Hazard Insurance Coverage Clause Samples
The Hazard Insurance Coverage clause requires a party, typically the property owner or borrower, to maintain insurance that protects the property against specific risks such as fire, storms, or other hazards. This clause usually specifies the minimum coverage amounts, the types of hazards that must be covered, and may require the insurance policy to name certain parties, like a lender, as additional insureds or loss payees. Its core practical function is to ensure that the property remains protected from financial loss due to unforeseen damaging events, thereby safeguarding the interests of both the property owner and any stakeholders such as lenders.
Hazard Insurance Coverage. As to each Mortgaged Property, the amount of Hazard Insurance must be at least equal to the lesser of (a) the Unpaid Principal Balance of the related Mortgage Loan or (b) 100% of the insurable value of the improvements on the Mortgaged Property; provided, however, that in no case shall the amount of Hazard Insurance be less than the amount required to fully compensate for any damage to the improvements on the Mortgaged Property on a replacement cost basis.
Hazard Insurance Coverage. 83 15.3.3. Hazard Insurance Deductible.................................83 15.3.4. Hazard Insurance Vacancy Coverage...........................83 15.3.5. Hazard Insurance Mortgagee Provisions.......................83 Section 15.4 Flood Insurance................................................83 15.4.1. Flood Insurance Requirement.................................83 15.4.2. Flood Insurance Coverage....................................83 15.4.3. Flood Insurance Deductible..................................83 Section 15.5 Title Insurance................................................83 15.5.1. Servicer's Obligations......................................83 15.5.2. Policy Custody..............................................84 15.5.3. Title Insurance Claims......................................84
Hazard Insurance Coverage. Anything contained in this Mortgage, the Credit Agreement or the other Loan Documents to the contrary, Agent or Agent’s assignee, or representative may not require Mortgagor, as a condition of receiving or maintaining this Mortgage to obtain hazard insurance coverage against risks to Improvements in an amount exceeding the replacement value of the Improvements in violation of Ind. Code 32-29-1-2.5.