and effect the following amounts.following:
10.3.1 (1) Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)insurance, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use against liability for personal injury, bodily injury, death and damage to property occurring in or occupancy of the Premisesabout, or resulting from an occurrence in or about, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits combined single limit coverage of not less than $1,000,000 each occurrencethe amount of Tenant’s Liability Insurance Minimum specified in Section Q of the Summary, $1,000,000 personal and advertising injury, $2,000,000 general aggregatewhich insurance shall contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in Section 10.3, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with which may be procured through a standard ISO separation combination of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance and so called “umbrella coverage”;
(2) Fire and property damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the full actual replacement cost thereof; and
(3) Such other insurance that from time to time is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses in the vicinity of the Project.
B. Each policy of insurance required to be carried by Tenant pursuant to this Section 9.1: (i) shall name Landlord Parties, and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord; (iii) shall be in a form satisfactory to Landlord; (iv) provide that aggregate limits shall be carried with companies reasonably acceptable to Landlord and having a rating of liability apply separately with respect to the PremisesA+, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established AAA or better in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.“Best’s Insurance Guide;”
Appears in 2 contracts
Samples: Office Lease (Arteris, Inc.), Office Lease (Arteris, Inc.)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form Building or an equivalent acceptable the Center, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the PremisesInsured Parties, the Building and all areas appurtenant Tenant shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 25. The minimum limits of liability applying exclusively to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized shall be a combined single limit with respect to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence3,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 25,000.
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers’ Compensation Insurance, and as required by law;
(v) including the Landlord Parties Business Interruption Insurance; and
(as defined belowvi) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any such other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad in such amounts as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Insured Parties as additional insureds with respect may reasonably require from time to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime.
Appears in 2 contracts
Samples: Lease Agreement (Xstelos Holdings, Inc.), Lease Agreement (Omrix Biopharmaceuticals, Inc.)
Tenant’s Insurance. Tenant shall obtain and thereafter maintain during the following coverages in Term, on or before the following amounts.earlier to occur of (a) the Commencement Date, or (b) the date that Tenant or any Tenant Party (as hereinafter defined) enters the Premises for any purpose, including, without limitation, pursuant to Subsection 1B(iv) hereof):
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering A policy of commercial general liability arising from bodily injury (including mental anguish and death)property damage insurance on an occurrence basis, property damage, premises (including the use or occupancy with a broad form contractual liability endorsement. The minimum limits of the Premises, the Building and all areas appurtenant liability shall be a combined single limit with respect to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrenceper occurrence/$5,000,000 general aggregate for injury (or death) and damage to property, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) which amount may be satisfied with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to primary commercial general liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must 1,000,000 and an excess (ior umbrella) provide coverage liability policy affording coverage, at least as broad as that afforded by the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by policy, in an amount not less than the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, difference between $5,000,000 and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionpolicy. Such insurance may be carried under a blanket policy covering the Premises and other locations of Tenant, provided such a policy contains an endorsement (a) naming the Landlord Indemnitees as additional insureds and (b) specifically referencing the Premises. Whenever, in Landlord’s reasonable judgment, good business practice and changing conditions indicate a need for additional amounts or different types of insurance coverage, Tenant shall, within twenty (20) days after Landlord’s request, obtain such insurance coverage, at Tenant’s expense.
(ii) An insurance policy for Tenant’s property and Alterations, in either case to the extent insurable under the available standard forms of “all risk” insurance policies, in an amount equal to one hundred (100%) percent of the replacement value thereof.
(iii) Workers’ compensation insurance providing statutory benefits for Tenant’s employees and employer’s liability.
(iv) Business interruption or rental insurance with a minimum limit of at least $250,000.00 per year. All insurance required to be carried by Tenant pursuant to the terms of this Lease shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York, and rated in Best’s Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a general policyholder rating of “A” and a financial rating of at least “13”. All such policies shall contain a provision that the insurance company will not cancel or refuse to renew the policy, or change in any material way the nature or extent of the coverage provided by such policy (a “Cancellation or Modification Notice”), without first giving Landlord and Tenant at least thirty (30) days’ written notice by certified mail, return receipt requested. In the event that Tenant’s insurer will not agree to give Landlord a Cancellation or Modification Notice, Tenant shall, upon receipt of a Cancellation or Modification Notice, promptly deliver a copy thereof to Landlord (and Tenant’s failure to do so will be a default under this Lease). Prior to the time such insurance is first required to be carried by Tenant and thereafter at least thirty (30) days prior to the termination of any existing policy, Tenant shall deliver to Landlord a certificate evidencing the effectiveness of the insurance policies required to be maintained hereunder. Each policy required hereunder shall contain a clause that the policy and the coverage evidenced thereby shall be primary with respect to any policies carried by Landlord, and that any coverage carried by Landlord shall be excess insurance. The limits of the insurance required under this Article shall not limit the liability of Tenant under this Lease. In the event that Tenant fails to continuously maintain insurance as required hereby, Landlord may, at its option and without relieving Tenant of any obligation hereunder, order such insurance and pay for the same at the expense of Tenant. In such event, Tenant shall repay the amount expended by Landlord, with interest thereon, as Additional Rent. Tenant acknowledges that Landlord will not carry insurance on and shall not be responsible for damage to, Tenant’s Alterations, fixtures, furnishings, equipment or other property, and that Landlord shall not carry insurance against, or be responsible for any loss suffered by Tenant due to, interruption of Tenant’s business.
Appears in 2 contracts
Samples: Lease Agreement (Compass, Inc.), Lease Agreement (Urban Compass, Inc.)
Tenant’s Insurance. Tenant shall maintain insurance complying with all of the following coverages following:
A. Tenant shall procure, pay for and keep in full force and affect the following amounts.following:
10.3.1 (1) Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)insurance, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use against liability for personal injury, bodily injury, death and damage to property occurring in or occupancy of the Premisesabout, or resulting from an occurrence in or about, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits combined single limit coverage of not less than $1,000,000 the amount of Tenant's Minimum Liability Insurance Coverage set forth in paragraph 1.8, which insurance shall contain a "contractual liability" endorsement insuring Tenant's performance of Tenant's obligation to indemnify Landlord contained in paragraph 10.3;
(2) Plate-glass insurance, at actual replacement cost; and
(3) Fire and property damage insurance against loss caused by fire, extended coverage perils including steam boiler insurance, sprinkler leakage, if applicable, vandalism, malicious mischief and such other additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the county in which, the Property is located, insuring Tenant's personal property, inventory, Trade Fixtures and Leasehold Improvements within the Premises for the full actual replacement cost thereof.
B. Where applicable and required by Landlord, each occurrence, $1,000,000 personal policy of insurance required to be carried by Tenant pursuant to this paragraph (i) shall name Landlord and advertising injury, $2,000,000 general aggregate, such other parties in interest as Landlord designates as additional insureds; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and $2,000,000 products-completed operations aggregate, including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord; (iii) with defense provided shall be in addition a form satisfactory to policy limits, Landlord; (iv) shall be carried with a standard ISO separation of insureds provision or a substantially similar provision, and companies reasonably acceptable to Landlord; (v) including the Landlord Parties shall provide that such policy shall not be subject to cancellation, lapse or change except after at least thirty (as defined below30) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable days prior written notice to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out ; (vi) shall not have a "deductible" in excess of the ownership, maintenance $500,000 or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant such greater amount as is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant approved by Landlord; (vii) shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related (to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include extent available) contain a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried waiver by the Landlord Partiesinsurer of any right to subrogation against Landlord, (iv) provide that aggregate limits its agents, employees and contractors which might arise by reason of liability apply separately with respect to the Premisesany payment under such policy or by reason of any act or omission of Landlord, its agents, employees or contractors; and (vviii) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.shall contain a "severability"
Appears in 2 contracts
Samples: Lease (United Defense Lp), Lease (United Defense Lp)
Tenant’s Insurance. Tenant, at its expense, shall obtain and keep in full force and effect a policy of commercial general liability insurance under which Tenant is named as the insured and Landlord, Landlord’s managing agent for the Building, Landlord’s asset manager and any Superior Lessors and any Mortgagees (whose names shall have been furnished to Tenant) are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Superior Lessors or Mortgagees named as additional insureds and such coverage shall include without limitation broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 28 hereof. Tenant’s primary commercial general liability policy shall contain a provision that the policy shall be noncancellable unless twenty (20) days’ written notice shall have been given to Landlord and Landlord shall similarly receive twenty (20) days’ notice of any material change in coverage or non-renewal upon expiration. Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from claims for bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under death or property damage occurring upon, in or about the Real Property, having a minimum combined single limit in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence2,000,000.00. Notwithstanding the foregoing however, $1,000,000 personal and advertising injury, $2,000,000 general aggregatethat Landlord shall retain the right to require Tenant to increase said coverage to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by prudent landlords of comparable buildings in the City of Chicago, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation further that Landlord shall require similar increases of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out other tenants of the ownership, maintenance or use of premises described space in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related Building comparable to the Premises. The CGL must apply as primary and non-contributing foregoing policies of insurance if provided on a blanket policy with respect to any more than the Real Property shall apply to each location as though each had its own separate policies. Tenant shall also obtain and keep in full force and effect during the Term, (a) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk property” insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limitpolicies, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGLProperty and Tenant’s Alterations for the full insurable value thereof or on a replacement cost basis; (b) Workers’ Compensation Insurance, business auto liability as required by law and employers liability Employer’s Liability insurance, with a limit of ; (c) Business Interruption Insurance in an amount not less than $10,000,000 each occurrencetwelve (12) months of annual Rent under this Agreement; and (d) such other insurance in such amounts as Landlord, any Mortgagee and/or Superior Lessor may reasonably require from time to time. This All insurance must required to be carried by Tenant pursuant to the terms of this Lease shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of Illinois, and rated in Best’s Insurance Guide, or any successor thereto (ior if there be none, an organization having a national reputation) provide coverage as having a Best’s Rating” of “A-” and a “Financial Size Category” of at least as broad as “XI” or if such ratings are not then in effect, the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionequivalent thereof.
Appears in 2 contracts
Samples: Lease Agreement (Groupon, Inc.), Lease Agreement (Groupon, Inc.)
Tenant’s Insurance. During the Term, Tenant shall maintain will provide and keep in force the following coverages in the following amounts.insurance:
10.3.1 Commercial (a) commercial general liability insurance written relating to Tenant’s business (carried on in or from the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)Premises) and Tenant’s use and occupancy, (i) covering liability arising from for personal and bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contractdamage to others’ property, (ii) with limits of not less than $1,000,000 each the Liability Insurance Amount for any one accident or occurrence;
(b) all risk or fire insurance (including standard extended endorsement perils, $1,000,000 personal leakage from fire protective devices and advertising injuryother water damage, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides but excluding coverage for the Landlord Parties’ own acts related earthquake or earth movement) relating to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and nonleasehold improvements, trade fixtures, furnishings, equipment, documents, files, work products, inventory, stock-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to intrade in the Premises on a “per project” full replacement cost basis;
(c) if any boiler or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to machinery is operated in the Premises, boiler and machinery insurance; and
(vd) provide that if workers compensation insurance as required by law. Landlord and the allocations holder of any Encumbrance will be named as an additional insureds in the policy described in Section 11.2(a), which will include cross liability and severability of interests clauses and will be on an “occurrence” (and not a “claims made”) form. Tenant will file with Landlord, on or before the Rent Commencement Date and at least ten (10) days before the expiration date of expiring policies, such copies of either current policies, an insurance binder (countersigned by the insurer), evidence of insurance, a binding certificate or other proofs, as may be reasonably required to establish Tenant’s insurance coverage in effect from time to time and payment of premiums. If Tenant fails to insure or pay premiums, or to file satisfactory proof as required, Landlord may, upon a minimum primary of two business days notice, effect such insurance and excess/umbrella limits established in this Sectionrecover from Tenant on demand any premiums paid. Notwithstanding the foregoing, Tenant may provide lower minimum limits of primary carry any insurance so long as the minimum limit of the excess/required to be carried by Tenant under this Lease by Tenant in whole or in part under an umbrella insurance is increased by the amount of the primary reductionpolicy or policies, or under a blanket policy or policies, covering other properties.
Appears in 2 contracts
Samples: Lease Agreement (Adept Technology Inc), Lease Agreement (Adept Technology Inc)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of about the Premises, under which Tenant is named as the Building insured and all areas appurtenant Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than [*****]; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises and is reduced by the Buildingpayment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, including any parking areas and areas outside Tenant shall immediately arrange to have the Premises that aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant is authorized maintains sufficient excess liability insurance to use temporarily), operations, independent contractors, personal and advertising injury, and satisfy the liability assumed under an insured contract, requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with limits extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 each occurrenceon an occurrence basis, $1,000,000 personal covering bodily injury and advertising injury, $2,000,000 general aggregate, death to one or more persons and $2,000,000 products-completed operations aggregate, 100,000 in connection with property damage; and
(iiivi) with defense provided such other insurance in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (such amounts as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized Mortgagee and/or any Lessor may reasonably require from time to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage time for the Landlord Parties’ own acts related premises comparable to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 2 contracts
Samples: Lease Agreement (MSG Entertainment Spinco, Inc.), Lease Agreement (MSG Entertainment Spinco, Inc.)
Tenant’s Insurance. (a) All insurance required to be carried by Tenant hereunder shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability be issued by responsible insurance written on the current ISO CG 00 01 occurrence form or an equivalent companies acceptable to Landlord (and Landlord's lender and qualified to do business in the “CGL”)State and rated at will or better in A.M. Best's Insurance Guide. Each policy shall name Landlord, and at Landlord's request any mortgagee of Landlord, as an additional insured, as their respective interests may appear. Each policy shall contain (i) covering a cross-liability arising from bodily injury endorsement, (including mental anguish ii) a provision that such policy and death)the coverage evidenced thereby shall be primary and non-contributing with respect to any policies carried by Landlord and that any coverage carried by Landlord shall be excess insurance, property damageand (iii) a waiver by the insurer of any right of subrogation against Landlord, premises its agents, employees and representatives, that arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. A copy of each paid up policy (including authenticated by the use insurer) or occupancy certificate of the insurer evidencing the existence and amount of each insurance policy required hereunder shall be delivered to Landlord before the date Tenant is first given the right of possession of the Premises, and thereafter within thirty (30) days after any demand by Landlord therefor. Landlord may, at any time and from time to time, inspect and/or copy any insurance policies required to be maintained by Tenant hereunder. No such policy shall be cancelable except after twenty (20) days written notice to Landlord and Landlord's lender. Tenant shall furnish Landlord with renewals or "binders" of any such policy at least ten (10) days prior to the Building expiration thereof. Tenant agrees that if Tenant does not take out and all areas appurtenant maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant's behalf and charge the Tenant the premiums together with a twenty-five percent (25%) handling charge, payable upon demand. Tenant shall have the right to provide such insurance coverage pursuant to blanket policies obtained by the Tenant, provided such blanket policies expressly afford coverage to the Premises, Landlord, Landlord's mortgagee and Tenant as required by this Lease.
(b) Beginning on the date Tenant is given access to the Premises for any purpose and continuing until expiration of the BuildingTerm, Tenant shall procure, pay for and maintain in effect policies of casualty insurance covering (i) all improvements to the Premises made by or on behalf of Tenant (including any parking areas and areas outside alterations, additions or improvements as may be made by Tenant pursuant to the Premises that Tenant is authorized to use temporarilyprovisions of Article 12 hereof), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) trade fixtures, merchandise and other personal property from time to time in, on or about the Premises, in an amount not less than one hundred percent (100%) of their actual replacement cost from time to time, providing protection against any peril included within the classification "Fire and Extended Coverage" together with limits insurance against sprinkler damage, vandalism and malicious mischief. The proceeds of such insurance shall be used for the repair or replacement of the property so insured. Upon termination of this Lease following a casualty as set forth herein, the proceeds of such insurance shall be paid to Landlord under Section 22(b)(i) above and shall be paid to Tenant under Section 22(b)(ii) above.
(c) Beginning on the date Tenant is given access to the Premises for any purpose and continuing until expiration of the Term, Tenant shall procure, pay for and maintain in effect: (1) workers' compensation insurance as required by law and employer's liability insurance shall be provided in amounts not less than $1,000,000 each occurrenceaccident for bodily injury by accident, $1,000,000 personal and advertising injury, $2,000,000 general aggregatepolicy limit for bodily injury by disease, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, 1,000,000 each employee for bodily injury by disease; and (v2) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to comprehensive public liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing property damage insurance with respect to any other insurance the construction of improvements on the Premises, the use, operation or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to condition of the Premises and the operations of Tenant in, on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to about the Premises, providing personal injury and broad form property damage coverage for not less than Two Million Dollars ($2,000,000) combined single limit for bodily injury, death and property damage liability. In addition, Tenant shall procure and maintain in full force and effect at all times during the term of this Lease, at Tenant’s CGL's cost and expense, business auto liability insurance covering any and employers liability insuranceall owned, non-owned and hired vehicles with a combined single limit of not less than $10,000,000 each occurrence1,000,000.00 per accident. This All of the insurance must required under this Section 22 shall name Landlord as an additional insured thereunder.
(id) provide coverage at least as broad as Not less than every three (3) years during the applicable primary coverages (andTerm, if excessLandlord shall have the right, must in Landlord's reasonable business judgment, to require increases in all of Tenant's insurance policy limits for all insurance to be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established Tenant as set forth in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionArticle.
Appears in 2 contracts
Samples: Office Suite Lease Agreement (High Desert Holding Corp.), Office Suite Lease Agreement (High Desert Holding Corp.)
Tenant’s Insurance. Tenant shall maintain throughout the Term the following coverages in the following amounts.
10.3.1 Commercial insurance policies: (1) commercial general liability insurance written on in amounts of $3,000,000 per occurrence or, following the current ISO CG 00 01 occurrence form expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or an equivalent acceptable matter that is or may be excluded from coverage under a commercial general liability policy [e.g., the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to Landlord (the “CGL”), (i) covering commercial general liability policy or otherwise obtain insurance to insure all liability arising from bodily injury (such activity or matter [including mental anguish and deathliquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord's agents and their respective Affiliates against all liability for injury to or death of a person or persons or damage to property damage, premises (including arising from the use or and occupancy of the Premises, (2) insurance covering the Building full value of Tenant's property and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injuryimprovements, and liability assumed under an insured contract, other property (iiincluding property of others) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella (3) contractual liability insurance with respect sufficient to cover Tenant’s CGL, business auto 's indemnity obligations hereunder (but only if such contractual liability and employers liability insurance, with a limit of insurance is not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any already included in Tenant's commercial general liability insurance carried by the Landlord Partiespolicy), (iv4) provide that aggregate limits of liability apply separately with respect to the Premisesworker's compensation insurance, and (v5) business interruption insurance. Tenant's insurance shall provide that if the allocations primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of minimum primary such insurance and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit such other evidence satisfactory to Landlord of the excess/umbrella maintenance of all insurance is increased coverages required hereunder, and Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord at least 30 days before cancellation or a material change of any such insurance policies. All such insurance policies shall be in form, and issued by the amount of the primary reductioncompanies, reasonably satisfactory to Landlord.
Appears in 2 contracts
Samples: Lease Agreement (Panoramic Care Systems Inc), Lease Agreement (Daisytek International Corporation /De/)
Tenant’s Insurance. During the Lease Term, Tenant shall maintain the following coverages types of insurance, in the following amounts.amounts specified and in the form hereinafter provided for:
10.3.1 (a) Liability insurance in the Commercial general General Liability form (including Broad Form Property Damage and Contractual Liabilities or reasonable equivalent thereto) covering the Leased Premises and Tenant’s use thereof against claims for bodily injury or death, property damage and product liability occurring upon, in or about the Leased Premises, such insurance to be written on the current ISO CG 00 01 an occurrence form or an equivalent acceptable to Landlord basis (the “CGL”not a claims made basis), (i) covering liability arising from bodily injury (including mental anguish to be in combined single limits amounts not less than $3,000,000 and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with have general aggregate limits of not less than $1,000,000 5,000,000 for each occurrencepolicy year.
(b) All Risk Coverage, $1,000,000 personal Vandalism and advertising injury, $2,000,000 general aggregateMalicious Mischief, and $2,000,000 products-completed operations aggregateSprinkler Leakage insurance, if applicable, for the full cost of replacement of Tenant’s trade fixtures, merchandise and personal property.
(c) Worker’s Compensation: minimum statutory amount. All policies of insurance provided for in this Section 8.02 (i) shall be issued in form reasonably acceptable to Landlord, (iiiii) with defense provided in addition to policy limitsshall name Landlord, (iv) with a standard ISO separation of insureds provision or a substantially similar provisionLandlord’s managing agent, any mortgagee and (v) including the any other party reasonably designated by Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 and (iii) shall provide that they may not be materially changed or an equivalent acceptable canceled on less than thirty (30) days’ prior written notice to Landlord. Tenant shall furnish Landlord with Certificates of Insurance evidencing all required coverages on or before the Commencement Date, and thereafter within thirty (30) days prior to the expiration of each such policy. If the additional insured endorsement restricts the Tenant fails to carry such insurance, Landlord Parties’ coverage under the CGL may obtain such insurance and Tenant shall promptly reimburse Landlord therefor. If Tenant elects not to carry business interruption insurance, Tenant releases Landlord from any and all liability arising out of during the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Lease Term which would have been covered by business interruption insurance had Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basiscarried such insurance.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 2 contracts
Samples: Industrial Lease Agreement, Industrial Lease Agreement (Primerica, Inc.)
Tenant’s Insurance. (a) All insurance required to be carried by Tenant hereunder shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability be issued by responsible insurance written on the current ISO CG 00 01 occurrence form companies which are rated by Best Insurance Reports as A-VII or an equivalent better and acceptable to Landlord (and Landlord’s lender and licensed or authorized to do business in the “CGL”)State of California. Each policy shall include Landlord, and at Landlord’s request any mortgagee of Landlord, as an additional insured, as their respective interests may appear. Each policy shall contain (i) covering a separation of insureds condition, (ii) a provision that such policy and the coverage evidenced thereby shall be primary and non-contributing with respect to any policies carried by Landlord and that any coverage carried by Landlord shall be excess insurance for Landlord’s interest only, and (iii) a waiver by the insurer of any right of subrogation against Landlord, its agents, employees and representatives, which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Tenant shall deliver to Landlord copies of insurance policies required under this Section 18, or other satisfactory evidence of the existence and amounts of such insurance (which for liability arising from bodily injury (including mental anguish and deathinsurance shall be at least in the form of an XXXXX 25 certificate modified to provide the same assurances as an XXXXX 27 certificate does for property insurance), property damagebut not simply an XXXXX 25 certificate), premises (including before the use or occupancy date Tenant is given possession of the Premises, and annually thereafter, within 30 days after any demand by Landlord. No such policy shall be cancelable, materially changed or reduced in coverage except after 30 days’ written notice to Landlord. In any event deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and charge the Building Tenant the premiums, which shall be payable upon demand. Landlord may procure such insurance on behalf of Tenant without regard to any Tenant cure rights set forth in Section 24. Tenant shall have the right to provide such insurance coverage pursuant to blanket policies obtained by the Tenant, provided such blanket policies expressly afford coverage to the Premises, Landlord, Landlord’s mortgagee and all areas appurtenant Tenant as required by this Lease.
(b) Beginning on the date Tenant is given access to the Premises for any purpose and continuing until expiration of the Buildingterm of the Lease, including Tenant shall procure, pay for and maintain in effect policies of property insurance covering (i) any parking areas alterations, additions or improvements as may be made and areas outside funded by Tenant pursuant to the provisions of Section 10 hereof or Exhibit B, and (ii) trade fixtures, merchandise and other personal property from time to time, in, on or about the Premises, in an amount not less than 100% of their actual replacement cost from time to time, providing protection against all risks of physical loss or damage. The proceeds of such insurance shall be used for the repair or replacement of the property so insured. Upon termination of this Lease following a casualty as set forth herein, the proceeds shall be paid to Tenant.
(c) Beginning on the date Tenant is given access to the Premises that for any purpose and continuing until expiration of the Term of the Lease, Tenant is authorized to use temporarily)shall procure, operationspay for and maintain in effect workers’ compensation and employer’s liability insurance and commercial general liability insurance which includes coverage for personal injury, contractual liability and Tenant’s independent contractors. The commercial general liability shall be procured and maintained with not less than $2,000,000 per occurrence combined single limit, and a $3,000,000 aggregate limit, for bodily injury, personal and advertising injury, injury or property damage liability and liability assumed under an insured contract. If such insurance covers more than one location, the general aggregate limit shall apply on a per location basis.
(iid) with limits Beginning on the date Tenant is given access to the Premises for any purpose and continuing until expiration of not less than $1,000,000 each occurrencethe Term of the Lease, $1,000,000 personal Tenant shall pay for and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided maintain in addition to policy limits, (iv) with effect business interruption insurance on an “all risk” basis which will provide recovery for a standard ISO separation minimum of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable 12 months of Tenant’s continuing Rent obligation to Landlord. If Whenever, in Landlord’s reasonable judgment, but not more than twice during the Term, good business practice or change in conditions indicate a need for additional insured endorsement restricts or different types of insurance, Tenant shall upon request of Landlord obtain such insurance at its own expense.
(e) Landlord and Tenant each hereby waive all rights of recovery against the Landlord Parties’ coverage under other and against the CGL to liability arising out officers, employees, agents and representatives of the ownershipother, maintenance on account of loss by or use damage to the waiving party of premises described its property or the property of others under its control, to the extent that such loss or damage is insured against and payment is made under any “all risk” insurance policy which either may have in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas force at the Property that Tenant is authorized to use, and any other areas time of the Property outside the Premises that Tenant is authorized to use temporarilyloss or damage. Tenant and Landlord shall, upon obtaining the policies of insurance required under this Lease, give notice to its insurance carrier or carriers of the foregoing mutual waiver of subrogation as contained in this Lease.
(f) During the Term of this Lease, Landlord shall ensure that maintain property liability insurance on “all risk” basis, insuring the CGL policy provides coverage Building for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basisfull replacement cost thereof.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 2 contracts
Samples: Standard Lease Agreement (Allbirds, Inc.), Standard Lease Agreement (Allbirds, Inc.)
Tenant’s Insurance. Tenant shall maintain insurance complying with all of the following coverages following:
A. Tenant shall procure, pay for and keep in full force and effect the following amounts.following:
10.3.1 (1) Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)insurance, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use against liability for personal injury, bodily injury, death and damage to property occurring in or occupancy of the Premisesabout, or resulting from an occurrence in or about, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits combined single limit coverage of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided the amount of Tenant’s Liability Insurance Minimum specified in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out Section P of the ownershipSummary, maintenance or use which insurance shall contain a “contractual liability” endorsement insuring Tenant’s performance of premises described Tenant’s obligation to indemnify Landlord contained in the endorsement, then the description of these premises ¶10.3;
(2) Fire and property damage insurance in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, so-called “all risk” form insuring Tenant’s Trade Fixtures and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage Tenant’s Alterations for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing full actual replacement cost thereof;
(3) Business interruption insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella limits of liability insurance with respect to Tenant’s CGLrepresenting at least approximately six months of income, business auto liability covering owned, non-owned and employers liability insurance, hired vehicles with a limit of not less than $10,000,000 1,000,000 per accident, insurance protecting against liability under workers’ compensation laws with limits at least as required by statute, insurance for all plate glass in the Premises, and such other insurance that is reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses.
B. Where applicable and required by Landlord, each occurrence. This policy of insurance must required to be carried by Tenant pursuant to this ¶9.1: (i) provide coverage at least shall name Landlord and such other parties in interest as broad Landlord reasonably designates as additional insured in the applicable primary coverages (and, if excess, must be “true follow form”), case of commercial general liability insurance; (ii) include shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord Parties as additional insureds with respect to the CGL, (it being understood that Landlord’s insurance shall provide excess coverage for Landlord after applying Tenant’s insurance); (iii) apply on shall be in a primary basis form satisfactory to Landlord; (iv) shall be carried with respect companies reasonably acceptable to any Landlord; (v) shall provide in the case of commercial general liability insurance carried by the that such policy shall not be subject to cancellation in coverage except after at least 30 days prior written notice to Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as such provision of 30 days notice is reasonably obtainable, but in any event not less than 10 days prior written notice; (vi) shall not have a “deductible” in excess of such amount as is reasonably approved by Landlord and which is then customary in the minimum limit marketplace; (vii) shall contain a cross liability endorsement in the case of commercial general liability insurance; and (viii) shall contain a “severability” clause in the case of commercial general liability insurance. If Tenant has in full force and effect a blanket policy of liability insurance with the same coverage for the Premises as described above, as well as other coverage of other premises and properties of Tenant, or in which Tenant has some interest, such blanket insurance shall satisfy the requirements of this ¶9.1.
C. A copy of each paid-up policy evidencing the insurance required to be carried by Tenant pursuant to this ¶9.1 (appropriately authenticated by the insurer) or a certificate of the excess/umbrella insurer, certifying that such policy has been issued, providing the coverage required by this ¶9.1, and containing the provisions specified herein, shall be delivered to Landlord prior to the time Tenant or any of its Agents enters the Premises and upon renewal of such policies, but not less than 5 days prior to the expiration of the term of such coverage. Landlord may, at any time, and from time to time, inspect and/or copy any and all insurance policies required to be procured by Tenant pursuant to this ¶9.1. if a claim is increased by filed or threatened against Landlord. If any insurance advisor reasonably determines at any time but nor more frequently than once every three years that the amount of coverage required for any policy of insurance Tenant is to obtain pursuant to this ¶9.1 is not adequate, then Tenant shall increase such coverage for such insurance to such amount as such Lender or insurance advisor reasonably deems adequate, not to exceed the primary reductionlevel of coverage for such insurance commonly carried by comparable businesses similarly situated.
Appears in 2 contracts
Samples: Lease (Neophotonics Corp), Lease (Neophotonics Corp)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to about the Premises and or the Building, including any parking areas and areas outside the Premises that under which Tenant is authorized named as the insured and Landlord, Landlord's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to use temporarily)Tenant from time to time are named as additional insureds, operationswhich insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, independent contractors, personal and advertising injuryLandlord's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000, provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of Chicago. The deductible or self insured retention for such policy shall in no event exceed $1,000,000 personal and advertising injury, $2,000,000 general 10,000 at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property, and all Specialty Alterations for the full insurable value thereof or replacement cost value thereof, having a deductible amount, if any, as reasonably determined by Landlord but not to exceed $2,000,000 products-completed operations aggregate, 25,000;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers' Compensation Insurance, as required by law;
(v) Disability Benefits Policy Insurance, if required by law;
(vi) Business Interruption Insurance; and
(vii) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time.
(b) All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) shall contain a standard ISO separation provision that (x) no act or omission of insureds provision Tenant shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, (y) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior notice of the same, by certified mail, return receipt requested, and (vz) including Tenant shall be solely responsible for the Landlord Parties (as defined below) as additional insuredspayment of all premiums under such policies and Landlord, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If Lessors and Mortgagees shall have no obligation for the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usepayment thereof, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of Illinois and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a "Best's Rating" of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to may at any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime consider appropriate.
Appears in 2 contracts
Samples: Office Building Lease (Imanage Inc), Office Building Lease (Imanage Inc)
Tenant’s Insurance. In addition to the insurance coverage contemplated in Section 8.6 herein, Tenant shall maintain keep in force, during the following coverages in the following amounts.
10.3.1 Commercial entire Lease Term, including any renewal or extension thereof, workers compensation insurance as required by law and commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable insurance, with respect to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the BuildingLand, covering bodily injury, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injurydeath, and liability assumed under an insured contractproperty damage, (ii) with such limits of as may be reasonably requested by Landlord, but with minimum limits not less than Two Million Dollars ($1,000,000 each 2,000,000.00) per occurrence, $1,000,000 personal and advertising injuryannual aggregate limit, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provisioncontractual liability endorsement. Notwithstanding the foregoing, such minimum limit prescribed by Landlord may be increased from time to time during the Lease Term commensurate with increases over the same period in the CPI (provided such increases may be implemented only when the cumulative increase in the CPI since the last increase exceeds five percent (5%)). All insurance policies required to be maintained by Tenant under this Section 8.2 shall name Landlord, Land Owner and (v) including the Landlord Parties (as defined belowLandlord’s lender(s) as additional insuredsinsureds and shall provide that they shall not be canceled for any reason unless Landlord, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Land Owner and Landlord. If ’s lender(s) are given fifteen (15) days notice in writing by the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarilyissuing insurance company. Tenant shall ensure that deposit with Landlord satisfactory evidence of the CGL policy provides coverage for the Landlord Parties’ own acts related above insurance coverages prior to the PremisesCommencement Date and thereafter at least five (5) business days prior to the expiration date for any such coverages. Additionally, all insurance coverage required to be maintained by Tenant under this Section 8.2 shall include commercially reasonable, industry standard terms and provisions, including boilerplate provisions and special stipulations and conditions, that are in any event no less favorable to Landlord (as an additional insured) than the terms and provisions in third-party insurance policies maintained by landlords relative to multi-tenant buildings located in the Business Park from time to time during the Lease Term. Furthermore, such insurance coverage shall include coverage types, limits of coverage, and does not limit their coverage other terms and provisions that are reasonably required from time to liability arising time by Landlord’s third-party, institutional lenders whose loans are secured by a security interest in the Building and that are consistent with the requirements of other such lenders for loans on other similar buildings in the south Charlotte area, and such obligation shall include delivering to Landlord and Landlord’s lender (if and as requested from time to time) a certificate from Tenant’s actsthird-party insurance provider confirming the insurance coverages then being maintained by Tenant hereunder. The CGL must not include a As used herein, “designated premisesCPI” endorsement that limits Tenant’s coverage under the CGL to matters related shall refer to the Premises. The CGL must apply as primary and nonDepartment of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers, U.S. City Average, Subgroup “All Items” (1982-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties84 = 100). If at any time the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried CPI is no longer published by the Bureau of Labor Statistics, Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to shall substitute for the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased CPI any official index published by the amount Bureau of the primary reductionLabor Statistics or by such successor or similar governmental agency as may then be in existence and shall be most nearly equivalent thereto.
Appears in 2 contracts
Samples: Lease (Premier, Inc.), Lease (Premier, Inc.)
Tenant’s Insurance. Tenant shall covenants and agrees to maintain throughout the following coverages Lease Term insurance coverage at least as broad as ISO Causes of Loss - Special Form Coverage against risk of direct physical loss or damage (commonly known as “all risk”) for the full replacement cost of Tenant’s equipment, fixtures, improvements, Changes (as hereinafter defined) and personal property in the following amounts.
10.3.1 Commercial Demised Premises. Tenant covenants and agrees to maintain throughout the Lease Term a commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)policy, (i) covering liability arising from bodily including protection against death, personal injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant issued by an insurance company qualified to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described do business in the endorsement, then state in which the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, Demised Premises are located and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include with (a) a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a single limit of not less than $10,000,000 each occurrence1,000,000.00 per occurrence and (b) an annual aggregate limit of not less than $3,000,000. This Such policy shall name Landlord, its property manager and the Mortgagee (as hereinafter defined) as additional insureds, be primary to any other similar insurance must (i) as such additional insureds, and provide coverage that it may not be cancelled or modified without at least as broad as thirty (30) days prior notice to Landlord and Mortgagee. The minimum limits of such insurance do not limit the applicable primary coverages (andliability of Tenant hereunder. Prior to occupancy of the Demised Premises and prior to expiration or the then-current policy, if excessTenant shall deliver to Landlord certificates evidencing that insurance required under this Lease is in effect. Tenant covenants and agrees to obtain all other insurance, must be “true follow form”)coverages, (ii) include and endorsements customarily maintained by companies in the general business and use or reasonably requested by Landlord Parties as additional insureds with respect from time to the CGLtime, (iii) apply on a primary basis with respect to any including, without limitation, and workers compensation insurance. The commercial general liability policy obtained by Tenant shall not contain any retention or self-insurance carried provision, unless otherwise approved in writing by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionLandlord.
Appears in 2 contracts
Samples: Lease Agreement (Solera National Bancorp, Inc.), Lease Agreement (Solera National Bancorp, Inc.)
Tenant’s Insurance. Tenant, at its expense, shall obtain and keep in full force and effect a policy of commercial general liability insurance under which Tenant is named as the insured and Landlord, Landlord’s managing agent for the Building, Landlord’s asset manager and any Superior Lessors and any Mortgagees (whose names shall have been furnished to Tenant) are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord’s managing agent or any Superior Lessors or Mortgagees named as additional insureds and such coverage shall include without limitation broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 28 hereof. Tenant’s primary commercial general liability policy shall contain a provision that the policy shall be noncancellable unless twenty (20) days’ written notice shall have been given to Landlord and Landlord shall similarly receive twenty (20) days’ notice of any material change in coverage or non-renewal upon expiration. Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from claims for bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under death or property damage occurring upon, in or about the Real Property, having a minimum combined single limit in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence2,000,000.00. Notwithstanding the foregoing however, $1,000,000 personal and advertising injury, $2,000,000 general aggregatethat Landlord shall retain the right to require Tenant to increase said coverage to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by prudent landlords of comparable buildings in the City of Chicago, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation further that Landlord shall require similar increases of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out other tenants of the ownership, maintenance or use of premises described space in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related Building comparable to the Premises. The CGL must apply as primary and non-contributing foregoing policies of insurance if provided on a blanket policy with respect to any more than the Real Property shall apply to each location as though each had its own separate policies. Tenant shall also obtain and keep in full force and effect during the Term, (a) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk property” insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limitpolicies, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGLProperty and Tenant’s Alterations for the full insurable value thereof or on a replacement cost basis; (b) Workers’ Compensation Insurance, business auto liability as required by law and employers liability insurance, with a limit of Employer’s Liability Insurance; (c) Business Interruption Insurance in an amount not less than $10,000,000 each occurrencetwelve (12) months of annual Rent under this Agreement; and (d) such other insurance in such amounts as Landlord, any Mortgagee and/or Superior Lessor may reasonably require from time to time. This All insurance must required to be carried by Tenant pursuant to the terms of this Lease shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of Illinois, and rated in Best’s Insurance Guide, or any successor thereto (ior if there be none, an organization having a national reputation) provide coverage as having a Best’s Rating” of “A-” and a “Financial Size Category” of at least as broad as “XI” or if such ratings are not then in effect, the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionequivalent thereof.
Appears in 2 contracts
Samples: Lease Agreement (Groupon, Inc.), Lease Agreement (Groupon, Inc.)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form Building or an equivalent acceptable the Center, under which Tenant is named as the insured and Landlord, Landlord's Agent and any Lessors and any Mortgages whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGL”"INSURED PARTIES"), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the PremisesInsured Parties, the Building and all areas appurtenant Tenant shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in ARTICLE 25. The minimum limits of liability applying exclusively to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized shall be a combined single limit with respect to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence15,000,000; provided, $1,000,000 personal and advertising injuryhowever, $2,000,000 general aggregatethat Landlord shall retain the right (but not more frequently than once in any three (3) year period) to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. Tenant may provide such insurance coverage as part of a blanket or umbrella policy, which includes other premises of Tenant, provided the aggregate limits of insurance coverage required to be in effect for the Premises pursuant to the terms hereof shall not be reduced as a result of claims made against other premises or property of Tenant covered under such policies, and such blanket or umbrella polices shall comply with the terms hereof. The deductible or self insured retention for such policy shall not exceed $2,000,000 products-completed operations aggregate10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property and all Alterations and improvements to the Premises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building ("BUILDING STANDARD INSTALLATIONS"), for the full insurable value thereof or replacement cost thereof, having a commercially reasonable deductible amount.
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's Risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers' Compensation Insurance, as required by law;
(v) Business Interruption Insurance; and
(vi) such other insurance in such amounts as the Insured Parties may reasonably require from time to time.
(b) All insurance required to be carried by Tenant (i) shall contain a standard ISO separation provision that (x) no act or omission of insureds provision Tenant shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, and (vy) including shall be noncancellable and/or no material change in coverage shall be made thereto unless the Landlord Insured Parties receive 30 days' (as defined belowor 10 days in the case of non-payment) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out prior notice of the ownershipsame, maintenance or use of premises described in the endorsementby certified mail, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usereturn receipt requested, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the Landlord Parties State of New York and rated in Best's Insurance Guide, or any successor thereto as additional insureds with respect to the CGL, (iii) apply on having a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits "Best's Rating" of liability apply separately with respect to the Premises, "A-" or better and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.a
Appears in 1 contract
Samples: Lease (Franklin Resources Inc)
Tenant’s Insurance. Tenant shall maintain throughout the Term the following coverages in the following amounts.
10.3.1 Commercial insurance policies: (1) commercial general liability insurance written on in amounts of $3,000,000.00 per occurrence or, following the current ISO CG 00 01 occurrence form expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or an equivalent acceptable matter that is or may be excluded from coverage under a commercial general liability policy (e.g., the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to Landlord (the “CGL”), (i) covering commercial general liability policy or otherwise obtain insurance to insure all liability arising from bodily injury (such activity or matter [including mental anguish and deathliquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord's agents and their respective Affiliates against all liability for injury to or death of a person or persons or damage to property damage, premises (including arising from the use or and occupancy of the Premises, (2) insurance covering the Building full value of Tenant's property and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injuryimprovements, and liability assumed under an insured contract, other property (iiincluding property of others) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella (3) contractual liability insurance with respect sufficient to cover Tenant’s CGL, business auto 's indemnity obligations hereunder (but only if such contractual liability and employers liability insurance, with a limit of insurance is not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any already included in Tenant's commercial general liability insurance carried by the Landlord Partiespolicy), (iv4) provide that aggregate limits of liability apply separately with respect to the Premisesworker's compensation insurance, and (v5) business interruption insurance. Tenant's insurance shall provide that if the allocations primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of minimum primary such insurance and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit such other evidence satisfactory to Landlord of the excess/umbrella maintenance of all insurance is increased coverages required hereunder, and Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord at least 30 days before cancellation or a material change of any such insurance policies. All such insurance policies shall be in form, and issued by the amount of the primary reductioncompanies, reasonably satisfactory to Landlord.
Appears in 1 contract
Samples: Lease Agreement (Virtusa Corp)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in Term and prior to having access to the following amounts.Premises:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence Premises or the Building, under which Tenant is named as the insured and Landlord, Landlord's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form or an equivalent acceptable contractual liability coverage to Landlord (the “CGL”), (i) covering insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under aggregate in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York. The deductible or self insured retention for such policy shall in no event exceed $1,000,000 personal and advertising injury, $2,000,000 general 10,000 per occurrence at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord's reasonable judgment, Tenant maintains sufficient excess liability insurance (with a drop down endorsement) to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property, and all Specialty Alterations for the full insurable value thereof or replacement cost value thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 25,000;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers' Compensation Insurance, as required by law;
(v) Business Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time and which is then customarily required from office tenants by owners of first-class buildings in midtown Manhattan.
(b) All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) shall contain a standard ISO separation provision that (A) no act or omission of insureds provision Tenant other than intentional acts shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior notice of the same, by certified mail, return receipt requested, and (vC) including Tenant shall be solely responsible for the Landlord Parties (as defined below) as additional insuredspayment of all premiums under such policies and Landlord, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If Lessors and Mortgagees shall have no obligation for the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usepayment thereof, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best's Rating of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to may at any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime consider appropriate.
Appears in 1 contract
Samples: Lease (Greenhill & Co Inc)
Tenant’s Insurance. Tenant shall procure at its expense and maintain throughout the Lease Term the following coverages in the following amounts.
10.3.1 Commercial insurance: (a) commercial general liability insurance written insurance, insuring Tenant, Landlord and any other Person designated by Landlord, against any and all liability for injury to or death of a person or persons and for damage to property occasioned by or arising out of any construction work being done on the current ISO CG 00 01 occurrence form Demised Premises, or an equivalent acceptable to Landlord (arising out of the “CGL”)condition, (i) covering liability arising from bodily injury (including mental anguish and death)use, property damage, premises (including the use or occupancy of the Demised Premises, or in any way occasioned by or arising out of the activities of Tenant or any of Tenant's Agents in the Demised Premises, or other portions of the Building or the Project, the limits of such policy or policies to be in combined single limits for both damage to property and all areas appurtenant personal injury and in amounts not less than Three Million Dollars ($3,000,000) for each occurrence (an umbrella policy can be used to satisfy this limit requirement); (b) special form/all-risk insurance insuring the full replacement cost of its furniture, fixtures, equipment, supplies, and other property owned, leased, held or possessed by it and contained in the Demised Premises, together with the excess value of the improvements to the Demised Premises over the Construction Allowance (with a replacement cost endorsement sufficient to prevent Tenant from becoming a co-insurer); (c) business income (formerly "business interruption") insurance written on an actual loss sustained form or with sufficient limits to address reasonably anticipated business interruption losses; and (d) worker's compensation insurance as required by applicable law. Tenant shall also carry such other types of insurance in form and amount which Landlord reasonably deems to be prudent for Tenant to carry, should the Buildingcircumstances or conditions so merit Tenant carrying such type of insurance. All insurance policies procured and maintained by Tenant pursuant to this Article 11 must name Landlord and any additional parties designated by Landlord as additional insureds, including any parking areas and areas outside be carried with companies licensed to do business in the Premises that Tenant state in which the Project is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits located having a rating from Best's Insurance Reports of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregateA-/VIII, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and be non-contributing cancelable and not subject to material change except after thirty (30) days' written notice to Landlord (which written notice may be provided by Tenant's insurance carrier or by Tenant). Such policies or duly executed certificates of insurance with respect to any other insurance or self-insurance programs afforded to thereto, accompanied by proof of payment of the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excesspremium therefor, must be “true follow form”), (ii) include the delivered to Landlord Parties as additional insureds with respect prior to the CGLRental Commencement Date, and renewals of such policies must be delivered to Landlord at least thirty (iii30) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect days prior to the Premises, and expiration of each respective policy term (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant which written notice may provide lower minimum limits of primary be provided by Tenant's insurance so long as the minimum limit of the excess/umbrella insurance is increased carrier or by the amount of the primary reductionTenant).
Appears in 1 contract
Samples: Sublease Agreement (CS Disco, Inc.)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and about the Building, including any parking areas and areas outside the Premises that under which Tenant is authorized named as the insured and Landlord, Landlord's Agent and any Lessors and any Mortgagees whose names have been furnished to use temporarilyTenant are named as additional insureds (the "Insured Parties"), operations, independent contractors, personal and advertising injury. Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of the Insured Parties, and Tenant shall obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 26. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000.00; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The deductible or self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate10,000.00;
(ii) insurance against loss or damage by fire, and $2,000,000 products-completed operations aggregatesuch other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property and all Alterations and improvements to the Premises (including the Improvements constructed pursuant to the Workletter) to the extent such Alterations and improvements exceed the cost of the Improvements typically performed in connection with the initial occupancy of general office tenants in Comparable Buildings ("Building Standard Installations"), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, as reasonably determined by Landlord;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's Risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers' Compensation Insurance, as required by law;
(v) Business Interruption Insurance; and
(vi) such other insurance in such amounts as the Insured Parties may reasonably require from time to time.
(b) All insurance required to be carried by Tenant (i) shall contain a standard ISO separation provision that (x) no act or omission of insureds provision Tenant shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, and (vy) including shall be noncancellable and/or no material change in coverage shall be made thereto unless the Landlord Insured Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out receive 30 days' prior notice of the ownershipsame, maintenance or use of premises described in the endorsementby certified mail, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usereturn receipt requested, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State of California and rated in Best's Insurance Guide, or any successor thereto as having a "Best's Rating" of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to may at any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime consider appropriate.
Appears in 1 contract
Samples: Lease (Cmgi Inc)
Tenant’s Insurance. Tenant shall maintain shall, during the Lease Term, procure and keep in force the following coverages in the following amounts.insurance:
10.3.1 (a) Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable (hereinafter referred to Landlord (the as “CGL”)) insurance (or the equivalent ISO form in use from time to time in the state where the Premises is located) naming Landlord, (i) covering liability arising from Landlord’s managing agent for the Premise, if any, and, if requested, Landlord’s mortgage lender, as additional insured parties, providing coverage against any and all claims for bodily injury (including mental anguish and death)property damage occurring in, property damageor about the Premises, premises (including the Building and Land arising out of use or and occupancy of the PremisesPremises by Tenant or its agents, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with employees or invitees. Such insurance shall have a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a combined single limit of not less than One Million Dollars ($10,000,000 each occurrence1,000,000) per occurrence with Two Million Dollars ($2,000,000) aggregate limit and an excess umbrella liability insurance (following form) in the amount of Ten Million Dollars ($10,000,000). This If Tenant has other locations that it owns or leases the policy shall include an aggregate limit per location endorsement. Such liability insurance must (i) provide coverage at least as broad as the applicable shall be primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect and not contributing to any commercial general insurance available to Landlord and Landlord’s insurance shall be in excess thereto. In no event shall the limits of such insurance be considered as limiting the liability insurance of Tenant under this Lease and the minimum limits of coverage set forth in this Lease shall not be construed to limit the coverage available to any additional insured party to an amount which is less than the full policy limit(s) of all applicable policies actually carried by the Landlord Parties, (iv) provide that aggregate Tenant. Notwithstanding any limits of liability apply separately with respect set forth herein or shown on any certificate/evidence of insurance, Landlord shall be entitled to additional insured status on all liability insurance maintained by Tenant.
(b) Property insurance insuring all equipment, trade fixtures, inventory, fixtures and other personal property located on or in the Premises (hereinafter referred to as the “Insured Personalty”) for perils covered by the cause of loss — special form (or the equivalent ISO form in use from time to time in the state where the Premises is located). Such insurance shall be written on a replacement cost basis in an amount equal to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit full insurable value of the excess/umbrella insurance is increased by the amount aggregate of the primary reductionInsured Personalty and with an agreed amount endorsement to prevent co-insurance.
(c) Workers’ compensation insurance in accordance with statutory law.
Appears in 1 contract
Samples: Lease Agreement (Integra Lifesciences Holdings Corp)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to about the Premises and or the Building, including any parking areas and areas outside the Premises that under which Tenant is authorized named as the insured and Landlord, Landlord's managing agent and any Lessors and any Mortgagees whose names shall have been furnished to use temporarily)Tenant are named as additional insureds, operationswhich insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, independent contractors, personal and advertising injuryLandlord's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 35 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000 per location, provided, however, that Landlord shall retain the right to require Tenant to increase such coverage to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in first-class renovated buildings in the City of New York. The deductible or self insured retention for such policy shall in no event exceed $1,000,000 personal and advertising injury10,000 at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve, $2,000,000 general aggregateTenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and $2,000,000 products-completed operations aggregatesuch other risks and hazards as are insurable under then available standard forms of "all risk" insurance policies with extended coverage, insuring Tenant's Property, and all Specialty Alterations for the full insurable value thereof or replacement cost value thereof, having a deductible amount, if any, as reasonably determined by Landlord;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with workers' Compensation Insurance, as required by law;
(v) disability Benefits Policy Insurance;
(vi) business Interruption Insurance; and
(b) All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) shall contain a standard ISO separation provision that (x) no act or omission of insureds provision Tenant shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, (y) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior written notice of the same, and (vz) including Tenant shall be solely responsible for the Landlord Parties (as defined below) as additional insuredspayment of all premiums under such policies and Landlord, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If Lessors and Mortgagees shall have no obligation for the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usepayment thereof, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the Landlord Parties as additional insureds with respect to state in which the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the PremisesBuilding is located, and rated in Best's Insurance Guide, or any successor thereto (vor if there be none, an organization having a national reputation) provide that as having a "Best's Rating" of "A" and a "Financial Size Category" of at least "VIII" or, if such ratings are not then in effect, the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionequivalent thereof.
Appears in 1 contract
Samples: Lease Agreement (Martha Stewart Living Omnimedia Inc)
Tenant’s Insurance. Tenant shall maintain insurance complying with all of the following coverages following:
A. Tenant shall procure, pay for and keep in full force and effect the following amounts.following:
10.3.1 (1) Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)insurance, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use against liability for personal injury, bodily injury, death and damage to property occurring in or occupancy of the Premisesabout, or resulting from an occurrence in or about, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits combined single limit coverage of not less than $1,000,000 each occurrencethe amount of Tenant’s Liability Insurance Minimum specified in Section Q of the Summary, $1,000,000 personal which insurance shall contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in Section 10.3;
(2) Fire and advertising injuryproperty damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the full actual replacement cost thereof; and
(3) Such other insurance that from time to time is either (i) required by any Lender, $2,000,000 general aggregate, or (ii) reasonably required by Landlord and $2,000,000 products-completed operations aggregate, customarily carried by tenants of similar property in similar businesses in the vicinity of the Project.
B. Each policy of insurance required to be carried by Tenant pursuant to this Section 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord; (iii) with defense provided shall be in addition a form satisfactory to policy limits, Landlord; (iv) shall be carried with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent companies reasonably acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out and having a rating of the ownershipA+, maintenance AAA or use of premises described better in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant“Best’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow formInsurance Guide;”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall obtain and maintain in full force and effect the following coverages in insurance policies throughout the following amounts.term of the Lease:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form or an equivalent acceptable Building, under which Tenant is insured and Landlord, Landlord's Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGL”"INSURED PARTIES"), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the PremisesInsured Parties, the Building and all areas appurtenant Tenant shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 25. The minimum limits of liability applying exclusively to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with shall be a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not combined single limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit each occurrence in an amount of not less than $10,000,000 provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which is then being customarily required by landlords for similar office space in Comparable Buildings. The deductible or self insured retention for such policy shall not exceed $10,000. Tenant may satisfy the limits of liability required herein with a combination of umbrella and/or excess policies of insurance, provided that such policies comply with all of the provisions hereof (including, without limitation, with respect to scope of coverage and naming of the Insured Parties);
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of "Special Form Causes of Loss" or "All Risk" property insurance policies, insuring all Alterations and improvements to the Premises (including the Improvements) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building ("BUILDING STANDARD INSTALLATIONS"), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $25,000;
(iii) during the performance of any Alteration, until completion thereof, Builder's Risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) Workers' Compensation Insurance or similar insurance, in form and amounts required by law, whether common law or by statute, and Employer's Liability with a combined single limit with respect to each occurrence. This , each policy and each employee of $1,000,000; and
(v) if the Building or Real Property includes a parking garage or surface parking lot that is utilized by Tenant, Commercial Automobile Liability Insurance for any owned, non-owned or hired vehicles with a combined single limit with respect to each occurrence in an amount of not less than $1,000,000.
(b) All insurance must required to be carried by Tenant (i) provide shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage at least as broad as shall be made thereto unless the applicable primary coverages (andInsured Parties receive 30 days' prior notice of the same by certified mail, if excess, must be “true follow form”), return receipt requested or by a recognized overnight delivery service and (ii) shall be effected under valid and enforceable policies issued by reputable insurers admitted to do business in the Commonwealth of Pennsylvania and rated in Best's Insurance Guide, or any successor thereto as having a "Best's Rating" of "A-" or better and a "Financial Size Category" of at least "X" or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate. The policy must include a provision which provides that the rights of Landlord Parties as additional insureds under such insurance policy shall not be prejudiced or interfered with respect to the CGL, (iii) apply on a primary basis with respect to notwithstanding any commercial general liability insurance carried by the Landlord gross negligence or willful misconduct of Tenant or any Tenant Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Lease Agreement (Philadelphia Consolidated Holding Corp)
Tenant’s Insurance. The Tenant shall agrees to maintain in full force from the following coverages Commencement Date, throughout the Term, and thereafter, so long as the Tenant is in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of any part of the Premises, a policy of commercial general liability insurance on an occurrence basis under which the Building Landlord (and all areas appurtenant to any individuals or entities affiliated with the Premises Landlord, any ground lessor and any holder of a mortgage on the Building, including any parking areas and areas outside Property of whom the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (iinotified by the Landlord) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) are named as additional insureds, using ISO additional insured and under which the insurer provides a contractual liability endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to insuring against all cost, expense and liability arising out of the ownershipor based upon any and all claims, maintenance or use of premises accidents, injuries and damages described in the endorsementSection 7.1, then the description of these premises in the endorsement must include broadest form of such coverage from time to time available. Each policy required hereunder shall be noncancellable and nonamendable (to the Premises, extent that any parking areas at proposed amendment reduces the Property that Tenant is authorized to use, and any other areas limits or the scope of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (irequired in this Lease) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGLLandlord and such ground lessors and mortgagees without thirty (30) days’ prior notice to the Landlord and such ground lessors and mortgagees and at the election of the Landlord, either a certificate of insurance or a duplicate original policy shall be delivered to the Landlord. The minimum limits of Tenant’s liability insurance as of the Commencement Date (iiior such earlier date upon which the Tenant first commences occupancy of all or any part of the Premises for the commencement of any alterations or additions undertaken by Tenant pursuant to the terms of this Lease or otherwise) apply on a primary basis shall be Two Million Dollars ($2,000,000.00) for combined bodily injury (or death) and damage to property (per occurrence) with an aggregate annual limit of liability of Three Million Dollars ($3,000,000.00), and from time to time during the Term such limits of liability shall be increased to reflect such higher limits as are customarily required pursuant to new leases of space in the Baltimore, Maryland area with respect to any similar properties and similar uses. Such liability insurance may be effected with a combination of a base commercial general liability policy and umbrella insurance provided that any such umbrella coverages provided are on a ““following form”“ basis. The Landlord shall have reasonable approval over the identity of the Tenant’s insurance underwriters. Each policy of insurance required to be carried by Tenant under this Lease shall be issued by companies rated not less than A-/IX by Best’s Rating Service (or its successor) or otherwise acceptable to Landlord in the Landlord PartiesLandlord’s reasonable discretion and licensed to do business in the State of Maryland, (iv) provide that aggregate limits of and Tenant’s liability apply separately insurance policy shall be primary with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionall claims.
Appears in 1 contract
Tenant’s Insurance. 31.1 Notwithstanding the agreement in paragraph 29.2 above, and in addition thereto, Tenant shall maintain covenants to provide on or before the following coverages Commencement Date for the benefit of Landlord, the Managing Agent and Tenant tend naming Landlord, Tenant and any Managing Agent of the Property as insured parties) a comprehensive policy of liability insurance protecting Landlord and Tenant against any liability whatsoever occasioned by accident on or about the Premises or any appurtenances thereto. Such policy is to be written by insurance companies qualified to do business in the following amounts.
10.3.1 Commercial general State of New Jersey and the limits of liability insurance written on hereunder shall not be less than the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord amount of One Million Dollars (the “CGL”)$1,000,000.00) in respect of any one person, (i) covering liability arising from bodily injury (including mental anguish in respect of any one occurrence, and death), in respect of property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to . Such insurance may be carried under a blanket policy covering the Premises and other locations of Tenant, if any.
31.2 Prior to the Building, including any parking areas and areas outside the Premises that Tenant time such insurance is authorized first required by this Article 31 to use temporarily), operations, independent contractors, personal and advertising injurybe carried by Tenant, and liability assumed under an insured contracthereafter, at least fifteen (ii15) with limits days prior to the expiration of not less than $1,000,000 each occurrenceany such policy, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition Tenant agrees to deliver to Landlord either a duplicate original of the aforesaid policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provisioncertificate evidencing such insurance, and provided said certificate contains an endorsement that such insurance may not be cancelled except upon thirty (v30) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable days notice to Landlord. If , together with evidence of payment for the additional insured endorsement restricts policy.
31.3 Upon failure at any time on the part of tenant to procure and deliver to Landlord Parties’ coverage under the CGL to liability arising out policy or certificate of insurance, as hereinabove provided, stamped "Premium Paid" by the issuing company at least fifteen (15) days before the expiration of the ownershipprior insurance policy or certificate, maintenance if any, or use of premises described in to pay the endorsementpremiums therefor, then Landlord shall be at liberty, from time to time, as often as such failure shall occur, to procure such insurance and to pay the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usepremium therefor, and any other areas sums paid for insurance by Landlord shall be and become, and are hereby declared, to be Additional Rent hereunder for the collection of which Landlord shall have all the remedies provided for in this Lease or by law for the collection of rent. Payment by Landlord of such premium or the carrying by Landlord of any such policy shall not be deemed to waive or release the default of Tenant with respect thereto. Tenant's failure to provide and keep in force the aforementioned insurance shall be regarded as a default hereunder entitling Landlord by exercise any or all of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply remedies as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established provided in this Section, Tenant may provide lower minimum limits Lease in the event of primary insurance so long as the minimum limit an Event of the excess/umbrella insurance is increased by the amount of the primary reductionDefault.
Appears in 1 contract
Samples: Sublease (Alphanet Solutions Inc)
Tenant’s Insurance. Tenant shall procure at its expense before the earlier of the Commencement Date, the Delivery Date, the Turnover Date or such earlier access date provided for in Article 5.3 and shall thereafter maintain throughout the following coverages Lease Term a policy or policies of (a) all risk, real and personal property insurance insuring Tenant’s interest in any and all trade fixtures, furniture, equipment, supplies, and other personal property (excluding documentation and professional work product) owned, leased, held or possessed by it and contained therein, whether considered Tenant Improvements, Tenant Alterations or otherwise, such insurance coverage to be in an amount equal to the following amounts.
10.3.1 Commercial full replacement value of such improvements and property, as such may increase from time to time (but such insurance may provide for a reasonable deductible), and (b) a policy or policies of workers’ compensation insurance in statutory limits, or provide evidence of self-insured status of such workers’ compensation insurance from the Commonwealth of Virginia (as required by applicable law), and employers liability insurance in amounts not less than $1,000,000 for bodily injury by accident (each accident), $1,000,000 for bodily injury by disease (policy limit) and $1,000,000 for bodily injury by disease (each employee), and (c) commercial general liability insurance written insuring against any and all liability for injury to or death of a person or persons and for damage to property occasioned by or arising out of any construction work being done by or on behalf of Tenant on the current ISO CG 00 01 occurrence form Demised Premises, or an equivalent acceptable to Landlord (arising out of the “CGL”)condition, (i) covering liability arising from bodily injury (including mental anguish and death)use, property damage, premises (including the use or occupancy of the Demised Premises, or in any way occasioned by or arising out of the activities of Tenant, its agents, contractors, employees or invitees in the Demised Premises, the Building limits of such policy or policies to be issued on a combined single limits basis for both personal injury and all areas appurtenant property damage in amounts not less than $1,000,000 for each occurrence (subject to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with annual aggregate limits of not less than $1,000,000 each occurrence2,000,000). Such insurance shall, $1,000,000 personal and advertising injuryin addition, $2,000,000 general aggregateextend to any liability of Tenant arising out of the indemnities provided for in this Lease, and $2,000,000 products-completed operations aggregate, (iii) with defense except the indemnity provided in addition Article 12.2 of this Lease. Prior to policy limitsthe earlier to occur of the Commencement Date, (iv) the Delivery Date, the Turnover Date or such earlier access date provided for in Article 5.3, Tenant shall also procure at its expense and shall thereafter maintain throughout the Lease Term, Excess/Umbrella Liability coverage with a standard ISO separation of insureds provision or a substantially similar provisionlimits not less than $10,000,000. Such coverage shall provide excess coverage above the commercial general liability and the employer’s liability policies above. All insurance policies procured and maintained by Tenant pursuant to this Article 16 shall name Landlord, Landlord’s principals, Landlord’s property manager and (v) including the Landlord Parties (as defined belowLandlord’s lender(s) as additional insureds, using ISO additional insured endorsement CG 20 11 shall be carried with companies having a rating pursuant to the latest version of A.M. Best’s Insurance Guide of A- VII or higher (or an equivalent acceptable rating if such publication is discontinued) and shall be non-cancelable except after thirty (30) days’ written notice to Landlord. If Duly executed certificates of such insurance shall be made available to Landlord via Tenant’s website prior to the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out date Tenant occupies any portion of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Demised Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related conduct of its business and certificates of renewal of such Subject to a request for confidential treatment, certain portions of this agreement have been intentionally omitted. The omitted portions subject to the Premises, confidential treatment request are designated by three asterisks [***]. A complete version of this agreement has been separately filed with the Securities and does not limit their coverage Exchange Commission. insurance satisfying the requirements of this Article 16 shall be made available to liability arising from Landlord via Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limitwebsite upon renewal of each respective policy term; provided, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Sectionhowever, Tenant may provide lower minimum limits agrees to deliver or cause to be delivered to Landlord a copy of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased any such certificates upon written request therefor by the amount of the primary reductionLandlord.
Appears in 1 contract
Samples: Deed of Lease Agreement
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of about the Premises, under which Xxxxxx is named as the Building insured and all areas appurtenant Landlord, Xxxxxxxx’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Xxxxxxxx’s managing agent or any Lessors or Mortgagees named as additional insureds, and Xxxxxx agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an amount of not less than [*****]; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords in first-class buildings in the City of New York with respect to the Ancillary Space and for comparable entertainment centers in the City of New York with respect to the Music Hall. If the aggregate limit applying to the Premises and is reduced by the Buildingpayment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, including any parking areas and areas outside Tenant shall immediately arrange to have the Premises that aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant is authorized maintains sufficient excess liability insurance to use temporarily), operations, independent contractors, personal and advertising injury, and satisfy the liability assumed under an insured contract, requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with limits extended coverage, having a deductible amount, if any, as reasonably approved by Landlord, insuring (A) with respect to the Ancillary Space, all Ancillary Space Alterations and improvements to the Ancillary Space, for the full insurable value thereof or replacement cost value thereof, (B) all of Tenant’s Property and (C) Landlord’s Studio Apartment Property; all such insurance shall name Tenant as the insured and, except with respect to Tenant’s insurance covering Tenant’s Property and Landlord’s Studio Apartment Property, Landlord and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time shall be named as additional insureds and loss payees;
(iii) during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in all work incorporated in the Buildings and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) Liquor Liability (dram shop) Insurance with a minimum limit of liability in an amount of not less than $1,000,000 each occurrenceon an occurrence basis, $1,000,000 personal covering bodily injury and advertising injury, $2,000,000 general aggregate, death to one or more persons and $2,000,000 products-completed operations aggregate, 100,000 in connection with property damage; and
(iiivi) with defense provided such other insurance in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (such amounts as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized Mortgagee and/or any Lessor may reasonably require from time to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage time for the Landlord Parties’ own acts related premises comparable to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Lease (MSGE Spinco, Inc.)
Tenant’s Insurance. Tenant shall maintain insurance complying with all of the following coverages following:
A. Tenant shall procure, pay for and keep in full force and effect the following amounts.following:
10.3.1 (1). Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)insurance, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use against liability for personal injury, bodily injury, death and damage to property occurring in or occupancy of the Premisesabout, or resulting from an occurrence in or about, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits combined single limit coverage of not less than $1,000,000 the amount of Tenant’s Liability Insurance Minimum specified in Section P of the Summary, which insurance shall contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in §10.3;
(2). Fire and property damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the full actual replacement cost thereof;
(3). Such other insurance that is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses.
B. Where applicable and required by Landlord, each occurrence, $1,000,000 personal policy of insurance required to be carried by Tenant pursuant to this §9.1: (i) shall name Landlord and advertising injury, $2,000,000 general aggregate, such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and $2,000,000 products-completed operations aggregate, including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord; (iii) with defense provided shall be in addition a form satisfactory to policy limits, Landlord; (iv) shall be carried with a standard ISO separation of insureds provision or a substantially similar provision, and companies reasonably acceptable to Landlord; (v) including the shall provide that such policy shall not be subject to cancellation, lapse or change except after at least 30 days prior written notice to Landlord Parties so long as such provision of 30 days notice is reasonably obtainable, but in any event not less than 10 days prior written notice; (vi) shall not have a “deductible” in excess of such amount as defined belowis approved by Landlord; (vii) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlordshall contain a cross liability endorsement; and (viii) shall contain a “severability” clause. If Tenant has in full force and effect a blanket policy of liability insurance with the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides same coverage for the Premises as described above, as well as other coverage of other premises and properties of Tenant, or in which Tenant has some interest, such blanket insurance shall satisfy the requirements of this §9.1.
C. A copy of each paid-up policy evidencing the insurance required to be carried by Tenant pursuant to this §9.1 (appropriately authenticated by the insurer) or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this §9.1, and containing the provisions specified herein, shall be delivered to Landlord Parties’ own acts related prior to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to time Tenant or any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to of its Agents enters the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGLand upon renewal of such policies, business auto liability and employers liability insurance, with a limit of but not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect 5 days prior to the CGLexpiration of the term of such coverage. Landlord may, (iii) apply on a primary basis with respect to at any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premisestime, and (v) provide from time to time, inspect and/or copy any and all insurance policies required to be procured by Tenant pursuant to this §9.1. If any Lender reasonably determines at any time that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of coverage required for any policy of insurance Tenant is to obtain pursuant to this §9.1 is not adequate, then Tenant shall increase such coverage for such insurance to such amount as such Lender reasonably deems adequate, not to exceed the primary reductionlevel of coverage for such insurance commonly carried by comparable businesses similarly situated.
Appears in 1 contract
Tenant’s Insurance. Tenant Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to about the Premises and or the Building, including any parking areas and areas outside the Premises that under which Tenant is authorized named as the insured and Landlord, Landlord's managing agent and any Lessors and any Mortgagees whose names shall have been furnished to use temporarily)Tenant are named as additional insureds, operationswhich insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, independent contractors, personal and advertising injuryLandlord's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 35 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000 per location, provided, however, that Landlord shall retain the right to require Tenant to increase such coverage to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in first-class renovated buildings in the City of New York, provided, however, that such amount of insurance shall not be increased at any time by a percentage that exceeds 125 percent of the proportionate increase of the Consumer Price Index from that in effect for the month preceding the month in which the date of this Lease occurs to the month preceding the month in which the date of the calculation of such increase occurs. The deductible or self insured retention for such policy shall in no event exceed $1,000,000 personal and advertising injury50,000 at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve, $2,000,000 general aggregateTenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and $2,000,000 products-completed operations aggregatesuch other risks and hazards as are insurable under then available standard forms of "all risk" insurance policies with extended coverage, insuring Tenant's Property, and all Alterations and improvements to the Premises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (hereinafter "Building Standard Installations"), for the full insurable value thereof or replacement cost value thereof, having a deductible amount, if any, as reasonably determined by Landlord; (iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in addition to policy limitsall work incorporated in the Building and all materials and equipment in or about the Premises;
(iii) workers' Compensation Insurance, as required by law;
(iv) with a standard ISO separation of insureds provision or a substantially similar provision, and disability Benefits Policy Insurance; and
(v) including the Landlord Parties (such other insurance in such amounts as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized Mortgagee and/or any Lessor may reasonably require from time to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basistime.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Lease (Kasper a S L LTD)
Tenant’s Insurance. 23.01 All insurance required to be carried by Tenant hereunder shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability be issued by responsible insurance written on the current ISO CG 00 01 occurrence form or an equivalent companies acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building Landlord’s lender and all areas appurtenant qualified to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described do business in the endorsementState. Each policy shall name Landlord, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, Landlord’s Management Company and any other areas mortgagee of the Property outside the Premises Landlord, as an additional insured. Each policy shall contain: a) a cross-liability endorsement; b) a provision that Tenant is authorized to use temporarily. Tenant such policy shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as be primary and non-contributing insurance with respect to any other policies carried by Landlord and that any coverage carried by Landlord shall be excess insurance; and c) a waiver by the insurer of any right of subrogation against Landlord, its agents, employees and representatives, which arises under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. A certificate of the insurer evidencing the existence and amount of each insurance policy required hereunder shall be delivered to Landlord before the date Tenant is first given the right of possession of the Premises, and thereafter within thirty (30) days after any demand by Landlord therefore. No such policy shall be cancelable, except after twenty (20) days written notice to Landlord and Landlord’s lender. Tenant shall furnish Landlord with renewals or self-insurance programs afforded “binders” of any such policy at least ten (10) days prior to the expiration thereof. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises may (but shall not be required to) procure insurance on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability behalf and employers liability insurance, charge the Tenant the premiums together with a limit of not less than $10,000,000 each occurrencetwenty-five percent (25%) handling charge, payable upon demand. This Tenant shall have the right to provide such insurance must (i) provide coverage at least as broad as the applicable primary coverages (andpursuant to blanket policies, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect provided such blanket policies expressly afford coverage to the Premises, Landlord, Landlord’s mortgagee and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in Tenant as required by this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionLease.
Appears in 1 contract
Samples: Lease Agreement (Sezzle Inc.)
Tenant’s Insurance. (a) Tenant shall obtain in full force and effect during the Term with respect to the Premises insurance against such occurrences and in such amounts and on such terms and conditions and with such deductible(s) as Landlord may determine from time to time. Unless and until otherwise determined by Landlord, such insurance shall include, without limitation:
(i) insurance on the building and improvements and equipment contained therein owned or leased by Landlord or which Landlord desires to insure, for full replacement cost, against damage by fire, lightning, explosion, sprinkler leakage and other risks contained in fire insurance policies with endorsements generally known as extended coverage and riot vandalism and malicious acts, endorsements or, at Landlord's option, all risks insurance;
(ii) boiler and machinery insurance on such insurable objects as Landlord may elect to insure;
(iii) rental income insurance covering such occurrences, in such form, and with such period of indemnity as Landlord may determine; and
(iv) public liability insurance.
(b) Tenant shall maintain during the following coverages Term
(i) all risks insurance upon property owned by the Tenant or for which it is liable (including glass) and which is located on the Premises including, without limitation, furniture, fittings, installations, alterations, additions, partitions and fixtures or anything in the following amounts.nature of a leasehold improvement made or installed by or on behalf of the Tenant in an amount equal to the full replacement cost thereof;
10.3.1 Commercial (ii) comprehensive general liability insurance written on against claims for death, personal injury and property damage in or about the current ISO CG 00 01 occurrence form or an equivalent acceptable Premises in amounts satisfactory from time to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant time to the Premises and the Building, including Landlord acting reasonably but in any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under event in an insured contract, (ii) with limits of amount not less than $1,000,000 each occurrence, $1,000,000 5,000,000.00 per occurrence for personal injury and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, property damage;
(iii) with defense provided in addition tenant's legal liability insurance for limits satisfactory from time to policy limits, time to the Landlord acting reasonably;
(iv) with a standard ISO separation of insureds provision or a substantially similar provision, and Business interruption insurance;
(v) including such other insurance as the Landlord Parties may from time to time reasonably require; and The insurance described in parts (as defined belowa), E)(i) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts and (b)(ii) shall name the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described and anyone designated in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for writing by the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties Mortgagee as additional insureds with respect as their interests may appear. All property damage and public liability insurance shall contain a provision for cross-liability or severability of interest as between the Landlord and the Tenant, The Tenant hereby releases the Landlord from any liability for loss to the CGL, (iii) apply on a primary basis with respect to any commercial general liability extent of all insurance proceeds paid under policies of insurance carried by the Tenant or which would have been paid if the Tenant had maintained the insurance it is required to maintain under this Lease Such policies shall contain an endorsement requiring the insurers under such policies to notify the Landlord Parties, in writing at least thirty (iv30) provide that aggregate limits of liability apply separately with respect days prior to any material change or cancellation thereof. The Tenant shall furnish to the PremisesLandlord certificates of insurance as aforesaid and shall provide written evidence of the continuation of such policies not less than ten days prior to their respective expiry dates. The cost or premium for each and every such policy shall be paid by the Tenant. If the Tenant fails to maintain such insurance, the Landlord shall have the right, but not the obligation or any liability to do so, to pay the cost or premium therefor, and (v) provide that if in such event the allocations of minimum primary and excess/umbrella limits established in this SectionTenant shall repay to the Landlord, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by Additional Rent, forthwith on demand the amount of the primary reductionso paid.
(c) such other insurance in such amounts and on such terms as Landlord, in its discretion, may determine.
Appears in 1 contract
Samples: Lease Agreement (Pillowtex Corp)
Tenant’s Insurance. Tenant shall maintain throughout the Term the ------------------ following coverages in the following amounts.insurance policies:
10.3.1 Commercial (1) commercial general liability insurance written on in amounts of $2,000,000.00 per occurrence or, following the current ISO CG 00 01 occurrence form expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or an equivalent acceptable matter that is or may be excluded from coverage under a commercial general liability policy [e.g., the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to Landlord (the “CGL”), (i) covering commercial general liability policy or otherwise obtain insurance to insure all liability arising from bodily injury (such activity or matter [including mental anguish and deathliquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord's agents and their respective Affiliates against all liability for injury to or death of a person or persons or damage to property damage, premises (including arising from the use or and occupancy of the Premises, (2) insurance covering the Building full value of Tenant's property and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injuryimprovements, and liability assumed under an insured contract, other property (iiincluding property of others) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella (3) contractual liability insurance with respect sufficient to cover Tenant’s CGL, business auto 's indemnity obligations hereunder (but only if such contractual liability and employers liability insurance, with a limit of insurance is not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any already included in Tenant's commercial general liability insurance carried by the Landlord Partiespolicy), (iv4) provide that aggregate limits of liability apply separately with respect to the Premisesworker's compensation insurance, and (v5) business interruption insurance. Tenant's liability insurance shall provide that if the allocations primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of minimum primary such insurance and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit such other evidence satisfactory to Landlord of the excess/umbrella maintenance of all insurance is increased coverages required hereunder, and Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord at least 30 days before cancellation or a material change of any such insurance policies. All such insurance policies shall be in form, and issued by the amount of the primary reductioncompanies, reasonably satisfactory to Landlord.
Appears in 1 contract
Samples: Lease Agreement (Verisity LTD)
Tenant’s Insurance. (a) Tenant shall maintain the following coverages in the following amounts.shall:
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering keep the Building and the Improvements insured against loss or damage by fire, windstorm, tornado and hail and all other hazards customarily included in the standard "all risk" coverage from, as may be commercially available from time to time ("Casualty Insurance"), including, without limitation, coverage for loss or damage by water, flood, sprinkler leakage, boiler explosions or similar occurrences, subsidence and earthquake, with such sublimits as are reasonably required by Landlord and consistent with those sublimits from time to time customarily carried for properties located in or near Kentwood, Michigan comparable to the Premises in use, size and age, and excluding from such coverage loss or damage due to the normal settling of the Premises. Such coverage shall include losses from war risks and acts or terrorism when and to the extent obtainable from the United States government or an agency thereof so long as the annual cost for coverage with respect to such risks does not exceed ten percent (10%) of the annual cost for the "all risk" coverage required pursuant to this Section 6.01(a). Such Casualty Insurance shall be in the amount set forth in the "agreed amount clause" endorsement to the policy in question, which endorsement shall be attached to the policy, provided that such amount, in all events, shall be (x) sufficient to prevent Landlord and Tenant from becoming co-insurers under provisions of applicable policies of insurance, and (y) in the amount not less than one hundred percent (100%) of the Net Replacement Cost of the Building, such Net Replacement Cost to be determined by the insurers from time to time, but not less frequently than required by the standard "agreed amount clause" endorsement, and no omission on the part of Landlord to request any such determination shall relieve Tenant of its obligation to have such Net Replacement Cost determined as aforesaid;
(ii) provide and keep in force general comprehensive public liability arising from insurance ("Liability Insurance") against liability for bodily injury (including mental anguish and death), death and property damage, premises (including such Liability Insurance to be in such amount as may from time to time be reasonably required by Landlord and consistent with that carried for properties similar to the use Premises in use, size and age, but not less than $3,000,000 combined single limit for liability for bodily injury, death and property damage, and shall include the Premises and all sidewalks adjoining or occupancy of appurtenant to the Premises, shall contain blanket contractual coverage and shall also provide the Building following protection:
(1) personal injury protection;
(2) fire legal liability, if not otherwise covered under the comprehensive form of public liability insurance;
(3) employees as additional insured coverage; and
(4) Blanket Contractual Liability coverage; which coverage shall contain an endorsement that (x) names Landlord as an additional insured, (y) specifically references the Premises; and all areas appurtenant (z) guarantees a minimum limit available for the Premises equal to the Premises insurance amount required in this Lease. If applicable, Tenant also shall provide and keep in force automobile liability and property damage insurance for all owned, non-owned and hired vehicles insuring against liability for bodily injury and death and for property damage in an amount determined from time to time by Landlord, but not less than $3,000,000 combined single limit, such insurance to contain the Buildingso-called "occurrence clause";
(iii) provide and keep in force workers' compensation and occupational disease providing statutory benefits for all persons employed by Tenant at or in connection with the Premises;
(iv) provide and keep in force rent insurance on an "All Risk of Physical Loss" basis in an amount not less than the sum of (a) the Base Rent then payable hereunder for a period of one (1) year, including any parking areas (b) an amount equal to the Impositions for a like period, and areas outside (c) an amount equal to the Premises that insurance premiums payable under this Lease for a like period;
(v) provide and keep in force boiler, machinery and pressure vessel insurance in an amount determined from time to time by Landlord, but not less than $3,000,000 per occurrence on a combined basis covering direct property loss and loss of income and providing for all steam, mechanical and electrical equipment, including, without limitation, all boilers, unfired pressure vessels, piping and wiring.
(b) Whenever, under the terms of this Lease, Tenant is authorized required to use temporarily)maintain insurance, operationsLandlord shall be an additional named insured and loss payee, independent contractors, personal and advertising injury, and liability assumed under an insured contractas its interests may appear in all such insurance policies other than (i) business interruption policies, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregateworker's compensation insurance, and $2,000,000 products-completed operations aggregate, (iii) insurance in connection with defense provided automobile liability and property damage for all vehicles used in addition to policy limits, (iv) connection with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to LandlordPremises. If the Premises shall be subject to any Mortgage, the public liability insurance shall, if required by such Mortgage, name the Mortgagee as an additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usenamed insured, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any all other insurance provided hereunder shall name the Mortgagee as an additional named insured under a standard "noncontributory mortgagee" endorsement or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basisits equivalent.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Lease (Autocam International LTD)
Tenant’s Insurance. Tenant shall To maintain the following coverages in insurance throughout the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), Term (i) covering liability arising from bodily injury (including mental anguish “all-risk” property insurance on the personal property of Tenant and death), property damage, premises (including any improvements owned by Tenant and to be removed by Tenant at the use or occupancy end of the PremisesTerm in accordance with the provisions of this Lease covering loss or damage by fire and such other perils as is customarily covered by similarly situated properties in the area in an amount not less than 100% full replacement cost, the Building without deduction for depreciation, which insurance in any event shall include coverage for flood, earthquake and all areas appurtenant to the Premises sprinkler leakage; and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits commercial general liability (including protective liability coverage on operations of not less than $1,000,000 each occurrence, $1,000,000 personal independent contractors engaged by Tenant in 26 construction for such periods during which construction is occurring and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iiiblanket contractual liability insurance) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises written on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance per-occurrence basis with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a an aggregate limit of not less than $10,000,000 each occurrence2,000,000, and a per-occurrence limit of not less than $1,000,000, and endorsed to provide that such insurance is primary (and not contributory) to any similar insurance carried by Landlord, and containing a severability of interest clause; and (iii) commercially reasonable business interruption, workers’ compensation and employer’s liability insurance. This All such insurance must shall: (i) provide coverage at least as broad as be effected under valid and enforceable policies issued by financially responsible insurers authorized to do business in the applicable primary coverages (and, if excess, must be “true follow form”), Commonwealth of Massachusetts; and (ii) include name Landlord, Landlord’s Agent, Landlord’s lender, the Condominium Association, the other Condominium Unit Owners, and such others as Landlord Parties shall reasonably required as additional insureds with respect to the CGL, insureds; and (iii) apply on be at Tenant’s sole cost and expense. The all-risk insurance of Tenant required herein shall contain a primary basis with respect to any waiver of subrogation endorsement in favor of Landlord, and the commercial general liability insurance carried by the policy of Tenant shall contain a waiver of subrogation endorsement in favor of Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if extent available without additional cost. Simultaneously with the allocations of minimum primary and excess/umbrella limits established in this Sectionexecution hereof, Tenant may shall provide lower minimum limits Landlord with the certificates of primary insurance so long as evidencing the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductioncoverages required herein and stating that such insurance will not be terminated or changed without prior notice to Landlord.
Appears in 1 contract
Samples: Lease Agreement (AMICAS, Inc.)
Tenant’s Insurance. Effective as of the earlier of (a) the date Tenant enters or occupies the Premises, or (b) the Commencement Date, and continuing throughout the Term, Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial insurance policies: (1) commercial general liability insurance written on in amounts of $3,000,000 per occurrence and in the current ISO CG 00 01 occurrence form aggregate or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or an equivalent acceptable matter that is or may be excluded from coverage under a commercial general liability policy, Tenant shall obtain such endorsements to Landlord (the “CGL”), (i) covering commercial general liability policy or otherwise obtain insurance to insure all liability arising from bodily injury (including mental anguish and deathsuch activity or matter in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property damage, premises (including management company and Landlord’s asset management company against all liability for injury to or death of a person or persons or damage to property arising from the use or and occupancy of the Premises, (2) property insurance covering the Building full value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord’s Mortgagee as additional loss payees as their interests may appear, (3) property insurance covering the full value of all areas appurtenant to furniture, trade fixtures and personal property (including property of Tenant or others) in the Premises and the Building, including any parking areas and areas outside or otherwise placed in the Premises that by or on behalf of a Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contractParty, (ii4) with limits of contractual liability insurance sufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 already included in Tenant’s commercial general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provisionliability insurance policy), and (v5) including the worker’s compensation insurance. Tenant’s insurance shall provide primary coverage to Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 when any policy issued to Landlord provides duplicate or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usesimilar coverage, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarilyin such circumstance Landlord’s policy will be excess over Tenant’s policy. Tenant shall ensure that furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the CGL policy provides coverage for maintenance of all insurance coverages required hereunder prior to the Landlord Parties’ own acts related to earlier of the Commencement Date or the date Tenant enters or occupies the Premises, and does not limit their coverage prior to liability arising from Tenant’s acts. The CGL must not include each renewal of said insurance, and Tenant shall obtain a “designated premises” endorsement that limits Tenant’s coverage under written obligation on the CGL part of each insurance company to matters related to the Premises. The CGL must apply as primary and notify Landlord at least 30 days before cancellation (other than for non-contributing payment of premium for which 10 days notice will be given) or a material change of any such insurance policies. All such insurance policies shall be in form reasonably satisfactory to Landlord, shall be issued by companies licensed to do business in the state in which the Premises is located and having an A.M. Best rating of at least A-:VII (or the equivalent of such rating) or otherwise approved in writing by Landlord, and may include commercially reasonable deductibles not to exceed $100,000. If Tenant fails to comply with respect the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein and such failure continues for five (5) business days following written notice thereof, Landlord, in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be obligated to, obtain such insurance or self-insurance programs afforded and Tenant shall pay to Landlord on demand the Landlord Parties. If the CGL contains a general aggregate limitpremium costs thereof, it must apply separately to the Premises on a “per project” or “per location” basisplus an administrative fee of 15% of such cost.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Lease Agreement (Solyndra, Inc.)
Tenant’s Insurance. (A) Tenant shall procure and maintain throughout the following coverages in the following amounts.
10.3.1 Commercial Term of this Lease, at its expense, comprehensive general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from providing coverage for bodily injury (including mental anguish death) and deathproperty damage and products liability insurance, as necessary. This policy shall contain a broad form contractual liability endorsement insuring Tenant's obligations under Section 4.06(A) hereof with a combined single limit of at least One Million Dollars ($1,000,000) per occurrence and Three Million Dollars ($3,000,000) in the aggregate for all occurrences within each policy year, or such greater amounts as Landlord may require. Tenant shall also procure fire and extended coverage insurance covering Tenant's personal property, fixtures, equipment and improvements, in an amount equal to the replacement value of the same and containing the waiver of subrogation required in Section 6.03 of this Lease, state worker's compensation and employers liability insurance with limits of at least Five Hundred Thousand Dollars ($500,000) and such other insurance as Landlord may reasonably require from time to time.
(B) All of the foregoing insurance policies (with the exception of worker's compensation insurance to the extent not available under statutory law) shall name Landlord, any holder of a Mortgage (as defined in Section 5.01 hereof), property damage, premises (including the use or occupancy of the Premises, any managing agent for the Building and such other parties as Landlord shall designate as an additional insured as their respective interests may appear, and shall provide that any loss shall be payable to Landlord and any other additional insured parties as their respective interests may appear. All insurance required hereunder shall be placed with companies which are rated A:XI or better by Best's Insurance Guide and licensed to do business in the state in which the Building is located and written as primary policies, with any other policies, including Landlord's policy, serving as excess coverage. Tenant shall deliver duplicate original copies of all areas appurtenant such policies and all endorsements thereto, prior to the Premises and Commencement Date, or, in the Buildingcase of renewals thereto, including any parking areas and areas outside fifteen (15) days prior to the Premises expiration of the prior insurance policy, together with evidence that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injurysuch policies are fully paid for, and liability assumed under an insured contract, that no change or non-renewal thereof shall be effective except upon thirty (ii30) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including days' prior written notice from the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable insurer to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that fail at any time to procure and/or maintain the CGL policy provides coverage for insurance required herein, Landlord may procure such insurance on Tenant's behalf and the Landlord Parties’ own acts related to the Premisescost thereof shall be payable, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply upon demand, as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basisAdditional Rent.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Tenant’s Insurance. Tenant shall maintain On or before the following coverages in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form Commencement Date or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of Tenant’s prior entry into the Premises, the Building Tenant will obtain and all areas appurtenant to the Premises have in full force and the Buildingeffect, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under insurance coverage as follows: workers’ compensation in an insured contract, amount required by law; (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 commercial general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) liability with a standard ISO separation per occurrence limit of insureds provision or Two Million Dollars ($2,000,000) and a substantially similar provisiongeneral aggregate of Three Million Dollars ($3,000,000) for bodily injury and property damage on an occurrence basis and containing an endorsement naming Landlord, its agents, designees and (v) including the Landlord Parties (as defined below) lender as additional insureds, using ISO additional insured endorsement CG 20 11 an aggregate limit per location endorsement, and no modification that would make Tenant’s policy excess or an contributing with Landlord’s liability insurance; (iii) all risk property insurance for the full replacement value of all of Tenant’s furniture, fixtures, equipment, alterations, improvements or additions that do not become Landlord’s property upon installation; and (iv) any other form or forms of insurance or any increase in the limits of any of the coverages described above or other forms of insurance as Landlord or the mortgagees or ground lessors (if any) of Landlord may reasonably require from time to time if in the reasonable opinion of Landlord or said mortgagees or ground lessors said coverage and/or limits become inadequate or less than that commonly maintained by prudent tenants with similar uses in similar buildings in the area. All policies obtained by Tenant will be issued by carriers having ratings in Best’s Insurance Guide (“Best”) of A and VIII, or better (or equivalent acceptable rating by a comparable rating agency if Best no longer exists) and licensed in the State. All such policies must be endorsed to be primary and noncontributing with the policies of Landlord being excess, secondary and noncontributing. No policy will be canceled, nonrenewed or materially modified without thirty (30) days’ prior written notice by the insurance carrier to Landlord. If the additional insured endorsement restricts the forms of policies, endorsements, certificates, or evidence of insurance required by this Article are superseded or discontinued, Landlord Parties’ coverage under the CGL to liability arising out may require other equivalent or better forms. Evidence of the ownershipinsurance coverage required to be maintained by Tenant, maintenance or use represented by certificates of premises described in insurance issued by the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excesscarrier, must be “true follow form”)furnished to Landlord prior to Tenant occupying the Premises and at least thirty (30) days prior to the expiration of current policies. Copies of all endorsements required by this Article must accompany the certificates delivered to Landlord. The certificates will state the amounts of all deductibles and self-insured retentions and that Landlord will be notified in writing thirty (30) days prior to cancellation, material change, or non-renewal of insurance. If requested in writing by Landlord, Tenant will provide to Landlord a certified copy of any or all insurance policies or endorsements required by this Article. .B Tenant will not do or allow anything to be done on the Premises which will increase the rate of fire insurance on the Building from that of a general office building. If any use of the Premises by Tenant results in an increase in the fire insurance rate(s) for the Building, Tenant will pay Landlord, as Additional Rent, any resulting increase in premiums. Tenant’s insurance obligations set forth in Section 22 a)(i) and (ii) include above shall continue in effect throughout the Landlord Parties Term and after the Term as additional insureds with respect to the CGLlong as Tenant, (iii) apply on a primary basis with respect to or anyone claiming by, through or under Tenant, occupies all or any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits part of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Lease Agreement (Intelligroup Inc)
Tenant’s Insurance. Tenant, at its sole cost and expense, shall obtain and maintain in effect as long as this Lease remains in effect and during such other time as Tenant shall maintain occupies the Premises or any part thereof, insurance policies providing at least the following coverages in the following amounts.coverages:
10.3.1 Commercial (a) general liability insurance written on the current ISO CG 00 01 insurance, in occurrence form form, insuring Tenant against any and all liability for injury to or an equivalent acceptable death of a person or persons, and for damage to Landlord (the “CGL”)or destruction of property, (i) covering liability occasioned by or arising from bodily injury (including mental anguish and death), property damage, premises (including out of or in connection with the use or occupancy of the Premises or the business operated by Tenant thereon, and including contractual liability coverage for Tenant’s indemnity obligations under this Lease (other than those contained in Paragraph 25 hereof), to afford protection with a minimum combined single limit of liability of at least Three Million Dollars ($3,000,000); and
(b) worker’s compensation and similar insurance offering statutory coverage and containing statutory limits and employer’s liability insurance in form and amount deemed reasonable by Tenant in the exercise of its prudent business judgment. Such policies will be maintained in companies having a “General Policyholders Rating” of at least B plus as set forth in the most current issue of “Best’s Insurance Guide”, and will be written as primary policy coverage and not contributing with, or in excess of, any coverage which Landlord shall carry. Tenant shall deposit certificates of such required insurance with Landlord prior to the earlier to occur of (x) the Commencement Date of this Lease, or (y) Tenant’s occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises which certificates shall contain a provision stating that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, such policy or policies shall not be canceled or materially altered except after thirty (ii30) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable days’ written notice to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure have the right to provide the coverages required herein under blanket policies provided that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does afforded shall not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basisbe diminished by reason thereof.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in Term and prior to having access to the following amounts.Premises:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form Premises or an equivalent acceptable the Building, under which Tenant is named as the insured and Landlord, Landlord's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Landlord (Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the “CGL”)benefit of Landlord, (i) covering Landlord's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain contractual liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of the Premises, the Building and all areas appurtenant liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under aggregate in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence10,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York. The deductible or self insured retention for such policy shall in no event exceed $1,000,000 personal and advertising injury, $2,000,000 general 10,000 per occurrence at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord's reasonable judgment, Tenant maintains sufficient excess liability insurance (with a drop down endorsement) to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and $2,000,000 products-completed operations aggregatesuch other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property, and all Specialty Alterations for the full insurable value thereof or replacement cost value thereof, having a deductible amount, if any, as reasonably determined by Landlord;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers' Compensation Insurance, as required by law;
(v) Business Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time.
(b) All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) shall contain a standard ISO separation provision that (A) no act or omission of insureds provision Tenant other than intentional acts shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior notice of the same, by certified mail, return receipt requested, and (vC) including Tenant shall be solely responsible for the Landlord Parties (as defined below) as additional insuredspayment of all premiums under such policies and Landlord, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If Lessors and Mortgagees shall have no obligation for the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usepayment thereof, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best's Rating of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to may at any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime consider appropriate.
Appears in 1 contract
Samples: Lease (Greenhill & Co Inc)
Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy complying ------------------ with all of the Premisesfollowing:
A. Tenant shall procure, pay for and keep in full force and effect the Building following:
(1) Facility: _______________ of the Summary, which insurance shall contain a "contractual liability" endorsement insuring Tenant's performance of Tenant's obligation to indemnify Landlord contained in Section 10.3;
(2) Fire and all areas appurtenant to property damage insurance in so-called "all- risk" form insuring Tenant's Trade Fixtures and Tenant's Alterations for the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, full actual replacement cost thereof; and
(ii3) Business interruption insurance with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, liability representing at least one (iii1) with defense provided in addition to policy limits, (iv) with a standard ISO separation year of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGLincome, business auto liability covering owned, non-owned and employers liability insurance, hired vehicles with a limit of not less than $10,000,000 each occurrence. This 1,000,000 per accident, insurance must (i) provide coverage protecting against liability under workers' compensation laws with limits at least as broad as the applicable primary coverages (andrequired by statute, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to for all plate glass in the Premises, and such other insurance that is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of comparable premises.
B. Where applicable and required by Landlord, each policy of insurance required to be carried by Tenant pursuant to this Section 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord (it being understood that Landlord's insurance shall provide excess coverage for Landlord after applying Tenant's insurance); (iii) shall be in a form reasonably satisfactory to Landlord; (iv) shall be carried with companies having as Best's Insurance rating of at least A- VIII; (v) shall provide that if such policy shall not be subject to cancellation, lapse or material change except after at least thirty (30) days prior written notice to Landlord; (vi) shall not have a "deductible" in excess of such amount as is reasonably approved by Landlord; (vii) shall contain a cross liability endorsement; and (viii) shall contain a "severability" clause.
C. A copy of each paid-up policy evidencing the allocations of minimum primary and excess/umbrella limits established in insurance required to be carried by Tenant pursuant to this Section, Tenant may provide lower minimum limits of primary insurance so long as Section 9.1 (appropriately authenticated by the minimum limit insurer) or a certificate of the excess/umbrella insurer, certifying that such policy has been issued, providing the coverage required by this Section 9.1, and containing the provisions specified herein, shall be delivered to Landlord prior to the Commencement Date and upon renewal of such policies, but not less than thirty (30) days prior to the expiration of the term of such coverage. Landlord may, at any time, and from time to time, inspect and copy any and all insurance is increased policies required to be procured by Tenant pursuant to this Section 9.
1. If any Lender or insurance advisor reasonably determines at any time that the amount of coverage required for any policy of insurance Tenant is to obtain pursuant to this Section 9.1 is not adequate, then Tenant shall increase such coverage for such insurance to such amount as such Lender or insurance advisor reasonably deems adequate, not to exceed the primary reductionlevel of coverage for such insurance commonly carried by tenants of comparable premises.
Appears in 1 contract
Samples: Lease (Borland Software Corp)
Tenant’s Insurance. Tenant shall procure at its expense before the earlier of the Commencement Date, the Delivery Date, the Turnover Date or such earlier access date provided for in Article 5.3 and shall thereafter maintain throughout the following coverages Lease Term a policy or policies of (a) all risk, real and personal property insurance insuring Tenant’s interest in any and all trade fixtures, furniture, equipment, supplies, and other personal property (excluding documentation and professional work product) owned, leased, held or possessed by it and contained therein, whether considered Tenant Improvements, Tenant Alterations or otherwise, such insurance coverage to be in an amount equal to the following amounts.
10.3.1 Commercial full replacement value of such improvements and property, as such may increase from time to time (but such insurance may provide for a reasonable deductible), and (b) a policy or policies of workers’ compensation insurance in statutory limits, or provide evidence of self-insured status of such workers’ compensation insurance from the Commonwealth of Virginia (as required by applicable law), and employers liability insurance in amounts not less than $1,000,000 for bodily injury by accident (each accident), $1,000,000 for bodily injury by disease (policy limit) and $1,000,000 for bodily injury by disease (each employee), and (c) commercial general liability insurance written insuring against any and all liability for injury to or death of a person or persons and for damage to property occasioned by or arising out of any construction work being done by or on behalf of Tenant on the current ISO CG 00 01 occurrence form Demised Premises, or an equivalent acceptable to Landlord (arising out of the “CGL”)condition, (i) covering liability arising from bodily injury (including mental anguish and death)use, property damage, premises (including the use or occupancy of the Demised Premises, or in any way occasioned by or arising out of the activities of Tenant, its agents, contractors, employees or invitees in the Demised Premises, the Building limits of such policy or policies to be issued on a combined single limits basis for both personal injury and all areas appurtenant property damage in amounts not less than $1,000,000 for each occurrence (subject to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with annual aggregate limits of not less than $1,000,000 each occurrence2,000,000). Such insurance shall, $1,000,000 personal and advertising injuryin addition, $2,000,000 general aggregateextend to any liability of Tenant arising out of the indemnities provided for in this Lease, and $2,000,000 products-completed operations aggregate, (iii) with defense except the indemnity provided in addition Article 12.2 of this Lease. Prior to policy limitsthe earlier to occur of the Commencement Date, (iv) the Delivery Date, the Turnover Date or such earlier access date provided for in Article 5.3, Tenant shall also procure at its expense and shall thereafter maintain throughout the Lease Term, Excess/Umbrella Liability coverage with a standard ISO separation of insureds provision or a substantially similar provisionlimits not less than $10,000,000. Such coverage shall provide excess coverage above the commercial general liability and the employer’s liability policies above. All insurance policies procured and maintained by Tenant pursuant to this Article 16 shall name Landlord, Landlord’s principals, Landlord’s property manager and (v) including the Landlord Parties (as defined belowLandlord’s lender(s) as additional insureds, using ISO additional insured endorsement CG 20 11 shall be carried with companies having a rating pursuant to the latest version of A.M. Best’s Insurance Guide of A- VII or higher (or an equivalent acceptable rating if such publication is discontinued) and shall be non-cancelable except after thirty (30) days’ written notice to Landlord. If Duly executed certificates of such insurance shall be made available to Landlord via Tenant’s website prior to the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out date Tenant occupies any portion of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Demised Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the conduct of its business and certificates of renewal of such insurance satisfying the requirements of this Article 16 shall be made available to Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from via Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limitwebsite upon renewal of each respective policy term; provided, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Sectionhowever, Tenant may provide lower minimum limits agrees to deliver or cause to be delivered to Landlord a copy of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased any such certificates upon written request therefor by the amount of the primary reductionLandlord.
Appears in 1 contract
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain (or cause to be obtained) and keep in full force and effect during the following coverages in Term on and after the following amounts.Commencement Date:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from basis against claims for bodily injury (including mental anguish death) and deathfor property damage occurring in or about the Premises for which Tenant is legally liable, and including actions of the employees, contractors, subcontractors, invitees, agents and others working on behalf of Tenant, under which Tenant is named as the insured and Landlord, Landlord's Agent and any Mortgagees and Lessors whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord's Agent or any Mortgagees or Lessors named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 29 hereof. The minimum limits of liability shall be a combined single ---------- limit with respect to each occurrence in an amount of not less than Twenty-Five Million Dollars ($25,000,000). The deductible for such policy shall in no event exceed Ten Thousand Dollars ($10,000) at any time. If the aggregate limit of such coverage is reduced by the payment of a claim or establishment of a reserve equal to or greater than fifty percent (50%) of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord's reasonable judgment, Tenant maintains sufficient excess liability insurance with a "drop-down" endorsement to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of "all risk" property damageinsurance policies, premises insuring Tenant's Property and all Specialty Alterations for the full replacement cost thereof, having a deductible amount, if any, as reasonably determined by Tenant, but in no event greater than $25,000;
(iii) during the performance of any Alteration, including the use Initial Installations, until completion thereof, builder's risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant and any Mortgagee or occupancy Lessor of the Premises, which Tenant has been given notice in all work incorporated in the Building and all areas appurtenant materials and equipment in or about the Premises;
(iv) Workers' Compensation Insurance, as required by law;
(v) Business Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord and/or any Mortgagee or Lessor may reasonably require from time to time and is then being customarily required of tenants in Comparable Buildings.
(b) All insurance required to be carried by Tenant pursuant to the Premises terms of this Lease (i) shall contain a provision that (x) only material statements or acts that would ordinarily void or suspend coverage will adversely affect the rights of the offending party, (y) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord and Mortgagees and Lessors which are additional insureds or loss payees thereunder shall have received thirty (30) days (ten (10) days written notice for non-payment) prior written notice of the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injurysame, and liability assumed (z) Tenant shall be solely responsible for the payment of all premiums under an insured contractsuch policies and Landlord and Mortgagees and Lessors shall have no obligation for the payment thereof, and (ii) with limits shall be effected under valid and enforceable policies issued by reputable and independent insurers authorized to do business in the Commonwealth of not less than $1,000,000 each occurrenceVirginia and rated in Best's Insurance Guide, $1,000,000 personal and advertising injuryor any successor thereto (or if there be none, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with an organization having a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined belownational reputation) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out having a "Best's Rating" of the ownership, maintenance or use "A-" and a "Financial Size Category" of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and"X" or, if excesssuch ratings are not then in effect, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionequivalent thereof.
Appears in 1 contract
Samples: Deed of Lease (Verisign Inc/Ca)
Tenant’s Insurance. (a) Tenant shall maintain the following coverages in insurance at its own expense throughout the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), Term: (i) covering liability arising from bodily injury (Property insurance including mental anguish standard fire and death)extended coverage insurance, vandalism and malicious mischief endorsements, and “all-risks” coverage upon all property damage, premises (including the use or occupancy of the Premises, the Building owned by Tenant and all areas appurtenant to the Premises and located in the Building, including any parking areas and areas outside in the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, full replacement cost thereof; (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to Commercial General Liability Insurance against any liability arising out of the ownershipuse, occupancy or maintenance of the Premises or use of premises described the Property, which insurance may be by a blanket insurance policy and shall provide the following coverages and endorsements: personal injury, broad form property damage, automobile (by separate policy, if necessary), premises/operations, additional insured landlord endorsement and broad form contractual liability, in limits not less than One Million Dollars ($1,000,000.00) per occurrence and Three Million Dollars ($3,000,000) in the endorsementaggregate, then the description with a deductible not to exceed Ten Thousand Dollars ($10,000.00); (iii) any other forms of these premises insurance as Landlord may reasonably require from time to time in form, in amounts and for insurance risks against which a prudent tenant would protect itself in similar facilities in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas general area of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary Tenant acknowledges and non-contributing insurance with respect to agrees that such property owned by Tenant shall be at the sole risk and hazard of Tenant, and if the whole or any part thereof shall be destroyed or damaged by fire, water or otherwise, or by the leakage or bursting of water pipes, steam pipes, or other pipes, by theft or from any other insurance cause, no part of said loss or self-insurance programs afforded damage is to the be charged to or be borne by Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basisregardless of any fault of Landlord.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (b) All policies shall (i) provide coverage at least as broad as the applicable primary coverages (andbe taken out with insurers reasonably acceptable to Landlord, if excess, must be “true follow form”)in form reasonably satisfactory to Landlord, (ii) include the Landlord Parties and any mortgagee of Landlord as additional insureds with respect to the CGLinsureds, as their interests may appear, and (iii) apply on contain a provision that any coverage afforded thereby shall be primary basis and noncontributing with respect to any commercial general liability insurance carried by Landlord, and any insurance carried by Landlord shall be excess and non-contributing. Landlord may upon thirty (30) days’ notice to Tenant require an increase of the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect the policies carried by Tenant if Landlord reasonably deems such limits to be inadequate when compared to the then existing customary insurance practice in the area. Tenant shall provide certificates of insurance in form reasonably satisfactory to Landlord before the Commencement Date, and shall provide certificates evidencing renewal at least ten (10) days before the expiration of any such policy. All policies shall contain an endorsement requiring at least thirty (30) days’ prior written notice to Landlord and any mortgagee of Landlord prior to any material change, reduction, cancellation or other termination.
(c) Upon termination of this Lease pursuant to any casualty, Tenant shall retain any proceeds attributable to Tenant’s personal property, trade fixtures, movable partitions, equipment and Alterations not affixed to the Premises, and (v) provide that if but Tenant shall immediately pay to Landlord any insurance proceeds received by Tenant relating to any Alterations affixed to the allocations of minimum primary and excess/umbrella limits established in this SectionPremises unless Landlord has required their removal, which removal requirement Landlord shall convey to Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionwhen Tenant requests Landlord’s consent to such Alterations.
Appears in 1 contract
Samples: Lease (pSivida Corp.)
Tenant’s Insurance. Tenant (a) Tenant, at Tenant’s expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the an occurrence basis (utilizing then current ISO CG 00 01 occurrence form forms or an equivalent acceptable equivalent) against claims for contractual liability, personal injury, bodily injury, death and/or property damage occurring in or about the Building, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the Premises, the Building Insured Parties. The minimum limits of liability provided in any combination by a commercial general liability policy and all areas appurtenant excess liability or umbrella policy applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under aggregate in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The deductible or self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the initial Tenant Improvements) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 25,000;
(iii) prior to and during the performance of any Alterations (other than Minor Alterations), until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in all work incorporated in the Building and all materials and equipment in or about the Premises, Workers’ Compensation and Employer’s Liability Insurance (covering all persons to be employed by Tenant, and Tenant’s contractors and subcontractors in connection with defense provided such Alterations) and commercial general liability (including property damage coverage) insurance, all in addition such form, for such periods, in such amounts and with such companies as Landlord may reasonably require, naming Landlord, Landlord’s Agent and any Mortgagee (of which Tenant has been given notice) as additional insureds to policy limits, all policies except the Workers’ Compensation and Employer’s Liability Insurance policy;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers’ Compensation Insurance, as required by law and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described Employers Liability Insurance in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit amount of not less than $10,000,000 each occurrence. This 500,000;
(v) Business Interruption/Rental Insurance; and
(vi) such other insurance must in such amounts as the Insured Parties may reasonably require from time to time, and which are customarily required by landlords for similar office space in Comparable Buildings.
(b) All insurance required to be carried by Tenant (i) provide shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage at least as broad as shall be made thereto unless the applicable primary coverages Insured Parties receive thirty (and30) days’ prior notice of the same, if excessby certified mail, must be “true follow form”)return receipt requested, and (ii) include shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State and rated in Best’s Key Rating Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time reasonably consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article and that the Insured Parties are named as additional insureds (the “Policies”). Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least ten (10) days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Xxxxx 27” (Evidence of Property Insurance) and “Xxxxx 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds with respect insureds) which shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification (i) conveys to the CGL, (iii) apply on a Insured Parties all the rights and privileges afforded under the Policies as primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premisesinsurance, and (vii) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit contains an unconditional obligation of the excess/umbrella insurance is increased company to advise all Insured Parties in writing by certified mail, return receipt requested, at least thirty (30) days in advance of any termination or change to the amount Policies that would affect the interest of any of the primary reductionInsured Parties.
Appears in 1 contract
Samples: Lease Agreement (Convio, Inc.)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and about the Building, including any parking areas and areas outside the Premises that under which Tenant is authorized named as the insured and Landlord, Landlord's Agent and any Lessors and any Mortgagees whose names have been furnished to use temporarilyTenant are named as additional insureds (the "INSURED PARTIES"), operations, independent contractors, personal and advertising injury. Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of the Insured Parties, and Tenant shall obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 26. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000.00; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The deductible or self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate10,000.00;
(ii) insurance against loss or damage by fire, and $2,000,000 products-completed operations aggregatesuch other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property and all Alterations and improvements to the Premises (including the Improvements constructed pursuant to the Workletter) to the extent such Alterations and improvements exceed the cost of the Improvements typically performed in connection with the initial occupancy of general office tenants in Comparable Buildings ("Building Standard Installations"), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, as reasonably determined by Landlord;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's Risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers' Compensation Insurance, and as required by law;
(v) including the Landlord Parties Business Interruption Insurance; and
(as defined belowvi) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any such other insurance or self-insurance programs afforded in such amounts as the Insured Parties may reasonably require from time to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basistime.
10.3.2 Commercial excess or umbrella liability (b) All insurance with respect required to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must be carried by Tenant (i) provide coverage at least as broad as shall contain a provision that (x) no act or omission of Tenant shall affect or limit the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit obligation of the excess/umbrella insurance is increased by the amount of the primary reduction.company to pay the
Appears in 1 contract
Tenant’s Insurance. On or before the Commencement Date or Tenant's prior entry into the Premises, Tenant shall maintain the following coverages will obtain and have in the following amounts.full force and effect, insurance coverage as follows:
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under workers’ compensation in an insured contract, amount required by law;
(ii) commercial general liability with commercially reasonable limits of not less than $1,000,000 each occurrencefor a company such as Tenant containing an endorsement naming Landlord, $1,000,000 personal its agents, designees and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) lender as additional insureds, using ISO additional insured endorsement CG 20 11 an aggregate limit per location endorsement, and no modification that would make Tenant’s policy excess or an contributing with Landlord’s liability insurance;
(iii) all risk property insurance for the full replacement value of all of Tenant’s furniture, fixtures, equipment, alterations, improvements or additions that do not become Landlord’s property upon installation; and
(iv) any other form or forms of insurance or any increase in the limits of any of the coverages described above or other forms of insurance as Landlord or the mortgagees or ground lessors (if any) of Landlord may reasonably require from time to time if in the reasonable opinion of Landlord or said mortgagees or ground lessors said coverage and/or limits become inadequate or less than that commonly maintained by prudent tenants with similar uses in similar buildings in the area. All policies obtained by Tenant will be issued by carriers having ratings in Best’s Insurance Guide (“Best”) of A and VIII, or better (or equivalent acceptable rating by a comparable rating agency if Best no longer exists) and licensed in the State. All such policies must be endorsed to be primary and noncontributing with the policies of Landlord being excess, secondary and noncontributing. No policy will be canceled, nonrenewed or materially modified without thirty (30) days' prior written notice by the insurance carrier to Landlord. If the additional insured endorsement restricts the forms of policies, endorsements, certificates, or evidence of insurance required by this Article are superseded or discontinued, Landlord Parties’ coverage under the CGL to liability arising out may require other equivalent or better forms. Evidence of the ownershipinsurance coverage required to be maintained by Tenant, maintenance or use represented by certificates of premises described in insurance issued by the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excesscarrier, must be “true follow form”), furnished to Landlord prior to Tenant occupying the Premises and at least thirty (ii30) include the Landlord Parties as additional insureds with respect days prior to the CGLexpiration of current policies. Copies of all endorsements required by this Article must accompany the certificates delivered to Landlord. The certificates will state the amounts of all deductibles and self-insured retentions and that Landlord will be notified in writing thirty (30) days prior to cancellation, (iii) apply on a primary basis with respect to any commercial general liability insurance carried material change, or non-renewal of insurance. If requested in writing by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this SectionLandlord, Tenant may will provide lower minimum limits to Landlord a certified copy of primary any or all insurance so long as the minimum limit of the excess/umbrella insurance is increased policies or endorsements required by the amount of the primary reductionthis Article.
Appears in 1 contract
Samples: Building Lease (Integrated Environmental Technologies, Ltd.)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall obtain and maintain in full force and effect the following coverages in insurance policies throughout the following amounts.term of the Lease (“Tenant’s Insurance”):
10.3.1 Commercial (A) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form or an equivalent acceptable Building, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the PremisesInsured Parties, the Building and all areas appurtenant Tenant shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 12. The minimum limits of liability applying exclusively to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized shall be a combined single limit with respect to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence3,000,000 (with a deductible not to exceed $10,000.00) which may be satisfied by combination with an umbrella policy; provided, $1,000,000 personal and advertising injuryhowever, $2,000,000 general aggregatethat Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings;
(B) insurance against loss or damage by fire, and $2,000,000 products-completed operations aggregatesuch other risks and hazards as are insurable under then available standard form of “All Risk” property insurance policies, (iii) with defense provided in addition to policy limitsinsuring Tenant’s contents, (iv) with a standard ISO separation of insureds provision or a substantially similar provisionfixtures, and equipment (v“Tenant’s Property”) and all Alterations and improvements to the Premises (including the Landlord Parties (as defined below) as additional insuredsInitial Installations), using ISO additional insured endorsement CG 20 11 for the full replacement value thereof or an equivalent acceptable to replacement cost thereof, having a deductible amount, if any, not in excess of $25,000. Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, Landlord’s Agent and any other areas of the Property outside the Premises that Tenant is authorized Mortgagees whose names have been furnished to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply be included as primary and non-contributing insurance loss payee(s) with respect to all Leasehold Improvements;
(C) during the performance of any other Alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in all work incorporated in the Building and all materials and equipment in or self-insurance programs afforded to about the Landlord Parties. If the CGL contains Premises;
(D) Business Interruption Insurance covering a general aggregate limitminimum of one year of actual loss sustained;
(E) Workers’ Compensation Insurance, it must apply separately to the Premises on a “per project” as required by law or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenantby statute, and Employer’s CGL, business auto liability and employers liability insurance, Liability with a limit of not less than $10,000,000 1,000,000 each occurrence. This accident for bodily injury by accident or $1,000,000 each employee for bodily injury by disease;
(F) Such other insurance must in such amounts as the Insured Parties may reasonable require from time to time.
(b) All insurance required to be carried by Tenant (i) provide shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be non-cancelable and/or no material change in coverage at least as broad as shall be made thereto unless the applicable primary coverages Insured Parties receive thirty (and30) days prior notice by certified mail, if excess, must be “true follow form”), return receipt requested or by a recognized overnight delivery service and (ii) include shall be effected under valid and enforceable policies issued by reputable insurers authorized to do business in the state in which the demised premises is located and rated in Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A” or better and a “Financial Size Category” of at least “X” or better, or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to may at any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime consider appropriate.
Appears in 1 contract
Tenant’s Insurance. Tenant shall maintain throughout the Term the ------------------ following coverages in the following amounts.insurance policies:
10.3.1 Commercial (1) commercial general liability insurance written on in amounts of $3,000,000 per occurrence or, following the current ISO CG 00 01 occurrence form expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or an equivalent acceptable matter that is or may be excluded from coverage under a commercial general liability policy [e.g., the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to Landlord (the “CGL”), (i) covering commercial general liability policy or otherwise obtain insurance to insure all liability arising from bodily injury (such activity or matter [including mental anguish and deathliquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord's agents and their respective Affiliates against all liability for injury to or death of a person or persons or damage to property damage, premises (including arising from the use or and occupancy of the Premises, (2) insurance covering the Building full value of Tenant's property and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injuryimprovements, and liability assumed under an insured contract, other property (iiincluding property of others) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella (3) contractual liability insurance with respect sufficient to cover Tenant’s CGL, business auto 's indemnity obligations hereunder (but only if such contractual liability and employers liability insurance, with a limit of insurance is not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any already included in Tenant's commercial general liability insurance carried by the Landlord Partiespolicy), (iv4) provide that aggregate limits of liability apply separately with respect to the Premisesworker's compensation insurance, and (v5) business interruption insurance. Tenant's insurance shall provide that if the allocations primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. Tenant shall furnish to Landlord certificates of minimum primary such insurance and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit such other evidence satisfactory to Landlord of the excess/umbrella maintenance of all insurance is increased coverages required hereunder, and Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord at least 30 days before cancellation or a material change of any such insurance policies. All such insurance policies shall be in form, and issued by the amount of the primary reductioncompanies, reasonably satisfactory to Landlord.
Appears in 1 contract
Samples: Lease Agreement (Tenfold Corp /Ut)
Tenant’s Insurance. The Tenant shall maintain throughout the following coverages Term provide and keep in force. fire insurance (including standard extended coverage endorsement perils and leakage from fire protective devices) in respect of the Tenant's fixtures, furniture, equipment, inventory and stock-in-trade, the Tenant's leasehold improvements to the extent that the Landlord has not elected 'to insure them pursuant to clause 13.1, and such other property in or forming part of the Leased Premises (not being property which the Landlord is bound to insure pursuant to clause 13.1) as the Landlord may from time to time require; plate and other glass insurance; if any boiler or pressure vessel is operated in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Leased Premises, the Building boiler and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing pressure vessel insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a thereto; and comprehensive general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella business liability insurance with respect to Tenant’s CGLthe business carried on in or from the Leased Premises and the use and occupancy thereof for personal injury or death and damage to property of others. Insurance effected by the Tenant under this clause shall be with insurers duly licensed to transact insurance in Alberta, business auto liability shall be in amounts which the Landlord shall from time to time determine as being reasonable and employers liability insurance, with sufficient (and in the case of insurance under paragraphs (a) and (b) shall be on a limit full replacement cost basis subject only to such deductibles and exclusions as the Landlord may approve and in the case of insurance under paragraphs (c) and (d) shall have initial limits not less than $10,000,000 each 2,000,000 in respect of any one accident or occurrence. This insurance must (i) provide coverage ), shall permit the release of the Landlord from certain liability as set out in clause 13.3, shall as appropriate be without subrogation against the Landlord and those for whom the Landlord is responsible at least law or name the Landlord and those for whom the Landlord is responsible at law as broad additional named insureds with the benefit of severability of interest and cross liability clauses, and shall otherwise be upon such terms and conditions as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include Landlord shall from time to time require as being reasonable and sufficient. At the request of the Landlord Parties the Tenant shall file with the Landlord such copies of current policies or certificates or other proofs as additional insureds with respect may be required to establish the Tenant's insurance coverage in effect from time to time and the payment of premiums thereon, and if the Tenant fails to insure or pay premiums or to file satisfactory proof thereof as so required, the Landlord may without notice to the CGL, (iii) apply Tenant effect such insurance and recover any premiums paid therefor from the Tenant on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiondemand.
Appears in 1 contract
Tenant’s Insurance. Tenant shall maintain insurance complying ------------------ with all of the following coverages following:
A. Tenant shall procure, pay for and keep in full force and effect the following amounts.following:
10.3.1 (1) Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)insurance, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use against liability for personal injury, bodily injury, death and damage to property occurring in or occupancy of the Premisesabout, or resulting from an occurrence in or about, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits combined single limit coverage of not less than $1,000,000 each occurrencethe amount of Tenant's Liability Insurance Minimum specified in Section Q of the Summary, $1,000,000 personal which insurance shall --------- contain a "contractual liability" endorsement insuring Tenant's performance of Xxxxxx's obligation to indemnify Landlord contained in Section 10.3;
(2) Fire and advertising injuryproperty damage insurance in so-called "all risk" form insuring Tenant's Trade Fixtures and Tenant's Alterations for the full actual replacement cost thereof; and
(3) Such other insurance that from time to time is either (i) required by any Lender, $2,000,000 general aggregate, or (ii) reasonably required by Landlord and $2,000,000 products-completed operations aggregate, customarily carried by tenants of similar property in similar businesses in the vicinity of the Project.
B. Each policy of insurance required to he carried by Tenant pursuant to this Section 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord; (iii) with defense provided shall be in addition a form satisfactory to policy limits, Landlord; (iv) shall be carried with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent companies reasonably acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out and having a rating of the ownershipA+, maintenance AAA or use of premises described better in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction."Best's Insurance Guide;"
Appears in 1 contract
Samples: Office Lease (Netflix Com Inc)
Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy The first sentence of Section 20 of the PremisesTF Lease is hereby amended and restated in its entirety as follows: Tenant shall provide and keep in force or cause to be provided and kept in force, throughout the Term of this Lease, the Building insurance specifically required by Section 6.2 of the Environmental Agreement.
(ii) The penultimate sentence of Section 20 of the TF Lease is hereby amended and all areas appurtenant restated in its entirety as follows: The insurance requirements set forth in this Paragraph 20 may be reviewed by Landlord every fifth Lease Year, beginning with the Lease Year that begins on November 1, 2027, and may be reasonably increased as the result of any such review, to the extent such increase would be customary with respect to insurance carried by landlords of the type of commercial or retail tenants then operating at the Premises in the geographic area in which the Premises are located.
(iii) Two new sentences are added to the end of Section 20 of the TF Lease as follows: The insurance required hereunder may be provided by blanket insurance covering the Premises and any other location or locations owned or leased by the Buildinginsured, including any parking areas and areas outside but only if (i) available coverage limits for the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contractwill not be affected by any loss on other properties covered by such blanket policy, (ii) with such blanket policy specifically allocates to the Premises the amount of coverage limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregaterequired hereunder or otherwise provides the same protection as would be provided by a separate policy covering only the Premises, (iii) with defense such blanket policy is approved in advance by Landlord, such approval not to be unreasonably withheld, conditioned or delayed, and Landlord’s interest is included therein as provided in addition to policy limitsherein, (iv) such policy is otherwise issued in accordance with a standard ISO separation the terms of insureds provision or a substantially similar provisionthis Agreement, and (v) any changes or amendments made hereafter to such policy (including the Landlord Parties (as defined belowany endorsements and riders) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related are subject to the Premisesapproval of Landlord, such approval not to be unreasonably withheld, conditioned or delayed. At all times, approval of any blanket policy remains subject to review and does approval by Landlord based on the schedule of locations and values applicable to such policy, such approval not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance be unreasonably withheld, conditioned or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basisdelayed.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Ground Lease Agreement
Tenant’s Insurance. Tenant shall maintain the following coverages Liability insurance in the following amounts.
10.3.1 Commercial general General Liability form (or reasonable equivalent thereto) covering the Demised Premises and Tenant’s use thereof against claims for personal injury or death, property damage and product liability occurring upon, in or about the Demised Premises, such insurance to be written on the current ISO CG 00 01 an occurrence form or an equivalent acceptable to Landlord basis (the “CGL”not a claims made basis), (i) covering liability arising from bodily injury (including mental anguish to be in combined single limits amounts not less than $1,000,000.00 and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with have general aggregate limits of not less than $1,000,000 1,000,000.00 for each occurrencepolicy year. The insurance coverage required under this Paragraph 5.01 (b) shall, $1,000,000 personal and advertising injuryif available, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition extend to policy limits, (iv) with a standard ISO separation any liability of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability Tenant arising out of the ownershipindemnities provided for in Article VI and, maintenance or use of premises described in if necessary, the endorsement, then the description of these premises in the policy shall contain a contractual endorsement must include the Premises, any parking areas at the Property to that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s actseffect. The CGL must not include a “designated premises” endorsement that general aggregate limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing Commercial General Liability insurance with respect to any other insurance policy or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it policies must apply separately to the Demised Premises on a “per project” and to Tenant’s use thereof (and not to any other location or “per location” basis.
10.3.2 Commercial excess or umbrella use of Tenant) and such policy shall contain an endorsement to that effect. Notwithstanding the foregoing, Tenant shall have the right to carry the liability insurance provided above in the form of a blanket insurance policy, covering additional items or locations or insureds, provided, however, that: (i) Landlord, and any’ other patties in interest designated by Landlord to Tenant, from time to time, shall be named as additional insureds thereunder as its interests may appear; (ii) the coverage afforded Landlord and such other parties designated by Landlord will not be reduced or diminished by reason of use of such blanket policy of insurance; and (iii) any such policy shall provide, at a minimum, for the minimum liability limitations hereinabove provided in this Article V with respect to Tenant’s CGL, business auto liability interests in and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Demised Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in Term and prior to having access to the following amounts.Premises:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form Premises or an equivalent acceptable the Building, under which Tenant is named as the insured and Landlord, Landlord’s managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to Landlord (Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the “CGL”)benefit of Landlord, (i) covering Landlord’s managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain contractual liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of the Premises, the Building and all areas appurtenant liability applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under aggregate in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence10,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York. The deductible or self insured retention for such policy shall in no event exceed $1,000,000 personal and advertising injury, $2,000,000 general 10,000 per occurrence at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient excess liability insurance (with a drop down endorsement) to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and $2,000,000 products-completed operations aggregatesuch other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies with extended coverage, insuring Tenant’s Property, and all Specialty Alterations for the full insurable value thereof or replacement cost value thereof, having a deductible amount, if any, as reasonably determined by Landlord;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers’ Compensation Insurance, and as required by law;
(v) including the Landlord Parties Business Interruption Insurance; and
(vi) such other insurance in such amounts as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized Mortgagee and/or any Lessor may reasonably require from time to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basistime.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Lease Agreement (Greenhill & Co Inc)
Tenant’s Insurance. At its own expense Tenant shall take out and thereafter maintain in force at all times during the Term insurance policies as follows:
(a) all risks insurance on Leasehold Improvements and on all other property of every description, nature and kind owned by Tenant or for which Tenant is legally liable, which is installed, located or situate within the Leased Premises or elsewhere in the Project in an amount not less than the full replacement cost thereof without deduction for depreciation; such insurance shall be subject to a replacement cost endorsement and shall include a stated amount co-insurance clause and a breach of conditions clause; any dispute as to the amount of replacement cost shall be settled by Landlord or by a consultant appointed by Landlord at Tenant's cost;
(b) comprehensive or commercial general bodily injury and property damage liability insurance in the minimum amount of $2,000,000 and in a form satisfactory to Landlord and including the following coverages extensions: owners and basis property damage; blanket contractual; and non- owned automobile; such insurance shall include Landlord and Landlord's agent as additional named insured and shall protect Landlord and Landlord's agent in respect of claims by Tenant as if Landlord and Landlord's agent were separately insured; such insurance shall also include cross liability and severability of interest clauses and
(c) any other form of insurance in such amounts and against such risks as the following amounts.Landlord may from time to time reasonably require including, without limiting the generality of the foregoing, the following;
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (comprehensive boiler and machinery insurance including mental anguish repair or replacement endorsement in an amount satisfactory to the Landlord and death), property damage, providing coverage with respect to all objects introduced into the premises (including the use by or occupancy on behalf of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, or otherwise constituting Leasehold Improvements;
(ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal plate glass insurance on all internal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, external glass;
(iii) with defense provided business interruption insurance on the extra expense form providing all risks coverage and in addition amount satisfactory to policy limitsthe Landlord The insurance policies referred to in this Section 9.02 shall be subject to such higher limits as Tenant, (iv) with or Landlord acting reasonably, or any mortgagee of Landlord's interest in the Project may require from time to time and against such additional risks and in such amounts as a standard ISO separation prudent tenant would insure. All insurance policies referred to in this Section and also any other policies that Tenant may take out shall contain a waiver of insureds provision the insurer's right of subrogation as against Landlord, Landlord's agents and its and their employees and any Person for whom Landlord may in law or by agreement be responsible or for whom Landlord may have agreed to obtain such a substantially similar provisionwaiver. In addition, all such policies shall be non-contributing with, and (v) including the Landlord Parties (will apply only as defined below) as additional insuredsprimary and not excess to, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable any insurance proceeds available to Landlord. If Any and all deductibles shall be subject to the additional insured endorsement restricts the prior written approval of Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas and shall be at the Property that Tenant is authorized to use, and any other areas expense of the Property outside the Premises that Tenant is authorized to use temporarilyTenant. Tenant shall ensure that provide to Landlord at the CGL policy provides coverage for commencement of the Landlord Parties’ own acts related Term, 30 days prior to the Premisesrenewal of all insurance referred to, and does not limit their promptly at any time upon request either, at the option of Landlord, certified copies of insurance policies or a certificate of insurance evidencing the insurance coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance maintained by Tenant in accordance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long such certificate to be in the form as set out in Schedule D as the minimum same may be amended from time to time by Landlord in its absolute discretion. The delivery to Landlord of a certificate of insurance or a certified copy of an insurance policy or any review thereof by or on behalf of Landlord shall not limit the obligation of Tenant to provide and maintain insurance pursuant to this Section 9.02 or derogate from Landlord's rights if Tenant shall fail to fully insure. All policies of insurance placed under this Section shall be placed with a company or companies reasonably satisfactory to Landlord. All policies shall provide that the excess/umbrella insurance is increased shall not be cancelled or changed to the prejudice of Landlord without at least 30 days' prior written notice given by the amount of the primary reductioninsurer to Landlord.
Appears in 1 contract
Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent reasonably acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (viv) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Products liability policy on a form reasonably acceptable to Landlord, with a limit of not less than $2,000,000.
10.3.3 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 6,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, and (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Tenant’s Insurance. Tenant shall maintain covenants and agrees to procure at its expense on or before the following coverages Lease Commencement Date and to keep in force during the following amounts.
10.3.1 Commercial Lease Term naming Landlord, DuPont Fabros Development LLC, Jaguar Management LLC, its management agent for the Property (the “Agent”), and Tenant as insured parties: (x) a commercial general liability insurance policy or such successor comparable form of coverage in the broadest form then available (hereinafter referred to as a “Liability Policy”) written on the current ISO CG 00 01 an “occurrence basis” including without limitation, blanket contractual liability coverage, broad form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises independent contractor’s coverage and personal injury coverage, protecting Landlord, the Agent and Tenant against any liability whatsoever, occasioned by any occurrence on or about the Premises or any appurtenances thereto, (including y) a fire and other casualty policy (a “Fire Policy”) insuring the use or occupancy full replacement value of Tenant’s leasehold improvements, regardless of by whom installed, and all of the Premisesfurniture, trade fixtures and other personal property of Tenant located in the Building Premises against loss or damage by fire, theft and all areas appurtenant such other risks or hazards, and (z) a policy of insurance against loss or damage to the major components of the air-conditioning and heating system, flywheels, steam pipes, steam turbines, steam engineer, steam boilers, and other pressure vessels, high pressure piping and machinery, if any, such as are installed by or on behalf of Tenant in the Premises except as to items of Landlord’s Work. Such policies shall also insure against physical damage to the Premises arising out of an accident covered thereunder; such policies are to be written by good and solvent insurance companies licensed to do business in the BuildingDistrict of Columbia satisfactory to Landlord, including any parking areas shall have not less than a Best’s A+ 10 rating and areas outside shall be in such limits and with such maximum deductibles as Landlord may reasonably require. As of the Premises that Tenant is authorized to use temporarily)date of this Lease, operationsLandlord reasonably requires limits of liability under: clause (x) above, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits the Liability Policy of not less than $1,000,000 each occurrence2,000,000 combined single limit per occurrence for bodily or personal injury (including, $1,000,000 death); clause (y) above, the value of Tenant’s leasehold improvements, furniture, trade fixtures and other personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) property with a standard ISO separation deductible of insureds provision or no more than $1,000.00; and clause (z) above, machinery insurance for full replacement cost of equipment with a substantially similar provision, and (v) including deductible of no more than $1,000.00. Tenant will furnish Landlord with such information as Landlord may reasonably request from time to time as to the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out value of the ownershipitems specified in clause (y) above within ten (10) days after request therefor. Such insurance may be carried under a blanket policy covering the Premises and other locations of Tenant, maintenance or use of premises described if any, provided that each such policy shall in all respects comply with this Article and shall specify (i) that the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas portion of the Property outside the Premises total coverage of such policy that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately allocated to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect is in the amounts required pursuant to Tenant’s CGL, business auto liability this Section 14.1 and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include any sublimits in such blanket policy and such policy shall specify, or Tenant shall furnish Landlord a written statement from the Landlord Parties as additional insureds with respect to insurer under such policy, that the CGL, (iii) apply on a primary basis with respect to protection afforded Tenant under any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.such blanket policy shall be no
Appears in 1 contract
Samples: Assignment and Assumption of Lease (Dupont Fabros Technology, Inc.)
Tenant’s Insurance. Tenant (a) Tenant, at Tenant’s expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the an occurrence basis (utilizing then current ISO CG 00 01 occurrence form forms or an equivalent acceptable equivalent) against claims for contractual liability, personal injury, bodily injury, death and/or property damage occurring in or about the Building, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the Premises, the Building Insured Parties. The minimum limits of liability provided in any combination by a commercial general liability policy and all areas appurtenant excess liability or umbrella policy applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under aggregate in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings (provided that no such increase will be required for three (3) years following the Commencement Date or more than once every three (3) years). The deductible or self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate50,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” property insurance policies, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the initial Tenant Improvements) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 20,000;
(iii) prior to and during the performance of any Alterations (other than Decorative Alterations), until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in all work incorporated in the Building and all materials and equipment in or about the Premises, Workers’ Compensation and Employer’s Liability Insurance (covering all persons to be employed by Tenant, and Tenant’s contractors and subcontractors in connection with defense provided such Alterations) and commercial general liability (including property damage coverage) insurance, all in addition such form, for such periods, in such amounts and with such companies as Landlord may reasonably require, naming Landlord, Landlord’s Agent and any Mortgagee (of which Tenant has been given notice) as additional insureds to policy limits, all policies except the Workers’ Compensation and Employer’s Liability Insurance policy;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers’ Compensation Insurance, as required by law and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described Employers Liability Insurance in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit amount of not less than $10,000,000 each occurrence. This 500,000; and
(v) such other insurance must in such amounts as owner’s of Comparable Buildings typically require from time to time.
(b) All insurance required to be carried by Tenant (i) provide shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage at least as broad as shall be made thereto unless the applicable primary coverages Insured Parties receive thirty (and30) days’ prior notice of the same, if excess, must be “true follow form”), and (ii) include shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State and rated in Best’s Key Rating Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “VIII” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time reasonably consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord either appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article and that the Insured Parties are named as additional insureds (the “Policies”) or certificates evidencing such Policies as set forth below. Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least ten (10) days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “XXXXX 27” (Evidence of Property Insurance) and “XXXXX 25-S” (Certificate of Liability Insurance), or the equivalent) and an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds with respect which shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification conveys to the CGL, Insured Parties all the rights and privileges afforded under the Policies as primary insurance. Tenant or Tenant’s insurance company shall notify all Insured Parties in writing at least thirty (iii30) apply on a primary basis with respect to days in advance of any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect termination or change to the Premises, and (v) provide Policies that if would adversely affect the allocations interest of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit any of the excess/umbrella insurance is increased by the amount of the primary reductionInsured Parties.
Appears in 1 contract
Samples: Deed of Lease (FBR & Co.)
Tenant’s Insurance. Effective as of the earlier of (1) the date Tenant enters or occupies the Premises, or (2) the Commencement Date, and continuing throughout the Term, Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial insurance policies: (A) commercial general liability insurance written in amounts of [**] per occurrence or, following the expiration of the initial Term, such other amounts as Landlord from time to time reasonably requires (and, if the use and occupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy (e.g., the sale, service or consumption of alcoholic beverages), Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property management company, Landlord’s asset management company and, if requested in writing by Landlord, Landlord’s Mortgagee against all liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Xxxxxxxx’s Mortgagee as additional loss payees as their interests may appear, (C) insurance covering the full value of all furniture, trade fixtures and personal property (including property of Tenant or others) in the Premises or otherwise placed in the Project by or on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord behalf of a Tenant Party (the “CGL”including Xxxxxx’s Off-Premises Equipment), (iD) covering contractual liability arising from bodily injury insurance sufficient to cover Tenant’s indemnity obligations hereunder (including mental anguish and deathbut only if such contractual liability insurance is not already included in Tenant’s commercial general liability insurance policy), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contractE) worker’s compensation insurance, (iiF) with limits business interruption insurance in an amount at least equal to nine (9) months of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provisionBasic Rent, and (vG) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable umbrella insurance policy in an amount at least equal to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described $[**] in the endorsement, then aggregate. The commercial general liability insurance to be maintained by Tenant may have a deductible of no more than [**] per occurrence; the description property insurance to be maintained by Tenant may have a deductible of these premises in the endorsement must include the Premises, no more than [**] per occurrence. Tenant’s insurance shall provide primary coverage to Landlord when any parking areas at the Property that Tenant is authorized policy issued to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarilyLandlord provides duplicate or similar coverage; Landlord’s policy will be excess over Tenant’s policy. Tenant shall ensure that furnish to Landlord certificates of such insurance least ten (10) days prior to the CGL policy provides coverage for earlier of the Landlord Parties’ own acts related to Commencement Date or the date Tenant enters or occupies the Premises, and does not limit their at least fifteen (15) days prior to each renewal of said insurance, and Tenant shall notify Landlord at least thirty (30) days before cancellation of any such insurance policies. All such insurance policies shall be in form reasonably satisfactory to Landlord and issued by companies with a Best’s rating of A+:VII or better. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage to liability arising required herein, and such failure continues for more than [**] days after written notice from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect Landlord, Landlord, in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be obligated to, obtain such insurance or self-insurance programs afforded and Tenant shall pay to Landlord within [**] after written notice from Landlord, the Landlord Partiespremium costs thereof, plus an administrative fee of [**] of such cost. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.14 Approved Texas Industrial Lease Form Based On Master Lease Version 22
Appears in 1 contract
Samples: Lease Agreement (Immatics N.V.)
Tenant’s Insurance. Tenant shall at its sole cost and expense obtain and maintain throughout the Term with reputable insurance companies qualified to do business in Massachusetts, the following coverages insurance, designating Landlord as a named insured:
(a) Comprehensive liability insurance indemnify Landlord and Tenant against all claims and demands for any injury to person or property which may be claimed to have occurred in the following amountsPremises, in amounts which shall at the beginning of the Term, be not less than the amounts set forth in Section 1.2, from time to time during the Term, may be for such higher amounts as Landlord may require, taking into account the region in which the premises are located and similar Property, used for similar purposes:
(b) So-called "all-risk" property insurance in the amount of the full replacement cost of all Tenant's property, fixtures, improvements and betterments;
(c) Workmen's compensation, automobile insurance and any other insurance required by law or the nature of Tenant's business (it is understood that the Landlord will not be designated as a named insured on these policies);
(d) Insurance against such other hazards as may from time to time be required by Landlord, or others with a financial interest in the Premises, provided that such insurance is customarily carried in the region in which the Premises are located, on property similar to the Premises and used for similar Purposes.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (ie) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the If Tenant's use or occupancy of the Premises causes any increase in insurance premiums for the Building or Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as will pay such additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarilycost. Tenant shall ensure that the CGL policy provides coverage for the furnish Landlord Parties’ own acts related with certificates or policies of all such insurance prior to the Premises, beginning of the Term and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related of each renewal policy at least 20 days prior to the Premisesexpiration of the policy being renewed. The CGL must apply as primary Tenant's use and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to occupancy of the Premises on a “per project” shall conform to and comply with all requirements of Landlord's insurers, as such requirements may be amended or “per location” basismodified from time to time.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Tenant’s Insurance. Tenant (a) Tenant, at its expense, ------------------ shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the current ISO CG 00 01 Premises or the Building, under which Tenant is named as the insured and Landlord, Landlord's managing agent and any Lessors and any Mortgagees whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, which insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, Landlord's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 30 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence form or in an equivalent acceptable to Landlord amount of not less than Five Million Dollars (the “CGL”$5,000,000.00), provided, however, that Landlord shall retain the right to require Tenant to increase such coverage on no more than two (i2) occasions during the initial Term of this Lease to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in Cupertino, California or is otherwise required by any Lessor or Mortgagee. The deductible or self insured retention for such policy shall in no event exceed Ten Thousand Dollars ($10,000.00) at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property, and all Specialty Alterations for the full insurable value thereof or replacement cost value thereof, having a deductible amount, if any, as reasonably determined by Landlord;
(iii) during the performance of any Alteration, until completion thereof, Builder's risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering liability arising from bodily injury the interest of Landlord and Tenant (including mental anguish and deaththeir respective contractors and subcontractors), property damage, premises (including the use or occupancy of the Premises, any Mortgagee and any Lessor in all work incorporated in the Building and all areas appurtenant to materials and equipment in or about the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, Premises;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers' Compensation Insurance, and as required by law;
(v) including the Landlord Parties (such other insurance as defined below) is customarily required to be carried by tenants in first-class office buildings in Cupertino, California and in such amounts as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized Mortgagee and/or any Lessor may reasonably require from time to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarilytime. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related hereby acknowledges and agrees that, if Tenant elects not to carry business interruption insurance, then, to the Premisesfullest extent permitted by law, Tenant forever waives and does not limit their coverage to releases Landlord from any claims or liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance or in connection with respect to any other insurance damage or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect injury to Tenant’s CGL's business, which damage or injury would have been covered by business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This interruption insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionsuch policy had been obtained.
Appears in 1 contract
Samples: Lease (Portal Software Inc)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in Term and prior to having access to the following amounts.Premises:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to about the Premises and or the Building, including any parking areas and areas outside the Premises that under which Tenant is authorized named as the insured and Landlord, Landlord's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to use temporarily)Tenant from time to time are named as additional insureds, operationswhich insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, independent contractors, personal and advertising injuryLandlord's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence and in the aggregate in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence10,000,000; provided, however, that Landlord shall during the Renewal Term retain the right to require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the City of New York. Tenant may provide such insurance coverage as part of a blanket or umbrella policy, which includes other premises of Tenant, provided the aggregate limits of insurance coverage required to be in effect for the Premises pursuant to the terms hereof shall not be reduced as a result of claims made against other premises or property of Tenant covered under such policies, and such blanket or umbrella polices shall comply with the terms hereof. The deductible or self insured retention for such policy shall in no event exceed $1,000,000 personal and advertising injury, $2,000,000 general 10,000 per occurrence at any time. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord's reasonable judgment, Tenant maintains sufficient excess liability insurance (with a drop down endorsement) to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and $2,000,000 products-completed operations aggregatesuch other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property, and all Specialty Alterations for the full insurable value thereof or replacement cost value thereof, having a reasonable deductible amount, if any, as reasonably determined by Landlord;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers' Compensation Insurance, as required by law;
(v) Business Interruption Insurance; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time, and which is then customarily required from office tenants by owners of first-class office buildings in Manhattan.
(b) All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) shall contain a standard ISO separation provision that (A) no act or omission of insureds provision Tenant other than intentional acts shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall not be cancelled nor shall any material change in coverage be made thereto unless Landlord, Lessors and Mortgagees of which Tenant has notice shall have received 30 days' prior notice of such cancellation or material change, by certified mail, return receipt requested, and (vC) including Tenant shall be solely responsible for the Landlord Parties (as defined below) as additional insuredspayment of all premiums under such policies and Landlord, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If Lessors and Mortgagees shall have no obligation for the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usepayment thereof, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best's Rating of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to may at any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime consider appropriate.
Appears in 1 contract
Samples: Lease (Advent Software Inc /De/)
Tenant’s Insurance. On or before the Commencement Date or Tenant’s prior entry into the Premises, Tenant shall maintain the following coverages will obtain and have in the following amounts.full force and effect, insurance coverage as follows:
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under workers’ compensation in an insured contract, amount required by law; (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 commercial general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) liability with a standard ISO separation per occurrence limit of insureds provision or Three Million Dollars ($3,000,000) and a substantially similar provisiongeneral aggregate of Five Million Dollars ($5,000,000) for bodily injury and property damage on an occurrence basis and containing an endorsement naming Landlord, its agents, designees and (v) including the Landlord Parties (as defined below) lender as additional insureds, using ISO additional insured endorsement CG 20 11 and no modification that would make Tenant’s policy excess or an contributing with Landlord’s liability insurance; (iii) all risk property insurance for the full replacement value of all of Tenant’s furniture, fixtures, equipment, alterations, improvements or additions that do not become Landlord’s property upon installation; and (iv) any other form or forms of insurance or any increase in the limits of any of the coverages described above or other forms of insurance as Landlord or the mortgagees or ground lessors (if any) of Landlord may reasonably require from time to time if in the reasonable opinion of Landlord or said mortgagees or ground lessors said coverage and/or limits become inadequate or less than that commonly maintained by prudent tenants with similar uses in similar buildings in the area, All policies obtained by Tenant will be issued by carriers having ratings in Best’s Insurance Guide (“Best”) of A and VIII, or better (or equivalent acceptable rating by a comparable rating agency if Best no longer exists) and licensed in the State. All such policies must be endorsed to be primary and noncontributing with the policies of Landlord being excess, secondary and noncontributing. No policy will be canceled, nonrenewed or materially modified without thirty (30) days’ prior written notice by the insurance carrier to Landlord. If the additional insured endorsement restricts the forms of policies, endorsements, certificates, or evidence of insurance required by this Article are superseded or discontinued, Landlord Parties’ coverage under the CGL to liability arising out may require other equivalent or better forms. Evidence of the ownershipinsurance coverage required to be maintained by Tenant, maintenance or use represented by certificates of premises described in insurance issued by the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excesscarrier, must be “true follow form”), furnished to Landlord prior to Tenant occupying the Premises and at least thirty (ii30) include the Landlord Parties as additional insureds with respect days prior to the CGLexpiration of current policies. Copies of all endorsements required by this Article must accompany the certificates delivered to Landlord. The certificates will state the amounts of all deductibles and self-insured retentions and that Landlord will be notified in writing thirty (30) days prior to cancellation, (iii) apply on a primary basis with respect to any commercial general liability insurance carried material change, or non-renewal of insurance. If requested in writing by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this SectionLandlord, Tenant may will provide lower minimum limits to Landlord a certified copy of primary any or all insurance so long as the minimum limit of the excess/umbrella insurance is increased policies or endorsements required by the amount of the primary reductionthis Article.
Appears in 1 contract
Samples: Short Form Lease (Ophthotech Corp.)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the current ISO CG 00 01 an occurrence form basis against claims for personal injury, death and/or property damage occurring in or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to about the Premises or the Center, in the broadest and the Buildingmost comprehensive form then generally available from time to time, including any parking areas and areas outside the Premises that under which Tenant is authorized named as the insured and Landlord, Landlord's managing agent, any Lessors, any Mortgagees and any other parties whose names shall have been furnished by Landlord to use temporarily)Tenant from time to time are named as additional insureds, operationswhich insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, independent contractors, personal and advertising injuryLandlord's managing agent or any Lessors or Mortgagees named as additional insureds, and Tenant agrees to obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence, $1,000,000 personal 5,000,000.00 and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit amount of not less than $10,000,000 each occurrence10,000,000.00 in the aggregate; provided, however, that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar health-club facilities in first-class buildings in the City of New York. This If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than 50% of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance must policy unless, in Landlord's reasonable judgment, Tenant maintains sufficient excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property, and all Alterations and improvements to the Premises (including the Initial Installations) for the full insurable value thereof or replacement cost value thereof, having a deductible amount, if any, as reasonably determined by Landlord;
(iii) during the performance of any Alteration (including the Initial Installations), until completion thereof, builder's risk insurance on an "all risk" basis and on a completed value form including a "permission to complete and occupy endorsement", for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor, in all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) workers' compensation insurance, in amounts and with coverages as required by law;
(v) business interruption insurance in an amount of not less than 12 months of the Rent payable under this Lease; and
(vi) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time.
(b) All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) provide shall contain a provision that (A) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall be noncancellable and/or no material change in coverage at least as broad as shall be made thereto unless Landlord, Lessors and Mortgagees shall have received 30 days' prior notice of the applicable primary coverages same by certified mail, return receipt requested, and (andC) Tenant shall be solely responsible for the payment of all premiums under such policies and Landlord, if excessLessors and Mortgagees shall have no obligation for the payment thereof, must be “true follow form”), and (ii) include shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York, and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a Best's Rating of "A-" and a "Financial Size Category" of at least "IX" or if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord Parties as may at any time consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation, required to be carried by Tenant pursuant to this Article. Evidence of each renewal or replacement of a policy shall be delivered by Tenant to Landlord at least 10 days prior to the expiration of such policy. In lieu of the policies of insurance required to be delivered to Landlord pursuant to this Article 13 (collectively, the "Policies"), Tenant may deliver to Landlord a certification or certifications from Tenant's insurance company or companies (on the form currently designated "Accord 27", or the equivalent, rather than on the form currently designated "Accord 25-S", or the equivalent) which shall be binding on Tenant's insurance company, and which shall expressly provide that such certification (i) conveys to Landlord and any other named insured and/or additional insureds with respect to thereunder (the CGL, (iii"Insured Parties") apply on a all the rights and privileges afforded under the applicable Policies as primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premisesinsurance, and (vii) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit contains an unconditional obligation of the excess/umbrella insurance is increased company to advise all Insured Parties in writing by certified mail, return receipt requested, at least 30 days in advance of any termination of or change to the amount applicable Policies that would affect the interest of any of the primary reductionInsured Parties.
Appears in 1 contract
Samples: Lease (Sports Club Co Inc)
Tenant’s Insurance. Tenant shall maintain On or before the following coverages in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable earlier to Landlord (the “CGL”), occur of (i) covering the Commencement Date, or (ii) the date Tenant commences any work of any type in the Premises pursuant to this Lease (which may be prior to the Commencement Date), and continuing throughout the entire Term hereof and any other period of occupancy, Tenant agrees to keep in full force and effect, at its sole cost and expense, a commercial policy of general liability arising from and fire insurance insuring Landlord and Tenant (and if requested by Landlord, the Landlord’s lender and property manager) against any liability for bodily injury injury, property damage (including mental anguish loss of use of property) and death)personal injury arising out of the ownership, property damageuse, premises (including the use occupancy, or occupancy maintenance of the Premises, . Such insurance shall be in the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits amount of not less than $1,000,000 each per occurrence. The limit of any such insurance shall not, $1,000,000 personal however, limit the liability of Tenant hereunder. Tenant may provide this insurance under a blanket policy, provided that said insurance shall have a Landlord’s protective liability endorsement attached thereto, listing Landlord and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined belowLandlord’s agent(s) as additional insuredsinsured. Landlord reserves the right to require any other form or forms of insurance as Tenant or Landlord or any mortgagees of Landlord may reasonably require from time to time in form, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable in amounts, and for insurance risks against which, a prudent tenant would protect itself, but only to Landlord. If the additional insured endorsement restricts the Landlord Parties’ extent coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described for such risks and amounts are available in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas insurance market at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarilycommercially acceptable rates. Tenant shall ensure Landlord makes no representation that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect required to be carried by Tenant under the Premises, terms of this Lease are adequate to protect Tenant’s interests and (v) provide that if the allocations of minimum primary and excess/umbrella Tenant should obtain such additional insurance or increased liability limits established in this Section, as Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiondeems appropriate.
Appears in 1 contract
Samples: Multi Tenant Net Commercial Lease (Encore Capital Group Inc)
Tenant’s Insurance. On or before the Commencement Date or Tenant’s prior entry into the Premises, Tenant shall maintain will obtain and have in full force and effect, insurance coverage as follows:
(i) workers’ compensation in an amount required by law; (ii) commercial general liability with a per occurrence limit of Three Million Dollars ($3,000,000) and a general aggregate of Five Million Dollars ($5,000,000) for bodily injury and property damage on an occurrence basis and containing an endorsement naming Landlord, Xxxx-Xxxx Realty, L.P., Xxxx-Xxxx Realty Corporation, their respective affiliates, subsidiaries, agents, designees and lender, if any, as additional insureds, an aggregate limit per location endorsement, and no modification that would make Tenant’s policy excess or contributing with Landlord’s liability insurance; (iii) all risk property insurance for the following coverages full replacement value of all of Tenant’s furniture, fixtures, equipment, alterations, improvements or additions that do not become Landlord’s property upon installation; and (iv) any other form or forms of insurance or any increase in the following amounts.
10.3.1 Commercial limits of any of the coverages described above or other forms of insurance as Landlord or the mortgagees or ground lessors (if any) of Landlord may reasonably require from time to time if in the reasonable opinion of Landlord or said mortgagees or ground lessors said coverage and/or limits become inadequate or less than that commonly maintained by prudent tenants with similar uses in similar buildings in the area. All policies obtained by Tenant will be issued by carriers having ratings in Best’s Insurance Guide (“Best”) of A and VIII, or better (or equivalent rating by a comparable rating agency if Best no longer exists) and licensed in the State. The general liability policies must be endorsed to be primary and noncontributing with the policies of Landlord being excess, secondary and noncontributing and shall contain an endorsement stating no policy will be canceled, nonrenewed or materially modified without thirty (30) days’ prior written notice by the insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable carrier to Landlord (the “CGLCancellation Endorsement”). If the forms of policies, (i) covering liability arising from bodily injury (including mental anguish and death)endorsements, property damagecertificates, premises (including the use or occupancy evidence of insurance required by this Article are superseded or discontinued, Landlord may require other equivalent or better forms. Evidence of the Premisesinsurance coverage required to be maintained by Tenant, represented by certificates of insurance issued by the Building and all areas appurtenant insurance carrier, must be furnished to Landlord prior to Tenant occupying the Premises and at least thirty (30) days prior to the Building, including any parking areas and areas outside expiration of current policies. Copies of all endorsements required by this Article must accompany the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable certificates delivered to Landlord. If The certificates will state the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out amounts of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, all deductibles and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to insured retentions and the Landlord PartiesCancellation Endorsement. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried requested in writing by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this SectionLandlord, Tenant may will provide lower minimum limits to Landlord a certified copy of primary any or all insurance so long as the minimum limit of the excess/umbrella insurance is increased policies or endorsements required by the amount of the primary reductionthis Article.
Appears in 1 contract
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form or an equivalent acceptable Real Property, under which Tenant is named as the insured and Landlord, Landlord's Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGL”"Insured Parties"), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injuryInsured Parties, and Tenant shall obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 26. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage on no more than two occasions during the initial Term of this Lease to that amount of insurance which in Landlord's reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The deductible or self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of "all risk" property insurance policies with extended coverage, insuring Tenant's Property and all Alterations and improvements to the Premises (including the initial installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building ("Building Standard Installations"), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any not in excess of $2,000,000 products-completed operations aggregate, 25,000;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder's Risk insurance on an "all risk" basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers' Compensation Insurance, as required by law;
(v) Business Interruption Insurance; and
(vi) such other insurance in such amounts as the Insured Parties may reasonably require from time to time.
(b) All insurance required to be carried by Tenant (i) shall contain a standard ISO separation provision that (x) no act or omission of insureds provision Tenant shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, and (vy) including shall be noncancellable and/or no material change in coverage shall be made thereto unless the Landlord Insured Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out receive 30 days' prior notice of the ownershipsame, maintenance or use of premises described in the endorsementby certified mail, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usereturn receipt requested, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State of California and rated in Best's Insurance Guide, or any successor thereto as having a "Best's Rating" of "A-" and a "Financial Size Category" of at least "X" or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to may at any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime consider appropriate.
Appears in 1 contract
Tenant’s Insurance. Tenant shall procure and maintain during the following coverages in Term or cause to be procured and maintained during the following amountsTerm, without expense to Landlord and with an insurance company with a then current Best’s rating of no less than A-VIII, the policies of insurance as set forth below. All such insurance policies shall be on an occurrence basis and shall name Landlord and its designated property manager and lender as additional insureds on a primary, non-contributory basis.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) Fire and extended coverage insurance covering liability arising any Alterations as well as Tenant's personal property, fixtures, equipment and other improvements at the Premises against loss or damage by fire and other risks as are from time to time covered under "extended coverage" endorsements and special extended coverage endorsements commonly known as "all risks" endorsements, in an amount equal to the greater of the full replacement value or that amount required by the holder of any Mortgage and containing the waiver of subrogation required under this Lease;
(ii) Commercial General Liability Insurance providing coverage for bodily injury (including mental anguish and death), property damage, and products liability insurance (where such exposure exists) and containing a broad form contractual liability endorsement covering Tenant’s contractual liability obligations under this Lease. Such insurance shall have a combined single limit of not less than Two Million Dollars ($2,000,000) per occurrence and Three Million Dollars ($3,000,000) in the aggregate for all occurrences within each policy year, or such greater amounts as Landlord may from time to time require based upon Landlord's determination as to the amounts of such insurance generally required at such time for comparable premises (including and buildings in the use or occupancy general geographical area of the Premises, the Building ;
(iii) Workers compensation insurance as required by state law and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and employer liability assumed under an insured contract, (ii) insurance with limits of not less than One Million Dollars ($1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, 1,000,000.00);
(iv) Comprehensive automobile liability insurance with a standard ISO separation limits of insureds provision or a substantially similar provision, not less than Five Hundred Thousand Dollars ($500,000.00) combined bodily injury and property damage per occurrence; and
(v) including Throughout the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out performance of the ownership, maintenance Work or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the PremisesAlterations, all risk “Builders Risk” insurance and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit completed operation endorsement, for any occurrence in or about the Property, in such commercially reasonable limits as Landlord may reasonably require. Tenant shall furnish Landlord with reasonably satisfactory evidence that such insurance is in effect at or before the commencement of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (any such work and, if excesson request, must be “true follow form”), (ii) include at reasonable intervals thereafter during the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductioncontinuance thereof.
Appears in 1 contract
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form or an equivalent acceptable Building, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injuryInsured Parties, and Tenant shall obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 25. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance that is then being customarily required by landlords for similar office space in Comparable Buildings. The deductible or self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate50,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the initial installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 25,000;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers’ Compensation Insurance, as required by law; and
(v) Business Interruption Insurance; and
(vi) such other insurance in such amounts as the Insured Parties may reasonably require from time to time in the exercise of Landlord’s prudent business judgment, if other landlords are requiring the same for Comparable Buildings.
(b) All insurance required to be carried by Tenant (i) shall contain a standard ISO separation provision that (x) no unintentional act or omission of insureds provision Tenant shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, and (vy) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days’ prior notice of the same (except in the case of non-payment of premiums, in which case only 10 days’ prior notice shall be required), by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the Commonwealth of Virginia and rated in Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article 11 and that the Insured Parties are named as additional insureds (the “Policies”). Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least 10 days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Axxxx 27” (Evidence of Property Insurance) and “Axxxx 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use) which shall be binding on Tenant’s insurance company, and any other areas of the Property outside the Premises which shall expressly provide that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must such certification (i) provide coverage at least conveys to the Insured Parties all the rights and privileges afforded under the Policies as broad as the applicable primary coverages (andinsurance, if excess, must be “true follow form”), and (ii) include contains an unconditional obligation of the Landlord insurance company to advise all Insured Parties as additional insureds with respect in writing by certified mail, return receipt requested, at least 30 days in advance of any termination or change to the CGL, (iii) apply on a primary basis with respect to Policies that would affect the interest of any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionInsured Parties.
Appears in 1 contract
Samples: Sublease (K12 Inc)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form Premises or an equivalent acceptable to Landlord the Real Property, under which Tenant is named as the insured and Landlord, Landlord’s Affiliates and subsidiaries now or hereafter existing, Landlord’s managing agent (the “CGL”if any), Landlord’s leasing agent (i) covering liability arising from bodily injury (including mental anguish and deathif any), property damageany Lessors, premises and any Mortgagees, now or hereafter existing, and their successors and assigns and (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises provided that Tenant is authorized shall not be required to use temporarily)bear any additional expenses to obtain same) any other parties whose names shall have been furnished by Landlord to Tenant from time to time are named as additional insureds, operationswhich insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of Landlord, independent contractorsLandlord’s Affiliates and subsidiaries, personal and advertising injuryLandlord’s managing agent, Landlord’s leasing agent, any Lessors, and any Mortgagees, now or hereafter existing, and their successors and assigns and such other parties named as additional insureds; and Tenant agrees to obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 32 hereof. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000.00; provided, $1,000,000 personal and advertising injuryhowever, $2,000,000 general that Landlord may require Tenant to increase such coverage, from time to time, to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in first-class buildings in the Borough of Manhattan. If the aggregate limit applying to the Premises is reduced by the payment of a claim or establishment of a reserve equal to or greater than fifty percent (50%) of the annual aggregate, Tenant shall immediately arrange to have the aggregate limit restored by endorsement to the existing policy or the purchase of an additional insurance policy unless, in Landlord’s reasonable judgment, Tenant maintains sufficient concurrent excess liability insurance to satisfy the liability requirements of this Lease without the reinstatement of the aggregate limit;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “all risk” property insurance policies, insuring Tenant’s Property, and all Alterations and improvements to the Premises to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (hereinafter, “Building Standard Installations”), for the full insurable value thereof or replacement cost value thereof, whichever is greater, having a deductible amount, if any, of not more than $2,000,000 products-completed operations aggregate, 100,000.00;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder’s risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors), any Mortgagee and any Lessor in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) Workers’ Compensation Insurance, as required by law;
(v) New York State disability benefits as required by law;
(vi) Business Interruption Insurance; and
(vii) such other insurance in such amounts as Landlord, any Mortgagee and/or any Lessor may reasonably require from time to time and which is, at the applicable time, generally or customarily required by landlords in mid-town Manhattan, New York in connection with buildings similar to the Building.
(b) All insurance required to be carried by Tenant pursuant to the terms of this Lease (i) shall contain a standard ISO separation provision that (A) no act or omission of insureds provision Tenant shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, (B) the policy shall be noncancellable and/or no material change in coverage shall be made thereto unless Landlord, Lessors and Mortgagees shall have received thirty (30) days’ prior notice of the same, and (vC) including Tenant shall be solely responsible for the Landlord Parties payment of all premiums under such policies and Landlord, Lessors and Mortgagees shall have no obligation for the payment thereof (provided, however, that Tenant shall not be required to name Landlord, Landlord’s Affiliates and subsidiaries, any Lessors or any Mortgagees as defined belowadditional insureds on property damage insurance policies insuring only Tenant’s Property), and (ii) shall be effected under valid and enforceable policies issued by reputable and independent insurers permitted to do business in the State of New York, and rated in Best’s Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as additional insuredshaving a Best’s Rating of “A-” and a “Financial Size Category” of at least “X” or if such ratings are not then in effect, using ISO additional insured endorsement CG 20 11 the equivalent thereof or an equivalent acceptable such other financial rating as Landlord may at any time consider appropriate.
(c) On or prior to Landlordthe Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation, required to be carried by each party pursuant to this Article. If Evidence of each renewal or replacement of a policy shall be delivered by Tenant to Landlord at least ten (10) days prior to the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out expiration of such policy. In lieu of the ownershippolicies of insurance required to be delivered to Landlord pursuant to this Article (the “Policies”), maintenance Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Axxxx 27”, or use of premises described in the endorsementequivalent), then the description of these premises in the endorsement must include the Premiseswith such certification evidencing coverage, any parking areas at the Property and which shall expressly provide that Tenant is authorized such certification (i) conveys to use, Landlord and any other areas of named insured and/or additional insureds thereunder (the Property outside “Insured Parties”) all the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that rights and privileges afforded under the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premisesapplicable Policies as primary insurance, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include contains an unconditional obligation of the Landlord insurance company to advise all Insured Parties as additional insureds with respect in writing at least thirty (30) days in advance, of any termination of or change to the CGL, (iii) apply on a primary basis with respect to applicable Policies that would affect the interest of any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionInsured Parties.
Appears in 1 contract
Samples: Lease Agreement (Pzena Investment Management, Inc.)
Tenant’s Insurance. Tenant shall shall, as Additional Rent, maintain throughout the Term the following coverages in the following amounts.insurance:
10.3.1 (a) Commercial general liability insurance written for any injury to person or property occurring on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, naming as insureds Tenant, Landlord and such persons, including, without limitation, Landlord's managing agent, as Landlord shall designate from time to time, in amounts which shall, at the beginning of the Term, be at least equal to the limits set forth in Section 1, and, from time to time during the term, shall be for such higher limits as are reasonably required by Landlord;
(b) Worker's compensation insurance with statutory limits covering all of Tenant's employees working at the Premises;
(c) All risk fire and casualty insurance on a replacement value, agreed amount basis, together with rental loss coverage and, if Landlord so elects, flood coverage to the extent the same is available, insuring the Building and all areas appurtenant its rental value, with such deductibles, if any, as Landlord shall specify from time to time; and
(d) Insurance against loss or damage from sprinklers and from leakage or explosions or cracking of boilers, pipes carrying steam or water, or both, pressure vessels or similar apparatus, in the so-called "broad form", in such amounts and with such deductibles as Landlord may consider appropriate, and insurance against such other hazards and in such amounts as may from time to time be required by any bank, insurance company or other lending institution holding a mortgage on the Building. The insurance provided pursuant to clauses (c) and (d) above shall name Landlord and Landlord's mortgagees as the insureds in such manner as Landlord shall specify and such insurance shall be adjusted solely by Landlord and Landlord's mortgagees and Tenant shall have no right to the Premises and proceeds of such insurance or to participate in the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injuryadjustment thereof, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant all policies shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basisso provide.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Tenant’s Insurance. (a) Tenant shall maintain covenants and agrees to provide at its expense, as of the Effective Date, and to keep in force at all times, the following coverages insurance on the Premises (herein called the “Tenant Required Insurance”):
(i) Property insurance insuring the Building including the Tenant Work for all risks of direct physical loss and for perils covered by the causes of loss-special form (all risk, extended coverage including risks from named storms and terrorism) and in addition, ordinance or law coverage and boiler and machinery coverage (if applicable) and earthquake insurance in an amount acceptable to Landlord if the following amountsBuilding is located in seismic zones 3 or 4 and has probable maximum loss greater than 20%. Such insurance shall be written on a replacement cost basis with an agreed value equal to the full replacement cost of the Building including the Tenant Work. The policy shall name Beneficiary as “mortgagee” and “loss payee,” provided that so long as no Event of Default by Landlord exists hereunder, proceeds of such property insurance shall be made available to Landlord for the purpose of restoring the Premises.
10.3.1 (ii) Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to naming Landlord (the “CGL”and each of its shareholders, members, partners and beneficiaries, as applicable and specified in writing by Landlord), (i) covering liability arising from bodily injury (including mental anguish Landlord’s property manager and death), property damage, premises (including the use or occupancy any Beneficiary as additional insureds against any and all claims as are customarily covered under a standard policy form routinely accepted by institutional owners and mortgagees of properties similar to the Premises, the Building for bodily injury, death and all areas appurtenant to property damage occurring in or about the Premises and the Building, including any parking areas on adjoining streets and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits sidewalks. Such insurance shall have a combined single limit of not less than Two Million Dollars ($1,000,000 each occurrence2,000,000) per occurrence with a minimum Five Million Dollar ($5,000,000) aggregate limit and excess umbrella liability insurance in the amount of at least Ten Million Dollars ($10,000,000). Such liability insurance shall be primary and not contributing to any insurance available to Landlord and Landlord’s insurance, $1,000,000 personal and advertising injuryif any, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, shall be in excess thereto. In no event shall the limits of such insurance be considered as limiting the liability of Tenant under this Lease.
(iii) Workers’ compensation insurance in accordance with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, statutory law and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Partiesemployers’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than One Million Dollars ($10,000,000 each occurrence. This insurance must (i1,000,000) provide coverage at least as broad as per occurrence or the applicable primary coverages (andminimum amounts required by law, if excessgreater than One Million Dollars ($1,000,000).
(iv) Flood insurance if any part of the Building is located in an area identified by the Federal Emergency Management Agency as an area having special flood and mudslide hazards in the maximum available amount under the National Flood Insurance Act of 1968 (and any successor act thereto) and otherwise meeting the requirements of the Federal Insurance Administration.
(b) The policies required to be maintained by Tenant shall conform a rating acceptable to the Securities Valuation Office of the National Association of Insurance Commissioners, must be “true follow form”), and (ii) include a general policy rating of A or better and a financial class of X or better by A.M. Best Company, Inc. Insurers shall be authorized to do business in the state in which the Premises are located and domiciled in the USA. Except as may be otherwise specified in subsection 7.4(a), any deductible amounts under any insurance policies required hereunder shall not exceed the deductible amounts under insurance policies carried by Tenant or its Affiliates for similar properties. Certificates of insurance (as to property insurance, using Accord Form No. 28 (or the equivalent thereof), and as to liability insurance, using Accord Form 25-S (or the equivalent thereof)), or policies shall be delivered to Landlord Parties as additional insureds with respect and each Beneficiary (of which Xxxxxx received written notice of a mailing address for delivery of notices) by the Rent Commencement Date and thereafter upon request prior to the CGLexpiration date of each required policy. Tenant shall have the right to provide insurance coverage which it is obligated to carry pursuant to the terms hereof in a blanket policy, provided such blanket policy expressly affords coverage to the Premises and to Landlord and any Beneficiary as required by this Lease. Each policy of insurance shall provide notification to Landlord and any first Beneficiary (iiiof which Xxxxxx received written notice of a mailing address for delivery of notices) apply on a primary basis with respect at least ten (10) days prior to any commercial general liability non-renewal, cancellation or modification to reduce the insurance carried coverage, to the extent available in the State of California. Insurance claims by reason of damage to or destruction of any portion of the Premises shall be adjusted by Tenant unless such claim is in excess of $250,000, in which case each such claim shall be adjusted by Landlord Partiesalong with Tenant’s insurance representative. Tenant shall, (iv) provide that aggregate limits of liability apply separately with respect promptly after any damage or destruction to the Premises, advise Landlord and any first Beneficiary (of which Xxxxxx received written notice of a mailing address for delivery of notices) of such occurrence and consult with Landlord and any first Beneficiary throughout the process of adjusting any such claim; provided that Landlord shall adjust any claim in excess of $250,000 along with Xxxxxx’s insurance representative. Landlord shall not be required to prosecute any claim against, or to contest any settlement proposed by, an insurer. All of Tenant’s policies shall be endorsed to be primary to all insurance available to the Landlord and its officers, directors, management company and Beneficiaries, and any insurance maintained by the Landlord and its officers, directors, management company and Beneficiaries shall be excess, secondary and noncontributing.
(c) Provided that the tenant under this Lease is the initially named Tenant under this Lease, then such tenant shall have the right to self-insure for the above required insurance, in which case Tenant shall provide self-insurance certifications confirming the same, and Tenant shall pay any amounts due in lieu of insurance proceeds or any deductibles because of self- insurance, which amounts shall be treated as insurance proceeds for all purposes under this Lease. If an event or claim occurs for which a defense and/or coverage would have been available from the insurance company issuing insurance for which Tenant is required to maintain pursuant to Section 7.4 and Tenant has self-insured with respect to such required insurance, Tenant shall, to the extent required under this Lease, (i) undertake the defense of any such claim, including a defense of Landlord at Tenant’s sole cost and expense; and (vii) use its own funds to pay any claim or replace any property or otherwise provide the funding that if would have been available from insurance proceeds but for such election by Tenant to self-insure.
(d) In the allocations event Tenant does not purchase the insurance (or maintain the equivalent self insurance retentions) required by this Lease, or fails to keep the same in full force and effect or fails to provide Landlord with evidence of minimum primary and excess/umbrella limits established in this Sectionthe insurance required, Tenant shall repay to Landlord, as Additional Rent, the amount so paid promptly upon demand together with interest at the Default Rate on such payment from the date expended until the date reimbursed. In addition, Landlord may provide lower minimum limits of primary insurance so long recover from Tenant and Xxxxxx agrees to pay, as the minimum limit Additional Rent, any and all expenses (including reasonable attorneys’ fees) and damages which Landlord may sustain by reason of the excess/umbrella failure of Tenant to obtain and maintain such insurance. In the event that Tenant shall fail to provide insurance is increased by that complies with the amount of requirements, then Tenant shall be deemed to have elected to self-insure the primary reductionrisks to which such failure relates.
Appears in 1 contract
Samples: Lease Agreement
Tenant’s Insurance. a. All insurance required to be carried by Tenant hereunder shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability be issued by responsible insurance written on the current ISO CG 00 01 occurrence form or an equivalent companies acceptable to Landlord (and Landlord's lender and qualified to do business in the “CGL”)State. Each policy shall name Landxxxx, xxd at Landxxxx'x xequest any mortgagee of Landlord, as an additional insured, as their respective interests may appear. Each policy shall contain (i) covering a cross-liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contractendorsement, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal a provision that such policy and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant evidenced thereby shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as be primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the policies carried by Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial and that any coverage carried by Landlord shall be excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, and (iii) apply on a primary basis with respect to any commercial general liability insurance carried waiver by the insurer of any right of subrogation against Landlord, its agents, employees and representatives, which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. A copy of each paid up policy (authenticated by the insurer) or certificate of the insurer evidencing the existence and amount of each insurance policy required hereunder shall be delivered to Landlord Partiesbefore the date Tenant is first given the right of possession of the Premises, and thereafter within thirty (iv30) days after any demand by Landlord therefor. Landlord may, at any time and from time to time, inspect and/or copy any insurance policies required to be maintained by Tenant hereunder. No such policy shall be cancellable except after twenty (20) days written notice to Landlord and Landlord's lender. Tenant shall furnish Landlord with renewals or "binders" of any such policy at least ten (10) days prior to the expiration thereof. Tenant agrees that if Tenaxx xxxs not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant's behalf and charge the Tenant the premiums together with a twenty-five percent (25%) handling charge, payable upon demand. Tenant shall have the right to provide that aggregate limits of liability apply separately with respect such insurance coverage pursuant to blanket policies obtained by the Tenant, provided such blanket policies expressly afford coverage to the Premises, Landlord, Landxxxx'x xortgagee and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in Tenant as required by this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionLease.
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Tenant’s Insurance. Tenant shall maintain insurance complying with all of the following coverages following:
A. Tenant shall procure, pay for and keep in full force and effect the following amounts.following:
10.3.1 (1) Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)insurance, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use against liability for personal injury, bodily injury, death and damage to property occurring in or occupancy of the Premisesabout, or resulting from an occurrence in or about, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits combined single limit coverage of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided the amount of Tenant's Liability Insurance Minimum specified in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out Section P of the ownershipSummary, maintenance or use which insurance shall contain a "contractual liability" endorsement insuring Tenant's performance of premises described Tenant's obligation to indemnify Landlord contained in the endorsement, then the description of these premises paragraph 10.3;
(2) Fire and property damage insurance in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, so-called "all risk" form insuring Tenant's Trade Fixtures and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage Tenant's Alterations for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing full actual replacement cost thereof;
(3) Business interruption insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella limits of liability insurance with respect to Tenant’s CGLrepresenting at least approximately six months of income, business auto liability covering owned, non-owned and employers liability insurance, hired vehicles with a limit of not less than $10,000,000 each occurrence. This 1,000,000 per accident, insurance must (i) provide coverage protecting against liability under workers' compensation laws with limits at least as broad as the applicable primary coverages (andrequired by statute, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to for all plate glass in the Premises, and such other insurance that is either (i) reasonably required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses.
B. Where applicable and required by Landlord, each policy of insurance required to be carried by Tenant pursuant to this paragraph 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord; (iii) shall be in a form reasonably satisfactory to Landlord; (iv) shall be carded with companies reasonably acceptable to Landlord; (v) shall provide that if the allocations of minimum primary and excess/umbrella limits established in this Sectionsuch policy shall not be subject to cancellation, Tenant may provide lower minimum limits of primary insurance lapse or change except after at least 30 days prior written notice to Landlord so long as the minimum limit such provision of the excess/umbrella insurance 30 days notice is increased by the amount of the primary reduction.reasonably obtainable, but in any event not less
Appears in 1 contract
Samples: Lease Agreement (Synaptics Inc)
Tenant’s Insurance. During the term, Tenant shall maintain will provide and keep in force the following coverages in the following amounts.insurance:
10.3.1 Commercial (a) commercial general liability insurance written on relating to Tenant's business (carried on, in or from the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)Premises) and Tenant's use and occupancy, (i) covering liability arising from for personal and bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contractdamage to others' property, (ii) with limits of not less than $1,000,000 each the Liability Insurance Amount for any one accident or occurrence; and
(b) all risk or fire insurance (including standard extended endorsement perils, $1,000,000 personal leakage from fire protective devices and advertising injuryother water damage) relating to Tenant's fixtures, $2,000,000 general aggregatefurnishings, equipment, documents, files, work products, inventory and $2,000,000 productsstock-completed operations aggregate, in-trade on a full replacement cost basis in amounts sufficient to prevent Tenant from becoming a co-insurer and subject only to such deductibles and exclusions as Tenant may reasonably determine; and
(iiic) with defense provided if any boiler or machinery is operated in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, boiler and machinery insurance. Landlord and the holder of any parking areas at Encumbrance of which Landlord has given Tenant notice will be named as an additional insureds in the Property that Tenant is authorized to usepolicy described in Section 11.2(a), which will include cross liability and severability of interests clauses and will be on an "occurrence" (and not a "claims made") form. Landlord and the holder of any Encumbrance will be named as a loss payee, as its interest may appear, in the policies described in Section 11.2(c), and such policies will permit the release of Landlord and the holder of any other areas of Encumbrance from certain liability under Section 13.2 (as long as such permission may be obtained without material additional cost and without rendering void the Property outside protection afforded by the Premises that Tenant is authorized to use temporarilypolicy). Tenant shall ensure that will file with Landlord, on or before the CGL policy provides Commencement Date and at least 10 days before the expiration date of expiring policies, such copies of either current policies, an insurance binder, Evidence of Insurance (in form Accord 27), a binding certificate or other proofs, as may be reasonably required to establish Tenant's insurance coverage for the Landlord Parties’ own acts related in effect from time to the Premises, time and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Partiespayment of premiums. If the CGL contains Tenant fails to insure or pay premiums, or to file satisfactory proof as required, Landlord may, upon a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit minimum of not less than $10,000,000 each occurrence. This insurance must fifteen (i15) provide coverage at least as broad as the applicable primary coverages days notice (and, if excess, must be “true follow form”which notice expressly recites Landlord's cure rights in this sentence), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply obtain such insurance and recover from Tenant on a primary basis with respect to demand any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionpremiums paid.
Appears in 1 contract
Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability insurance written covenants to obtain on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use before Tenant enters upon or takes occupancy of the Premises, at Tenant’s sole cost and expense, and to keep in full force and effect during the Building Early Entry Period and all areas appurtenant the Lease Term (the “Insurance Requirements”):
(a) Comprehensive general liability insurance with respect to the business carried on, in or from the Premises and the Buildinguse and occupancy thereof, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising covering bodily injury, death and damage to property of others (with endorsements for assumed contractual liability with respect to the liabilities assumed by Tenant under an insured contract, (ii) Section 9.11); with combined single limits of not less than $1,000,000 each occurrence5,000,000 in respect of any one accident or occurrence and
(b) All-Risk Property (Special Cause of Loss) Insurance including, $1,000,000 personal without limitation, coverage for loss or damage to the Premises by fire and advertising injuryother perils including windstorm, $2,000,000 general aggregatesprinkler leakage, ordinance and law, sewer back-up, building ordinance extension endorsement (including cost of demolition, increased costs of construction and the value of the undamaged portion of the building and soft costs coverage), and boiler and machinery coverage (if separate policy, that policy must include loss of rents or business interruption coverage). The policy shall be in an amount not less than the full insurable value on a replacement cost basis of the insured Premises and personal property related thereto (without deduction for depreciation). The replacement cost is agreed to be $2,000,000 products13,200,000.00. If the policy is a blanket policy covering the Premises and one or more other properties, the policy must specify the dollar amount of the total blanket limit of the policy that is allocated to each property, and the amount so allocated to the Premises must not be less than the full insurable value on a replacement cost basis.
(c) All-completed operations aggregateRisk Property (Special Cause of Loss) insurance covering the full replacement cost of all furniture, trade fixtures and personal property (iiiincluding property of Tenant or others) with defense provided in addition to policy limitsthe Premises or otherwise placed in the Premises by or on behalf of Tenant or a Tenant Responsible Party, (iv) contractual liability insurance sufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is not already included in Tenant’s commercial general liability insurance policy).
(d) Builder’s Risk Insurance any time Tenant engages or causes to be engaged any contractor to perform work in or on the Premises (which shall be done only in accordance with a standard ISO separation the provisions of insureds provision or a substantially similar provisionthis Lease). Tenant shall require such contractor to carry and maintain, at no expense to Landlord, non-deductible commercial general liability insurance, and Tenant shall maintain in full force and effect a builder’s completed value risk policy (va “Builder’s Risk Policy”) including in a nonreporting form, with no coinsurance requirement, insuring against all “Special Form” risk of physical loss or damage to the Landlord Parties Premises, including, but not limited to, contractor’s liability coverage, completed operations coverage, broad form property damage endorsement and contractor’s protection liability coverage, risk of loss from fire and other hazards, collapse, transit coverage, vandalism, malicious mischief, theft, earthquake (as defined belowif the Premises is in earthquake zone 1 or 2) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent and sinkholes (if usually recommended in the area of the Premises). The Builder’s Risk Policy shall include endorsements providing coverage for building materials and supplies and temporary property. The Builder’s Risk Policy shall be in the amount of the full replacement cost of the applicable improvements and shall contain a deductible amount acceptable to Landlord. If the additional insured The Builder’s Risk Policy shall include an endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basispermitting initial occupancy.
10.3.2 Commercial excess or umbrella liability (e) Business Interruption Insurance for not less than twelve (12) months of income and normal operating expenses, including payroll and Basic Rent payable hereunder with an endorsement extending the period of indemnity by at least ninety (90) days (Building Ordinance—Increased Period of Restoration Endorsement) and in an amount to prevent Landlord from becoming a co-insurer.
(f) Workers’ compensation insurance with respect to Tenant’s CGL, business auto liability as required by applicable law and employers employers’ liability insurance, each with a limit of not less than $10,000,000 100,000 per accident, $500,000 for a disease policy limit, and $100,000 for disease limit for each occurrenceemployee.
(g) Boiler and machinery coverage covering loss or damage, on a replacement cost basis, from explosion of any steam and pressure boilers, hot water heaters, and similar apparatus located in, on or about the Premises with limits of not less than the replacement cost of the Improvements. This In the event coverage hereunder is afforded by more than one insurance must (i) provide coverage at least as broad as the applicable primary coverages (andcompany, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect all such companies shall furnish a joint loss endorsement to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by policies covering the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established risk set forth in this Section, Tenant .
(h) Any other form or forms or amounts of insurance or any changes or endorsements to the insurance required herein as may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased be required by the amount of the primary reductionFee Mortgagee.
Appears in 1 contract
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form or an equivalent acceptable Building, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the PremisesInsured Parties, the Building and all areas appurtenant Tenant shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 25. The minimum limits of liability applying exclusively to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized shall be a combined single limit with respect to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence3,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The self insured retention for such policy shall not exceed $1,000,000 personal 10,000. Tenant may satisfy the limits of liability required herein with a combination of umbrella and/or excess policies of insurance, provided that such policies comply with all of the provisions hereof (including, without limitation, with respect to scope of coverage and advertising injury, $2,000,000 general aggregatenaming of the Insured Parties);
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 25,000;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers’ Compensation Insurance, and as required by law;
(v) including Business Interruption Insurance covering a minimum of one year of anticipated gross income;
(vi) if the Landlord Parties (as defined below) as additional insuredsBuilding, using ISO additional insured endorsement CG 20 11 Complex or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownershipReal Property includes a parking garage or surface parking lot that is utilized by Tenant, maintenance or use of premises described in the endorsementCommercial Automobile Liability Insurance for any owned, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance owned or hired vehicles with a combined single limit with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit each occurrence in an amount of not less than $10,000,000 each occurrence. This 1,000,000; and
(vii) such other insurance must in such amounts as the insured Parties may reasonably require from time to time.
(b) All insurance required to be carried by Tenant (i) provide shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days’ prior notice of the same, by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers admitted to do business in the State of Illinois and rated in Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better, or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article 11 and that the Insured Parties are named as additional insured’s (the “Policies”), Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least 10 days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company, on the form currently designated “Accord 27” (Evidence of Property Insurance) and “Accord 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insured’s, which endorsement is at least as broad as ISO policy form “CG 20 11 Additional Insured - Managers or Lessors of Premises” (pre-1999 edition) and which endorsement expressly provides coverage for the applicable negligence of the additional insured’s, which certification shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification (i) conveys to the Insured Parties all the rights and privileges afforded under the Policies as primary coverages (andinsurance, if excess, must be “true follow form”), and (ii) include contains an unconditional obligation of the Landlord insurance company to advise all Insured Parties as additional insureds with respect in writing by certified mail, return receipt requested, at least 30 days in advance of any termination or change to the CGL, (iii) apply on a primary basis with respect to Policies that would affect the interest of any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionInsured Parties.
Appears in 1 contract
Samples: Lease Agreement (Affirmative Insurance Holdings Inc)
Tenant’s Insurance. Tenant shall maintain insurance complying with all of the following coverages following:
A. Tenant shall procure, pay for and keep in full force and affect the following amounts.following:
10.3.1 (1) Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)insurance, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use against liability for personal injury, bodily injury, death and damage to property occurring in or occupancy of the Premisesabout, or resulting from an occurrence in or about, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits combined single limit coverage of not less than $1,000,000 each occurrencethe amount of Tenant’s Liability Insurance Minimum specified in Section Q of the Summary, $1,000,000 personal which insurance shall contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in Section 10.3;
(2) Fire and advertising injuryproperty damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the full actual replacement cost thereof; and
(3) Such other insurance that from time to time is either (i) required by any Lender, $2,000,000 general aggregate, or (ii) reasonably required by Landlord and $2,000,000 products-completed operations aggregate, customarily carried by tenants of similar property in similar businesses in the vicinity of the Project.
B. Each policy of insurance required to be carried by Tenant pursuant to this Section 9.1: (i) shall name Landlord and such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord; (iii) with defense provided shall be in addition a form satisfactory to policy limits, Landlord; (iv) shall be carried with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent companies reasonably acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out and having a rating of the ownershipA+, maintenance AAA or use of premises described better in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant“Best’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow formInsurance Guide;”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
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Tenant’s Insurance. Effective as of the earlier of (a) the date Tenant enters or occupies the Premises, or (b) the Rent Commencement Date, and continuing throughout the Term, Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial insurance policies: (1) commercial general liability insurance written on in amounts of $5,000,000 per occurrence or, following the current ISO CG 00 01 occurrence form expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or an equivalent acceptable matter that is or may be excluded from coverage under a commercial general liability policy, Tenant shall obtain such endorsements to Landlord (the “CGL”), (i) covering commercial general liability policy or otherwise obtain insurance to insure all liability arising from bodily injury (including mental anguish and deathsuch activity or matter in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property damage, premises (including management company and Landlord’s asset management company against all liability for injury to or death of a person or persons or damage to property arising from the use or and occupancy of the Premises, (2) insurance covering the Building full value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord’s Mortgagee as additional loss payees as their interests may appear, (3) insurance covering the full value of all areas appurtenant to furniture, trade fixtures and personal property (including property of Tenant or others) in the Premises and the Building, including any parking areas and areas outside or otherwise placed in the Premises that by or on behalf of a Tenant Party, (4) contractual liability insurance sufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is authorized to use temporarilynot already included in Tenant’s commercial general liability insurance policy), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii5) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provisionworker’s compensation insurance, and (v6) including the business interruption insurance. Tenant’s insurance shall provide primary coverage to Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 when any policy issued to Landlord provides duplicate or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to usesimilar coverage, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarilyin such circumstance Landlord’s policy will be excess over Tenant’s policy. Tenant shall ensure that furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the CGL policy provides coverage for maintenance of all insurance coverages required hereunder at least ten days prior to the Landlord Parties’ own acts related to earlier of the Rent Commencement Date or the date Tenant enters or occupies the Premises, and does not limit their at least 15 days prior to each renewal of said insurance, and Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord at least 30 days before cancellation or a material change of any such insurance policies. All such insurance policies shall be in form reasonably satisfactory to Landlord and issued by companies licensed to do business in the state in which the Premises is located and having an A.M. Best rating of at least A:X (or the equivalent of such rating) or otherwise approved in writing by Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect required herein, Landlord, in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be obligated to, obtain such insurance or self-insurance programs afforded and Tenant shall pay to Landlord on demand the Landlord Parties. If the CGL contains a general aggregate limitpremium costs thereof, it must apply separately to the Premises on a “per project” or “per location” basisplus an administrative fee of 15% of such cost.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
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Tenant’s Insurance. Tenant shall maintain the following coverages Liability insurance in the following amounts.
10.3.1 Commercial general General Liability form (or reasonable equivalent thereto) covering the Demised Premises and Tenant’s use thereof against claims for personal injury or death, property damage and product liability occurring upon, in or about the Demised Premises, such insurance to be written on the current ISO CG 00 01 an occurrence form or an equivalent acceptable to Landlord basis (the “CGL”not a claims made basis), (i) covering liability arising from bodily injury (including mental anguish to be in combined single limits amounts not less than $1,000,000.00 and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with have general aggregate limits of not less than $1,000,000 1,000,000.00 for each occurrencepolicy year. The insurance coverage required under this Paragraph 5.01 (b) shall, $1,000,000 personal and advertising injuryif available, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition extend to policy limits, (iv) with a standard ISO separation any liability of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability Tenant arising out of the ownershipindemnities provided for in Article VI and, maintenance or use of premises described in if necessary, the endorsement, then the description of these premises in the policy shall contain a contractual endorsement must include the Premises, any parking areas at the Property to that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s actseffect. The CGL must not include a “designated premises” endorsement that general aggregate limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing Commercial General Liability insurance with respect to any other insurance policy or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it policies must apply separately to the Demised Premises on a “per project” and to Tenant’s use thereof (and not to any other location or “per location” basis.
10.3.2 Commercial excess or umbrella use of Tenant) and such policy shall contain an endorsement to that effect. Notwithstanding the foregoing, Tenant shall have the right to carry the liability insurance provided above in the form of a blanket insurance policy, covering additional items or locations or insureds, provided, however, that: (i) Landlord, and any’ other patties in interest designated by Landlord to Tenant, from time to time, shall be named as additional insureds thereunder as its interests may appear; (ii) the coverage afforded Landlord and such other parties designated by Landlord will not be reduced or diminished by reason of use of such blanket policy of insurance; and (iii) any such policy shall provide, at a minimum, for the minimum liability limitations hereinabove provided in this Article VI with respect to Tenant’s CGL, business auto liability interests in and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Demised Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
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Samples: Lease Agreement (Rockwell Medical Technologies Inc)
Tenant’s Insurance. a. All insurance required to be carried by Tenant hereunder shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability be issued by responsible insurance written on the current ISO CG 00 01 occurrence form or an equivalent companies acceptable to Landlord (and Landlord's lender and qualified to do business in the “CGL”)State. Each policy shall name Xxxxxxxx, and at Xxxxxxxx's request any mortgagee of Landlord, as an additional insured, as their respective interests may appear. Each policy shall contain (i) covering a cross-liability arising from bodily injury endorsement, (including mental anguish ii) a provision that such policy and death)the coverage evidenced thereby shall be primary and non-contribut-ing with respect to any policies carried by Landlord and that any coverage carried by Landlord shall be excess insurance, property damageand (iii) a waiver by the insurer of any right of subroga-tion against Landlord, premises its agents, employees and representatives, which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. A copy of each paid up policy (including authenticated by the use insurer) or occupancy certificate of the insurer evidencing the existence and amount of each insurance policy required hereunder shall be delivered to Landlord before the date Tenant is first given the right of possession of the Premises, the Building and all areas appurtenant thereafter within thirty (30) days after any demand by Landlord therefor. Landlord may, at any time and from time to the Premises time, inspect and/or copy any insurance policies required to be maintained by Tenant hereunder. No such policy shall be cancelable except after twenty (20) days written notice to Landlord and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily's lender. Tenant shall ensure furnish Landlord with renewals or "binders" of any such policy at least ten (10) days prior to the expiration thereof. Tenant agrees that if Xxxxxx does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant's behalf and charge the CGL policy provides Tenant the premiums together with a twenty-five percent (25%) handling charge, payable upon demand. Tenant shall have the right to provide such insurance coverage for pursuant to blanket policies obtained by the Landlord Parties’ own acts related Tenant, provided such blanket policies expressly afford coverage to the Premises, Landlord, Xxxxxxxx's mortgagee and does not limit their coverage to liability arising from Tenant as required by this Lease. Landlord Landlord Tenant Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
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Tenant’s Insurance. 22.1 All insurance required to be carried by Tenant hereunder shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability be issued by responsible insurance written on the current ISO CG 00 01 occurrence form or an equivalent companies reasonably acceptable to Landlord (and Landlord's lender and qualified to do business in the “CGL”)State. Each policy shall name Landlord, and at Landlord's request any mortgagee of Landlord, as an additional insured, as their respective interests may appear. Each policy shall contain (i) covering a cross-liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contractendorsement, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal a provision that such policy and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant evidenced thereby shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as be primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the policies carried by Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial and that any coverage carried by Landlord shall be excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, and (iii) apply on a primary basis with respect to any commercial general liability insurance carried waiver by the insurer of any right of subrogation against Landlord, its agents, employees and representatives, which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. A copy of each paid up policy (authenticated by the insurer) or certificate of the insurer evidencing the existence and amount of each insurance policy required hereunder shall be delivered to Landlord Partiesbefore the date Tenant is first given the right of possession of the Premises, and thereafter within thirty (iv30) days after any demand by Landlord therefor. Landlord may, at any time and from time to time, inspect and/or copy any insurance policies required to be maintained by Tenant hereunder. No such policy shall be cancelable except after thirty (30) days written notice to Landlord and Landlord's lender. Tenant shall furnish Landlord with renewals or "binders" of any such policy at least ten (10) days prior to the expiration thereof. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant's behalf and charge Tenant the premiums together with a twenty-five percent (25%) handling charge, payable upon demand. Tenant shall have the right to provide that aggregate limits of liability apply separately with respect such insurance coverage pursuant to blanket policies obtained by the Tenant, provided such blanket policies expressly afford coverage to the Premises, Landlord, Landlord's mortgagee and Tenant as required by this Lease.
22.2 Beginning on the date Tenant is given access to the Premises for any purpose and continuing until expiration of the Term, Tenant shall procure, pay for and maintain in effect policies of casualty insurance covering (i) all Leasehold Improvements (including any alterations, additions or improvements as may be made by Tenant pursuant to the provisions of Section 12), and (vii) provide that if trade fixtures, merchandise and other personal property from time to time in, on or about the allocations Premises, in an amount not less than one hundred percent (100%) of minimum primary their actual replacement cost from time to time, providing protection against any peril included within the classification "Fire and excess/umbrella limits established in this SectionExtended Coverage" together with insurance against sprinkler damage, Tenant may provide lower minimum limits vandalism and malicious mischief. The proceeds of primary such insurance so long as shall be used for the minimum limit repair or replacement of the excess/umbrella insurance is increased by the amount of the primary reduction.property so
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Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form or an equivalent acceptable Building, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injuryInsured Parties, and Tenant shall obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in Article 25. The minimum limits of liability shall be (a) a combined single limit with respect to each occurrence in an insured contract, amount of not less than $1,000,000; and (iib) Umbrella/Excess Liability with limits of not less than $1,000,000 each occurrence, 10,000,000 combined single limit in excess of the above-referenced commercial general liability. The deductible or self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate25,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the initial installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate25,000; and insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies, insuring the Existing Furnishings for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $25,000;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers’ Compensation Insurance, as required by law;
(v) [Intentionally Omitted]; and
(vi) during the Extension Term, such other insurance in such amounts as the Insured Parties may reasonably require from time to time, but only if Landlord has informed Tenant of such other insurance requirements prior to the date on which Tenant gives Landlord notice that Tenant elects to lease the Premises for the Extension Term pursuant to Rider No. 1 — Extension Option.
(b) All insurance required to be carried by Tenant (i) shall contain a standard ISO separation provision that (x) no act or omission of insureds provision Tenant shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, and (vy) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days’ prior notice of the same, by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the Commonwealth of Virginia and rated in Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article 11 and that the Insured Parties are named as additional insureds (the “Policies”). Tenant shall provide evidence of each renewal or replacement of the Policies and shall use commercially reasonable efforts to deliver such evidence to Landlord at least 10 days prior to the expiration of the Policies. Tenant shall also advise all Insured Parties in writing by certified mail, return receipt requested, at least 30 days in advance of any termination or change to the Policies that would affect the interest of any of the Insured Parties. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (as defined belowon the form currently designated “Xxxxx 27” (Evidence of Property Insurance) and “Xxxxx 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds) which shall be binding on Tenant’s insurance company, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable and which shall expressly provide that such certification conveys to Landlord. If the additional insured endorsement restricts Insured Parties all the Landlord Parties’ coverage rights and privileges afforded under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply Policies as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basisinsurance.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Sublease Agreement (K12 Inc)
Tenant’s Insurance. Tenant shall maintain insurance complying with all of the following coverages following:
A. Tenant shall procure, pay for and keep in full force and effect the following amounts.following:
10.3.1 (1). Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)insurance, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use against liability for personal injury, bodily injury, death and damage to property occurring in or occupancy of the Premisesabout, or resulting from an occurrence in or about, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits combined single limit coverage of not less than $1,000,000 the amount of Tenant’s Liability Insurance Minimum specified in Section P of the Summary, which insurance shall contain a “contractual liability” endorsement insuring Tenant’s performance of Tenant’s obligation to indemnify Landlord contained in ¶10.3;
(2). Fire and property damage insurance in so-called “all risk” form insuring Tenant’s Trade Fixtures and Tenant’s Alterations for the full actual replacement cost thereof;
(3). Such other insurance that is either (i) required by any Lender, or (ii) reasonably required by Landlord and customarily carried by tenants of similar property in similar businesses.
B. Where applicable and required by Landlord, each occurrence, $1,000,000 personal policy of insurance required to be carried by Tenant pursuant to this ¶9.1: (i) shall name Landlord and advertising injury, $2,000,000 general aggregate, such other parties in interest as Landlord reasonably designates as additional insured; (ii) shall be primary insurance which provides that the insurer shall be liable for the full amount of the loss up to and $2,000,000 products-completed operations aggregate, including the total amount of liability set forth in the declarations without the right of contribution from any other insurance coverage of Landlord; (iii) with defense provided shall be in addition a form satisfactory to policy limits, Landlord; (iv) shall be carried with a standard ISO separation of insureds provision or a substantially similar provision, and companies reasonably acceptable to Landlord; (v) including the shall provide that such policy shall not be subject to cancellation, lapse or change except after at least 30 days prior written notice to Landlord Parties so long as such provision of 30 days notice is reasonably obtainable, but in any event not less than 10 days prior written notice; (vi) shall not have a “deductible” in excess of such amount as defined belowis approved by Landlord; (vii) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlordshall contain a cross liability endorsement; and (viii) shall contain a “severability” clause. If Tenant has in full force and effect a blanket policy of liability insurance with the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides same coverage for the Premises as described above, as well as other coverage of other premises and properties of Tenant, or in which Tenant has some interest, such blanket insurance shall satisfy the requirements of this ¶9.1.
C. A copy of each paid-up policy evidencing the insurance required to be carried by Tenant pursuant to this ¶9.1 (appropriately authenticated by the insurer) or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this ¶9.1, and containing the provisions specified herein, shall be delivered to Landlord Parties’ own acts related prior to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to time Tenant or any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to of its Agents enters the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGLand upon renewal of such policies, business auto liability and employers liability insurance, with a limit of but not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect 5 days prior to the CGLexpiration of the term of such coverage. Landlord may, (iii) apply on a primary basis with respect to at any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premisestime, and (v) provide from time to time, inspect and/or copy any and all insurance policies required to be procured by Tenant pursuant to this ¶9.
1. If any Lender or insurance advisor reasonably determines at any time that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of coverage required for any policy of insurance Tenant is to obtain pursuant to this ¶9.1 is not adequate, then Tenant shall increase such coverage for such insurance to such amount as such Lender or insurance advisor reasonably deems adequate, not to exceed the primary reductionlevel of coverage for such insurance commonly carried by comparable businesses similarly situated.
Appears in 1 contract
Samples: Lease (Tegal Corp /De/)
Tenant’s Insurance. a. All insurance required to be carried by Tenant hereunder shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability be issued by responsible insurance written on the current ISO CG 00 01 occurrence form or an equivalent companies acceptable to Landlord (and Landlord's lender and qualified to do business in the “CGL”)State. Each policy shall name Landxxxx, xxd at Landxxxx'x xequest any mortgagee of Landlord, as an additional insured, as their respective interests may appear. Each policy shall contain (i) covering a cross-liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contractendorsement, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal a provision that such policy and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant evidenced thereby shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as be primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the policies carried by Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial and that any coverage carried by Landlord shall be excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, and (iii) apply on a primary basis with respect to any commercial general liability insurance carried waiver by the insurer of any right of subrogation against Landlord, its agents, employees and representatives, which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. A copy of each paid up policy (authenticated by the insurer) or certificate of the insurer evidencing the existence and amount of each insurance policy required hereunder shall be delivered to Landlord Partiesbefore the date Tenant is first given the right of possession of the Premises, and thereafter within thirty (iv30) days after any demand by Landlord therefor, Landlord may, at any time and from time to time, inspect and/or copy any insurance policies required to be maintained by Tenant hereunder. No such policy shall be cancellable except after (20) days written notice to Landlord and Landxxxx'x xender. Tenant shall furnish Landlord with renewals or "binders" of any such policy at least ten (10) days prior to the expiration thereof. Tenant agrees that if Tenaxx xxxs not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant's behalf and charge the Tenant the premiums together with a twenty-five percent (25%) handling charge, payable upon demand. Tenant shall have the right to provide that aggregate limits of liability apply separately with respect such insurance coverage pursuant to blanket policies obtained by the Tenant, provided such blanket policies expressly afford coverage to the Premises, Landlord, Landxxxx'x xortgagee and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in Tenant as required by this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionLease.
Appears in 1 contract
Tenant’s Insurance. Tenant Tenant, at its own expense, shall maintain during the following coverages Lease Term a policy or policies of fire and extended coverage insurance covering the full replacement cost of the Premises (but not less than $3,000,000) and all property and improvements, installed or placed in the following amounts.
10.3.1 Commercial general Premises by Tenant; worker's compensation insurance with no less than the minimum limits required by law; employer's liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)with such limits as required by law; commercial liability insurance, (i) covering with liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence2,000,000 combined single limit per occurrence (together with such umbrella coverage as Landlord may require) for property damage, $1,000,000 personal injuries, or deaths of persons occurring in or about the Premises; and advertising injurypollution liability insurance with such limits as Landlord may reasonably require; provided, $2,000,000 general aggregatehowever, that Landlord may from time to time require an increase in any such limits. All such policies shall name Landlord and $2,000,000 productsLandlord's mortgagee, if applicable, as an additional insured, insure on an occurrence and not a claims-completed operations aggregatemade basis, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent be issued by insurance companies which are reasonably acceptable to Landlord, not be cancelable unless 30 days prior written notice shall have been given to Landlord, and provide primary coverage to Landlord (any policy issued to Landlord providing duplicate or similar coverage shall be deemed excess over Tenant's policies). If All such policies insuring the additional insured endorsement restricts Premises shall name Landlord and Landlord's mortgagee, if any, as the only named insureds. In the event of loss under any policy or policies provided by Tenant to Landlord Parties’ coverage under this Paragraph 7.2, other than the CGL liability policy required, the insurance proceeds will be payable to liability arising out Landlord or Landlord's mortgagee; thereafter, such proceeds, with the exception of any loss of rents insurance proceeds and subject to Paragraph 13.1 below, will be used for the expense of repairing or rebuilding those portions of the ownership, maintenance Premises which have been damaged or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property destroyed if Landlord and its mortgagee are satisfied that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of insurance proceeds together with additional proceeds tendered by Tenant are and will be at all times sufficient to pay for the primary reductioncompletion of the repairs or rebuilding. Such policies or certificates thereof shall be delivered to Landlord by Tenant upon commencement of the Lease Term and upon each renewal of said insurance.
Appears in 1 contract
Samples: Lease Agreement (Electro Energy Inc)
Tenant’s Insurance. Tenant (a) Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form or an equivalent acceptable Building, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injuryInsured Parties, and Tenant shall obtain blanket broad-form contractual liability assumed under coverage to insure its indemnity obligations set forth in ARTICLE 25. The minimum limits of liability shall be a combined single limit with respect to each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The deductible or self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the Initial Installations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 25,000;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with Workers’ Compensation Insurance, as required by law;
(v) Business Interruption Insurance in an amount equal to at least one year’s rent; and
(vi) such other insurance in such amounts as the Insured Parties may reasonably require from time to time.
(b) All insurance required to be carried by Tenant (i) shall contain a standard ISO separation provision that (x) no act or omission of insureds provision Tenant shall affect or a substantially similar provisionlimit the obligation of the insurance company to pay the amount of any loss sustained, and (vy) shall be noncancellable and/or no material change in coverage shall be made thereto unless the Insured Parties receive 30 days’ prior notice of the same, by certified mail, return receipt requested, and (ii) shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State of Illinois and rated in Best’s Insurance Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this ARTICLE 11 and that the Insured Parties are named as additional insureds (the “Policies”). Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least 10 days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “Xxxxx 27” (Evidence of Property Insurance) and “Xxxxx 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use) which shall be binding on Tenant’s insurance company, and any other areas of the Property outside the Premises which shall expressly provide that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must such certification (i) provide coverage at least conveys to the Insured Parties all the rights and privileges afforded under the Policies as broad as the applicable primary coverages (andinsurance, if excess, must be “true follow form”), and (ii) include contains an unconditional obligation of the Landlord insurance company to advise all Insured Parties as additional insureds with respect in writing by certified mail, return receipt requested, at least 30 days in advance of any termination or change to the CGL, (iii) apply on a primary basis with respect to Policies that would affect the interest of any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionInsured Parties.
Appears in 1 contract
Samples: Lease Agreement (BTHC VII Inc)
Tenant’s Insurance. Effective as of the earlier of (1) the date Tenant enters or occupies the Premises, or (2) the Commencement Date, and continuing throughout the Term, Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial insurance policies: (A) commercial general liability insurance written in amounts of $3,000,000 per occurrence or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require so long as such other amounts are not materially in excess of amounts that owners of Comparable Buildings are then generally requiring tenants (and, if the use and occupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter in commercially reasonable amounts), insuring Tenant, Landlord, Landlord's property management company, and, if requested in writing by Landlord, Landlord's Mortgagee, against liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant's Off-Premises Equipment, (B) insurance covering the full value of all alterations and improvements and betterments in the Premises, naming Landlord and Landlord's Mortgagee as additional loss payees as their interests may appear, (C) insurance covering the full value of all furniture, trade fixtures and personal property (including property of Tenant or others) in the Premises or otherwise placed in the Project by or on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord behalf of a Tenant Party (the “CGL”including Tenant's Off-Premises Equipment), (iD) covering contractual liability arising from bodily injury insurance sufficient to cover Tenant's indemnity obligations hereunder (including mental anguish and deathbut only if such contractual liability insurance is not already included in Tenant's commercial general liability insurance policy), (E) worker's compensation insurance in the amount, if any, required by applicable state law, and (F) business interruption insurance sufficient to cover not less than 12 months of interruption. Tenant's insurance shall provide primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord's policy will be excess over Tenant's policy. The commercial general liability insurance to be maintained by Tenant may have a deductible of no more than $5,000 per occurrence; the property damageinsurance to be maintained by Tenant may have a deductible of no more than $10,000 per occurrence; and, premises (including all other insurance to be maintained by Tenant shall have no deductible. Tenant shall furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the use maintenance of all insurance coverages required hereunder at least ten days prior to the earlier of the Commencement Date or occupancy of the date Tenant enters or occupies the Premises, and at least 15 days prior to each renewal of said insurance, and Tenant shall obtain a written obligation on the Building part of each insurance company to notify Landlord at least 30 days before cancellation or a material change of any such insurance policies. All such insurance policies shall be in form, and all areas appurtenant issued by companies with a Best's rating of A:VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein within three days of receipt of written notice thereof, Landlord, in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be obligated to, obtain such insurance and Tenant shall pay to Landlord on demand the premium costs thereof, plus an administrative fee of 10% of such cost. Any insurance required to be maintained by Tenant may be taken out under a blanket insurance policy or policies covering other premises, property or insureds in addition to the Premises and Tenant, provided the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, and umbrella coverages are on a per-location aggregate basis (ivor contain a per-location aggregate endorsement) provide that aggregate limits of liability apply separately and such blanket policy or policies otherwise comply with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductionSection 11(a).
Appears in 1 contract
Samples: Lease Agreement (Blucora, Inc.)
Tenant’s Insurance. Tenant (a) Commencing as of the Commencement Date, and continuing thereafter throughout the Term, Tenant, at its expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the current ISO CG 00 01 occurrence form Building, under which Tenant is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees or an equivalent acceptable other parties whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the PremisesInsured Parties, the Building and all areas appurtenant Tenant shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Article 25. The minimum limits of liability applying exclusively to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized shall be a combined single limit with respect to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under each occurrence in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence5,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the Initial Alterations) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 25,000;
(iii) with defense provided during the performance of any Alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in addition to policy limits, all work incorporated in the Building and all materials and equipment in or about the Premises;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers’ Compensation Insurance, and as required by law;
(v) including the Landlord Parties Business Interruption Insurance for a period of at least six (as defined below6) as additional insuredsmonths;
(vi) Commercial Automobile Liability Insurance for any owned, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance owned or hired vehicles with a combined single limit with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit each occurrence in an amount of not less than $10,000,000 each occurrence. This 1,000,000; and
(vii) such other insurance must (i) provide coverage at least as broad in such amounts as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Insured Parties as additional insureds with respect may reasonably require from time to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reductiontime.
Appears in 1 contract
Samples: Lease Agreement (Inphi Corp)
Tenant’s Insurance. On or before the Commencement Date or Tenant's prior entry into the Premises, Tenant shall maintain will obtain and have in full force and effect, insurance coverage as follows:
(i) workers’ compensation in an amount required by law; (ii) commercial general liability with a per occurrence limit of Three Million Dollars ($3,000,000) and a general aggregate of Five Million Dollars ($5,000,000) for bodily injury and property damage on an occurrence basis and containing an endorsement naming Landlord, Mxxx-Xxxx Realty, L.P., Mxxx-Xxxx Realty Corporation, their respective affiliates, subsidiaries, agents, designees and lender, if any, as additional insureds, an aggregate limit per location endorsement, and no modification that would make Tenant’s policy excess or contributing with Landlord’s liability insurance; (iii) all risk property insurance for the following coverages full replacement value of all of Tenant’s furniture, fixtures, equipment, alterations, improvements or additions that do not become Landlord’s property upon installation; and (iv) any other form or forms of insurance or any increase in the following amounts.
10.3.1 Commercial general liability limits of any of the coverages described above or other forms of insurance as Landlord or the mortgagees or ground lessors (if any) of Landlord may reasonably require from time to time if in the reasonable opinion of Landlord or said mortgagees or ground lessors said coverage and/or limits become inadequate or less than that commonly maintained by prudent tenants with similar uses in similar buildings in the area. All policies obtained by Tenant will be issued by carriers having ratings in Best’s Insurance Guide (“Best”) of A and VIII, or better (or equivalent rating by a comparable rating agency if Best no longer exists) and licensed in the State. All such policies must be endorsed to be primary and noncontributing with the policies of Landlord being excess, secondary and noncontributing and shall contain an endorsement stating no policy will be canceled, nonrenewed or materially modified without thirty (30) days' prior written on notice by the current ISO CG 00 01 occurrence form or an equivalent acceptable insurance carrier to Landlord (the “CGLCancellation Endorsement”). If the forms of policies, (i) covering liability arising from bodily injury (including mental anguish and death)endorsements, property damagecertificates, premises (including the use or occupancy evidence of insurance required by this Article are superseded or discontinued, Landlord may require other equivalent or better forms. Evidence of the Premisesinsurance coverage required to be maintained by Tenant, represented by certificates of insurance issued by the Building and all areas appurtenant insurance carrier, must be furnished to Landlord prior to Tenant occupying the Premises and at least thirty (30) days prior to the Building, including any parking areas and areas outside expiration of current policies. Copies of all endorsements required by this Article must accompany the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable certificates delivered to Landlord. If The certificates will state the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out amounts of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, all deductibles and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to insured retentions and the Landlord PartiesCancellation Endorsement. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried requested in writing by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this SectionLandlord, Tenant may will provide lower minimum limits to Landlord a certified copy of primary any or all insurance so long as the minimum limit of the excess/umbrella insurance is increased policies or endorsements required by the amount of the primary reductionthis Article.
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Tenant’s Insurance. Tenant (a) Tenant, at Tenant’s expense, shall maintain obtain and keep in full force and effect during the following coverages in the following amounts.Term:
10.3.1 Commercial (i) a policy of commercial general liability insurance written on the an occurrence basis (utilizing then current ISO CG 00 01 occurrence form forms or an equivalent acceptable equivalent) against claims for contractual liability, personal injury, bodily injury, death and/or property damage occurring in or about the Building, under which Xxxxxx is named as the insured and Landlord, Landlord’s Agent and any Lessors and any Mortgagees whose names have been furnished to Landlord Tenant are named as additional insureds (the “CGLInsured Parties”), (i) covering liability arising . Such insurance shall provide primary coverage without contribution from bodily injury (including mental anguish and death), property damage, premises (including any other insurance carried by or for the use or occupancy benefit of the Premises, the Building Insured Parties. The minimum limits of liability provided in any combination by a commercial general liability policy and all areas appurtenant excess liability or umbrella policy applying exclusively to the Premises shall be a combined single limit with respect to each occurrence and in the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under aggregate in an insured contract, (ii) with limits amount of not less than $1,000,000 each occurrence4,000,000; provided, however, that Landlord shall retain the right to require Tenant to increase such coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in Comparable Buildings. The deductible or self insured retention for such policy shall not exceed $1,000,000 personal and advertising injury, $2,000,000 general aggregate10,000;
(ii) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies, insuring Tenant’s Property and all Alterations and improvements to the Premises (including the initial Tenant Improvements) to the extent such Alterations and improvements exceed the cost of the improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a deductible amount, if any, not in excess of $2,000,000 products-completed operations aggregate, 25,000;
(iii) prior to and during the performance of any Alterations (other than Decorative Alterations), until completion thereof, Builder’s Risk insurance on an “all risk” basis and on a completed value faun including a Permission to Complete and Occupy endorsement, for full replacement value covering the interest of Landlord and Tenant (and their respective contractors and subcontractors) in all work incorporated in the Building and all materials and equipment in or about the Premises, Workers’ Compensation and Employer’s Liability Insurance (covering all persons to be employed by Tenant, and Tenant’s contractors and subcontractors in connection with defense provided such Alterations) and commercial general liability (including property damage coverage) insurance, all in addition such form, for such periods, in such amounts and with such companies as Landlord may reasonably require, naming Landlord, Landlord’s Agent and any Mortgagee (of which Tenant has been given notice) as additional insureds to policy limits, all policies except the Workers’ Compensation and Employer’s Liability Insurance policy;
(iv) with a standard ISO separation of insureds provision or a substantially similar provisionWorkers’ Compensation Insurance, as required by law and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described Employers Liability Insurance in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit amount of not less than $10,000,000 each occurrence. This 500,000;
(v) Business Interruption/Rental Insurance; and
(vi) such other insurance must in such amounts as the Insured Parties may reasonably require from time to time.
(b) All insurance required to be carried by Tenant (i) provide shall contain a provision that (x) no act or omission of Tenant shall affect or limit the obligation of the insurance company to pay the amount of any loss sustained, and (y) shall be noncancellable and/or no material change in coverage at least as broad as shall be made thereto unless the applicable primary coverages Insured Parties receive thirty (and30) days’ prior notice of the same, if excessby certified mail, must be “true follow form”)return receipt requested, and (ii) include shall be effected under valid and enforceable policies issued by reputable insurers permitted to do business in the State and rated in Best’s Key Rating Guide, or any successor thereto as having a “Best’s Rating” of “A-” or better and a “Financial Size Category” of at least “X” or better or, if such ratings are not then in effect, the equivalent thereof or such other financial rating as Landlord may at any time reasonably consider appropriate.
(c) On or prior to the Commencement Date, Tenant shall deliver to Landlord appropriate policies of insurance, including evidence of waivers of subrogation required to be carried pursuant to this Article and that the Insured Parties are named as additional insureds (the “Policies”). Evidence of each renewal or replacement of the Policies shall be delivered by Tenant to Landlord at least ten (10) days prior to the expiration of the Policies. In lieu of the Policies, Tenant may deliver to Landlord a certification from Tenant’s insurance company (on the form currently designated “XXXXX 27” (Evidence of Property Insurance) and “XXXXX 25-S” (Certificate of Liability Insurance), or the equivalent, provided that attached thereto is an endorsement to Tenant’s commercial general liability policy naming the Insured Parties as additional insureds with respect insureds) which shall be binding on Tenant’s insurance company, and which shall expressly provide that such certification (i) conveys to the CGL, (iii) apply on a Insured Parties all the rights and privileges afforded under the Policies as primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premisesinsurance, and (vii) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit contains an unconditional obligation of the excess/umbrella insurance is increased company to advise all Insured Parties in writing by certified mail, return receipt requested, at least thirty (30) days in advance of any termination or change to the amount Policies that would affect the interest of any of the primary reductionInsured Parties.
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Samples: Deed of Lease (Carlyle Group L.P.)
Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”), (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability autoliability and employers liability insurance, with a limit of not less than $10,000,000 4,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, . if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
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Tenant’s Insurance. A. During the Term of this Lease, Tenant shall maintain insurance against public liability, including that from personal injury or property damage in or about the following coverages in Premises resulting from the following amounts.
10.3.1 Commercial general liability insurance written on the current ISO CG 00 01 occurrence form or an equivalent acceptable to Landlord (the “CGL”)occupation, (i) covering liability arising from bodily injury (including mental anguish and death), property damage, premises (including the use or occupancy operation of the Premises, the Building insuring both Landlord and all areas appurtenant to the Premises and the BuildingTenant, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under in an insured contract, (ii) with limits amount of not less than One Million Dollars ($1,000,000 each occurrence1,000,000) Combined Single Limit for both bodily injury and property damage.
B. Tenant shall maintain insurance upon all property in the Premises owned by Tenant, $1,000,000 personal and advertising injury, $2,000,000 general aggregateor for which Tenant is legally liable, and $2,000,000 products-completed operations aggregateshall provide Landlord with evidence of such insurance. The insurance specified herein shall provide protection against perils included within the standard Florida form of fire and extended coverage insurance policy, together with insurance against vandalism and malicious mischief.
C. All policies of insurance provided for herein shall be issued in a form acceptable to Landlord by insurance companies with general policyholder's rating of "A" as rated in the most current available "Best's Insurance Reports", and qualified to do business in Florida. Each and every such policy:
(i) shall be issued in the name of Tenant and shall name Landlord and any other parties in interest designated in writing by notice from Landlord to Tenant as additional insured, and to the extent necessary to ensure that the additional insured are afforded maximum coverage under the applicable insurance policies, Tenant will obtain any necessary endorsements to the insurance policies (e.g., without limitation, CG 20 11 Additional Insured – Managers or Lessors of Premises endorsement);
(ii) shall be for the mutual and joint benefit and protection of Landlord and Tenant and any such other parties in interest as additional insured;
(iii) with defense provided shall be delivered to Landlord and any such other parties in addition interest designated by Landlord on or before the Delivery Date and after such Delivery Date, within 30 days prior to the expiration of each policy, and as often as any such policy limitsshall expire or terminate, renewal or additional policies shall be procured and maintained in like manner and to like extent;
(iv) with shall contain a standard ISO separation provision that the insurer will give to Landlord and such other parties in interest designated by Landlord at least 30 days notice in writing in advance of insureds provision any cancellation, termination or a substantially similar provisionlapse, and or the effective date of any reduction in the amount of insurance;
(v) including the shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord Parties may carry; and
(vi) shall contain a provision that Landlord and any such other parties in interest, although named as defined below) as additional insuredsan insured, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable shall nevertheless be entitled to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage recover under the CGL said policies for any loss occasioned to liability arising out it, its servants, officers, agents, invitees and employees by reason of the ownershipnegligence of Tenant.
D. Any insurance provided for in this Article IX may be maintained by means of a policy or policies of blanket insurance, maintenance or use of premises described in the endorsementprovided, then the description of these premises in the endorsement must include the Premiseshowever, any parking areas at the Property that Tenant is authorized to use, that: (i) Landlord and any other areas of the Property outside the Premises that Tenant is authorized parties in interest from time to use temporarily. time designated by Landlord to Tenant shall ensure that the CGL be named as an additional insured under such blanket policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit of insurance as their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), respective interest may appear; (ii) include the coverage afforded Landlord Parties as additional insureds with respect to and any such other parties in interest will not be reduced or diminished by reason of the CGL, use of such blanket policy of insurance; and (iii) apply the requirements set forth in this Article IX are otherwise satisfied.
E. These insurance requirements are subject to reasonable modification that does not have financial impact on a primary basis with respect to any commercial general liability insurance carried by the Landlord PartiesTenant in the event, (iv) provide that aggregate limits of liability apply separately with respect and to the Premisesextent any mortgagee of Landlord requires different insurance. In such event, and (v) provide that if the allocations requirements of minimum primary and excess/umbrella limits established such mortgagee shall control. In addition, not more than once in this Sectionany 3 year period, Tenant may provide lower minimum limits if, in the reasonable opinion of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by Landlord, the amount of liability insurance required under Article IX should not be adequate, Tenant will increase said insurance coverage as required by Landlord.
F. Tenant waives any and all rights of recovery against Landlord, or against the primary reductionofficers, employees, agents and representatives of Landlord, for loss of or damage to Tenant or its property of others under its control to the extent that such loss or damage is insured against under any insurance policy in force at the time of such loss or damages.
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Tenant’s Insurance. Tenant, at its sole cost and expense, shall obtain and maintain in effect as long as this Lease remains in effect and during such other time as Tenant shall maintain occupies the Premises or any part thereof, insurance policies providing at least the following coverages in the following amounts.coverages:
10.3.1 Commercial (a) general liability insurance written on the current ISO CG 00 01 insurance, in occurrence form form, insuring Tenant against any and all liability for injury to or an equivalent acceptable death of a person or persons, and for damage to Landlord (the “CGL”)or destruction of property, (i) covering liability occasioned by or arising from bodily injury (including mental anguish and death), property damage, premises (including out of or in connection with the use or occupancy of the Premises or the business operated by Tenant thereon, and including contractual liability coverage for Tenant’s indemnity obligations under this Lease (other than those contained in Paragraph 25 hereof), to afford protection with a minimum combined single limit of liability of at least Two Million Dollars ($2,000,000) and including an endorsement naming Landlord as an additional insured; and
(b) worker’s compensation and similar insurance offering statutory coverage and containing statutory limits and employer’s liability insurance in form and amount deemed reasonable by Tenant in the exercise of its prudent business judgment. Such policies will be maintained in companies having a “General Policyholders Rating” of at least B plus as set forth in the most current issue of “Best’s Insurance Guide,” and will be written as primary policy coverage and not contributing with, or in excess of, any coverage which Landlord shall carry. Tenant shall deposit certificates of such required insurance with Landlord prior to the earlier to occur of (x) the Commencement Date of this Lease, or (y) Tenant’s occupancy of the Premises, the Building and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises which certificates shall contain a provision stating that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, such policy or policies shall not be canceled or materially altered except after thirty (ii30) with limits of not less than $1,000,000 each occurrence, $1,000,000 personal and advertising injury, $2,000,000 general aggregate, and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation of insureds provision or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable days’ written notice to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure have the right to provide the coverages required herein under blanket policies provided that the CGL policy provides coverage afforded shall not be diminished by reason thereof. Landlord shall have no liability or obligation for the Landlord Parties’ own acts related damage or injury to the Premises, and does not limit their coverage to liability property or persons arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basisgolf balls.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.
Appears in 1 contract
Samples: Lease (Otix Global, Inc.)
Tenant’s Insurance. (a) Insurance required hereunder shall be issued by companies duly licensed to transact business in the State of California, and maintaining during the policy term a "General Policyholders Rating" of at least B+, V, or such other rating as may be required by a Lender having a lien on the Premises, as set forth in the most current issue of "Best's Insurance Guide." Tenant shall not do or permit to be done anything which shall invalidate the insurance policies referred to in this Section 23. Tenant shall cause to be delivered to Landlord certified copies of policies of such insurance or certificates evidencing the existence and amounts of such insurance with the insured and loss payable clauses as required by this Lease. No such policy shall be cancelable or subject to modification except after thirty (30) days prior written notice to Landlord. Tenant shall at least thirty (30) days prior to the expiration of such policies, furnish Landlord with evidence of renewals or "insurance binders" evidencing renewal thereof, or Landlord may order such insurance and charge the cost thereof to Tenant, which amount shall be payable by Tenant to Landlord upon demand. If Tenant shall fail to procure and maintain the following coverages in insurance required under this Section 23, Landlord may, but shall not be required to, procure and maintain the following amountssame, but at Tenant's expense.
10.3.1 Commercial general liability insurance written (b) Beginning on the current ISO CG 00 01 occurrence form or an equivalent acceptable date Tenant is given access to Landlord (the “CGL”)Premises for any purpose and continuing until expiration of the Term, Tenant shall procure, pay for and maintain in effect policies of casualty insurance covering (i) covering liability arising from bodily injury all Leasehold Improvements (including mental anguish and deathany alterations, additions or improvements as may be made by Tenant pursuant to the provisions of Section 13 hereof), and (ii) trade fixtures, merchandise and other personal property damagefrom time to time in, premises (including the use on or occupancy of about the Premises, the Building in and all areas appurtenant to the Premises and the Building, including any parking areas and areas outside the Premises that Tenant is authorized to use temporarily), operations, independent contractors, personal and advertising injury, and liability assumed under an insured contract, (ii) with limits of amount not less than $1,000,000 each occurrenceone hundred percent (100%) of their actual replacement cost from time to time, $1,000,000 personal providing protection against any peril included within the classification "Fire and advertising injuryExtended Coverage" together with insurance against sprinkler damage, $2,000,000 general aggregate, vandalism and $2,000,000 products-completed operations aggregate, (iii) with defense provided in addition to policy limits, (iv) with a standard ISO separation malicious mischief. The proceeds of insureds provision such insurance shall be used for the repair or a substantially similar provision, and (v) including the Landlord Parties (as defined below) as additional insureds, using ISO additional insured endorsement CG 20 11 or an equivalent acceptable to Landlord. If the additional insured endorsement restricts the Landlord Parties’ coverage under the CGL to liability arising out replacement of the ownership, maintenance or use of premises described in the endorsement, then the description of these premises in the endorsement must include the Premises, any parking areas at the Property that Tenant is authorized to use, and any other areas of the Property outside the Premises that Tenant is authorized to use temporarily. Tenant shall ensure that the CGL policy provides coverage for the Landlord Parties’ own acts related to the Premises, and does not limit their coverage to liability arising from Tenant’s acts. The CGL must not include a “designated premises” endorsement that limits Tenant’s coverage under the CGL to matters related to the Premises. The CGL must apply as primary and non-contributing insurance with respect to any other insurance or self-insurance programs afforded to the Landlord Parties. If the CGL contains a general aggregate limit, it must apply separately to the Premises on a “per project” or “per location” basis.
10.3.2 Commercial excess or umbrella liability insurance with respect to Tenant’s CGL, business auto liability and employers liability insurance, with a limit of not less than $10,000,000 each occurrence. This insurance must (i) provide coverage at least as broad as the applicable primary coverages (and, if excess, must be “true follow form”), (ii) include the Landlord Parties as additional insureds with respect to the CGL, (iii) apply on a primary basis with respect to any commercial general liability insurance carried by the Landlord Parties, (iv) provide that aggregate limits of liability apply separately with respect to the Premises, and (v) provide that if the allocations of minimum primary and excess/umbrella limits established in this Section, Tenant may provide lower minimum limits of primary insurance so long as the minimum limit of the excess/umbrella insurance is increased by the amount of the primary reduction.property so
Appears in 1 contract
Samples: Office Lease (Insweb Corp)
