Common use of Tenant’s Liability Insurance Clause in Contracts

Tenant’s Liability Insurance. and Landlord's property insurance shall be written by insurers of recognized financial standing which are authorized to do an insurance business in the State of Indiana. Such insurance may be evidenced by blanket insurance policies of Tenant or Landlord, as the case may be, provided property insurance policies shall specifically allocate to the Leased Property amounts of insurance adequate to meet the requirements of Section 16.01(b) above. Tenant may not self-insure without Landlord's prior written consent. Landlord or Tenant, as the case may be, shall cause to be included in each policy a provision to the effect that the insurance evidenced thereby shall be noncancellable except upon at least 60 days' prior written notice to Landlord or Tenant, as the case may be. Tenant's liability insurance shall not provide for deductibles in excess of $100,000. Landlord's property insurance shall not provide for deductibles in excess of $500,000.