Types of Coverages. As might be expected, there are an extremely large number of dif- ferent insurance coverages available to commercial insureds. These coverages span the entire range of risks faced by corporate America, including risks of loss of or damage to properties and facilities owned and operated by the policyholder as well as risks posed by claims, demands and lawsuits brought by third parties seeking to impose lia- bility upon the policyholder. This section outlines the principal fea- tures and components of some of the more significant types of cov- erages typically purchased by commercial concerns.
[1] Comprehensive General Liability (CGL)
insurance.1 As the name suggests, CGL coverage provides a broad range of insurance against a variety of potential liabilities facing the ordinary corporate policyholder. One of the principal defining char- acteristics of CGL coverage is that it typically obligates the insurer to defend the policyholder against potentially covered claims in addition to indemnifying the policyholder for its liability as a result of covered claims. Much of the CGL coverage sold by United States insurers has been written on standardized policy forms drafted, developed and promul- gated by insurance industry trade organizations. The first standardized CGL form was created in approximately 1940. The original CGL form provided coverage for the policyholder’s liability resulting from bodily injury and property damage “caused by accident.” Although much of the CGL coverage issued during the 1940’s (and earlier, before the development of an industry standard form) was written on an “accident” basis, many early policies also substituted the term “occurrence” for “accident.”2 Historically, the hallmark of CGL insurance has been the provision of broad coverage in the form of both defense and indemnity against third-party claims and liabilities. The wording of the 1955 standard
Types of Coverages. Manager shall, at all times throughout the Initial Term and each subsequent Extension Term, provide and maintain, or cause to be provided and maintained, for The Cannery and related facilities as an expense of The Cannery, the following types of insurance coverages, each of which are stated as a minimum:
Types of Coverages. Tenant shall at all times during the term of this Lease, at its sole cost and expense, maintain in full force and effect the following insurance in standard form generally in use in the State of Tennessee with insurance companies satisfactory to Landlord and authorized to do business in Tennessee, which insurance shall name Landlord as an additional insured for the full amount of the insurance herein required;
(i) Fire and Extended Coverage insurance policy with special causes of loss naming Landlord as loss payee as respects building ownership insuring against loss or damage by fire or other casualty in an amount not less than one hundred percent (100%) of the replacement cost of the Premises.
(ii) Comprehensive public liability insurance and property damage insurance against all claims for bodily injury, death or property damage occurring in or about the Premises and the property of which the Premises is a part in a combined single limit not less than One Million Dollars ($1,000,000) with a Five Million Dollar ($5,000,000) umbrella liability policy.
(iii) Personal Property Insurance covering Tenant's trade fixtures, furniture, equipment and other improvements or installations providing protection to the extent of not less than eighty (80%) percent of the insurable value thereof against all casualties.
(iv) Business Income Coverage for the loss of rents during the first twelve (12) months of reconstruction necessitated by the occurrence of any of the hazards covered by the fire and extended coverage outlined above.
Types of Coverages. Manager shall arrange, and pay or cause to be paid from the Business Operating Account(s), at all times throughout the term, for the Business and related facilities, insurance appropriate to the conduct of the Business, of the types and in the amounts of coverage hitherto maintained, subject to such modifications as may be requested or approved by Owner, including approval with respect to the Annual Plan.
Types of Coverages. Owner, with the assistance and recommendation of and in consultation with Manager, shall at all times throughout the term provide and maintain, or cause to be provided and maintained for the Hotel and related facilities, the following types of coverages: property, business interruption, boiler and machinery, various liability coverages, worker’s compensation insurance, health insurance, dental insurance, life insurance, disability insurance, crime insurance and such other insurance coverages stated as a minimum as are more particularly set forth in Exhibit “B” attached hereto and made a part hereof.
Types of Coverages. Borrower will insure the Premises against such perils and hazards and in such amounts and with such limits as Mortgagee may, from time to time, require and, in any event, will continuously maintain or cause to be maintained the following described types of insurance:
3.3.1.1 casualty insurance against loss by fire, lightning and the perils included in the standard extended coverage endorsement, including vandalism and malicious mischief, or an all-perils endorsement, all in amounts not less than the full replacement cost of all Improvements, including the cost of debris removal;
3.3.1.2 if steam boilers or similar equipment for the generation of steam are located in, on or about the Premises, boiler and machinery insurance, which coverage shall include air-conditioning, all without coinsurance, equal to the full replacement value thereof;
3.3.1.3 public liability insurance against claims for bodily injury or death and for damage to property suffered by others occurring in or about the Premises or in or about the adjoining streets and passageways and to afford protection in such amounts and with such limits as Mortgagee may reasonably require;
3.3.1.4 flood insurance in the maximum obtainable amount up to the amount of the Notes, when and as available, if the Federal Emergency Management Agency has designated the Land or any portion thereof to be in a special flood hazard area and subsequently designates the community as eligible for the sale of subsidized insurance;
3.3.1.5 business interruption insurance in an amount at least equal to coverage of one year’s debt service.
Types of Coverages
