Common use of Insurance; Reports and Claims Clause in Contracts

Insurance; Reports and Claims. The Property Manager shall, on behalf of and at each Owner Subsidiary’s expense, procure and maintain throughout the term hereof through Independent Insurance Advisors, as each Owner Subsidiary’s designated insurance representative, insurance coverages with respect to each Property, including: (i) all-risk replacement value property damage coverage insuring the full value of the Properties and the applicable Owner Subsidiary’s personal property and fixtures and rent loss coverage for at least twelve (12) months; (ii) commercial general liability and umbrella liability coverages in an amount not less than $10,000,000 combined single limit per occurrence and in the aggregate per year; and (iii) such other insurance as the Property Manager deems appropriate. All insurance policies shall have provisions giving the Property Manager thirty (30) days’ prior notice of cancellation, non-renewal or material modification of the coverage. All insurance policies maintained by the Owner with respect to the Properties shall be issued through insurers with an A.M. Best rating of A or better and shall include waiver of subrogation provisions in favor of the Owner. The Property Manager, any Sub-Manager engaged by the Property Manager in accordance with Section 2.1 of this Property Management Agreement, the Company and the Company’s Representative as defined in Section 8.2 hereof shall be named as additional insureds (with form CG 2010 85 or equivalent) on any liability insurance maintained by the Owner on each Property, and such liability insurance shall be primary to and not contribute with any liability insurance maintained by the Property Manager. The Property Manager shall promptly investigate and make a full, timely, written report to the Company and Independent Insurance Advisors as to all accidents, claims for damages relating to the ownership or operation and maintenance of any Property, and any damage or destruction to any Property and the estimated cost of repair thereof. Thereafter, unless otherwise directed by the Company, Independent Insurance Advisors will timely process all casualty insurance claims on behalf of the applicable Owner Subsidiary, obtain the necessary documentation therefor and the Property Manager will prepare any and all reports required by Independent Insurance Advisors or any insurance company in connection therewith. All such reports shall be timely filed with the insurance company as required under the terms of the insurance policy involved. The Property Manager is authorized to settle any and all claims against insurance companies arising out of any policies, including the execution of proofs of loss, the adjustment of losses, signing of receipts and the collection of money. Finally, the Property Manager will fully cooperate with and assist all liability insurance carriers and their authorized agents and adjusters in defending, litigating or settling any liability claims.

Insurance; Reports and Claims. The Property Manager shall, on behalf of and at each Owner Subsidiarythe Company’s expense, procure and maintain throughout the term hereof through Independent Insurance Advisors, as each Owner Subsidiarythe Company’s designated insurance representative, insurance coverages with respect to each the Property, including: (i) all-risk replacement value property damage coverage insuring the full value of the Properties Property and the applicable Owner SubsidiaryCompany’s personal property and fixtures and rent loss coverage for at least twelve (12) months; (ii) commercial general liability and umbrella liability coverages in an amount not less than $10,000,000 combined single limit per occurrence and in the aggregate per year; and (iii) such other insurance as the Property Manager deems appropriate. All insurance policies shall have provisions giving the Property Manager thirty (30) days’ prior notice of cancellation, non-renewal or material modification of the coverage. All insurance policies maintained by the Owner Company with respect to the Properties Property shall be issued through insurers with an A.M. Best rating of A or better and shall include waiver of subrogation provisions in favor of the OwnerCompany. The Property Manager, any Sub-Manager engaged by the Property Manager in accordance with Section 2.1 of this Property Management Agreement, the Company and the Company’s Representative as defined in Section 8.2 hereof shall be named as additional insureds (with form CG 2010 85 or equivalent) on any liability insurance maintained by the Owner Company on each the Property, and such liability insurance shall be primary to and not contribute with any liability insurance maintained by the Property Manager. The Property Manager shall promptly investigate and make a full, timely, written report to the Company and Independent Insurance Advisors as to all accidents, claims for damages relating to the ownership or operation and maintenance of any Property, and any damage or destruction to any Property and the estimated cost of repair thereof. Thereafter, unless otherwise directed by the Company, Independent Insurance Advisors will timely process all casualty insurance claims on behalf of the applicable Owner SubsidiaryCompany, obtain the necessary documentation therefor and the Property Manager will prepare any and all reports required by Independent Insurance Advisors or any insurance company in connection therewith. All such reports shall be timely filed with the insurance company as required under the terms of the insurance policy involved. The Property Manager is authorized to settle any and all claims against insurance companies arising out of any policies, including the execution of proofs of loss, the adjustment of losses, signing of receipts and the collection of money. Finally, the Property Manager will fully cooperate with and assist all liability insurance carriers and their authorized agents and adjusters in defending, litigating or settling any liability claims.

Insurance; Reports and Claims. The Property Owner, upon execution of this Agreement, shall notify Owner's designated insurance company of the insurable value of the Properties. Owner shall pay all insurance premiums unless Owner requests Manager shallto pay such insurance premiums, on behalf in which case payments of and at each the insurance premiums shall be made by Manager from the Operating Account. Upon Manager's request, Owner Subsidiary’s expenseshall provide a certificate of insurance showing Manager as an additional insured. If requested by Owner, procure however, Manager will obtain and maintain throughout the term hereof through Independent Insurance Advisors, as each Owner Subsidiary’s designated insurance representative, insurance coverages with respect to each Property, including: (i) all-risk property insurance against "All Risk" of direct physical loss or damage to the Properties in the amount of the full replacement value property damage coverage insuring the full value of each of the Properties and the applicable Owner Subsidiary’s personal property and fixtures and rent loss coverage for at least twelve (12) monthsProperties; (ii) commercial comprehensive general liability and umbrella liability coverages insurance (on an occurrence basis) as to the Properties in an amount of at least One Million Dollars ($1,000,000) per occurrence, Two Million Dollars ($2,000,000) aggregate combined single limit for bodily injury and property damage; (iii) umbrella liability coverage in the amount of at least Five Million Dollars ($5,000,000); (iv) all legally required insurance coverage relating to its employees, including, but not limited to, Workers' Compensation, Employers Liability, and Non-Occupational Disability Insurance; and (v) Business Auto Liability with a per accident limit of not less than $10,000,000 combined single limit per occurrence 1,000,000 covering all owned, non-owned and hired vehicles used in connection with the aggregate per year; Properties. Such insurance shall be placed with a company or companies acceptable to Owner, with a Best's rating of A, Class X, and (iii) such other insurance shall be in form and substance satisfactory to Owner and shall include the Owner as the Property Manager deems appropriate. All insurance policies shall have provisions a named insured, with a provision giving the Property Manager Owner thirty (30) days’ days written notice prior notice of cancellation, non-renewal to cancellation or material modification of the coverage. All insurance policies maintained by the Owner with respect to the Properties shall be issued through insurers with an A.M. Best rating of A or better Manager and shall include waiver of subrogation provisions in favor of the Owner. The Property Manager, any Sub-Manager engaged by the Property Manager in accordance with Section 2.1 of this Property Management Agreement, the Company and the Company’s 's Representative (as defined in Section 8.2 hereof 7.2) shall be named as additional insureds (with form CG 2010 85 or equivalent) insured's on any liability insurance maintained by the insurance. The original policies or certified copies thereof (and all renewals) shall be delivered to Owner. Additionally, Owner covenants and agrees (i) to add Manager, Brandywine Operating Partnership, L.P. and Brandywine Realty Trust as additional insureds on each Propertyits insurance, as their interests may appear, including Owner's environmental insurance, and such liability insurance shall be primary (ii) to and not contribute provide Manager with any liability insurance maintained by a certificate evidencing the Property Managerabove on an annual basis. The Property Manager shall promptly investigate and make a full, timely, written report to the Company Owner and Independent Insurance Advisors Owner's designated insurance company as to all accidents, accidents or claims for damages relating to the ownership or operation and maintenance of any Propertythe Properties of which Manager has knowledge, and any damage or destruction to any a Property and the estimated cost of repair thereof. Thereafter, unless otherwise directed by the CompanyOwner, Independent Insurance Advisors Manager will timely process all casualty insurance claims on behalf of the applicable Owner SubsidiaryOwner, obtain the necessary documentation therefor and the Property Manager will prepare any and all reports required by Independent Insurance Advisors or any insurance company in connection therewith. All such reports shall be timely filed with the insurance company as required under the terms of the insurance policy involved. The Property Manager is authorized to settle (with the prior written approval of Owner if the amount at issue is greater than $2,500.00) any and all claims against insurance companies arising out of any policies, including the execution of proofs of loss, the adjustment of losses, signing of receipts and the collection of money. Finally, the Property Manager will fully cooperate with and assist all liability insurance carriers and their authorized agents and adjusters in defending, litigating or settling any liability claims. In addition to workmen's compensation, automobile liability and/or any other insurance required by Owner or by law, Manager will also maintain during the entire term of this Agreement liability insurance with bodily injury limits of not less than One Hundred Thousand Dollars ($100,000) per person and Three Hundred Thousand Dollars ($300,000) per occurrence and property damage limits of not less than One Hundred Thousand Dollars ($100,000) per occurrence with umbrella coverage of not less than Five Million Dollars ($5,000,000) per occurrence. Manager shall add Owner and Owner's Representative as an Additional Insured under Manager's liability policy hereunder using an endorsement form at least as broad as the most recent edition of Additional Insured-Owners, Lessors or Contractors Form B (CG2010). Copies of all such policies (and all renewals) shall be provided to Owner. The cost of the insurance required under this paragraph shall not be an operating expense reimbursable to Manager. If any contract or tenant lease requires that such party maintain any insurance coverage, Manager shall enforce such requirement under the lease and obtain insurance certificates and corresponding endorsements annually (or more frequently as required pursuant to the applicable contract or lease) from each such party and review the certificates for compliance with the terms of such lease or contract. Manager will ensure that Owner, Owner's Representative, and Manager are named as Additional Insureds using an endorsement form at least as broad as the most recent edition of Additional Insured-Owners, Lessors or Contractors Form B (CG2010).