Equipment Breakdown. Comprehensive equipment breakdown insurance at full replacement cost and covering consequential business interruption losses. The policy shall specify that proceeds shall be payable whether or not any damaged or destroyed improvements are actually rebuilt. The policy shall include an endorsement that waives any provision of the policy that requires a building or structure to be replaced at its original site, provided that, such endorsement shall not operate to increase the insurance company’s liability under the policy. Coinsurance shall not apply to the coverage. Landlord, to the extent of its interest, shall be an additional insured and loss payee on the policy.
Appears in 2 contracts