Insurance Requirements Modification Clause Samples
The Insurance Requirements Modification clause allows for changes to the insurance obligations specified in a contract. This clause typically outlines the process by which parties can adjust coverage limits, types of required insurance, or other related terms, often in response to evolving project needs or regulatory changes. By providing a formal mechanism for modifying insurance requirements, it ensures that the contract remains flexible and responsive to unforeseen circumstances, thereby helping both parties manage risk appropriately throughout the contract's duration.
Insurance Requirements Modification. No more often than once per Lease Year, the Lessor may review the insurance coverages required by Exhibit B of this Lease to determine whether those coverages are sufficient to protect the Lessor’s interests as owner of the Premises. If the Lessor determines that the insurance coverages are not sufficient, then the Lessor may adjust or change the required insurance, and the Lessee, at its sole expense, must obtain insurance that meets the new requirements.
Insurance Requirements Modification. If the Lessor at any time, but not more than annually, believes that the limits or extent of coverage, conditions, deductibles or self-insurance retention, with respect to any of the insurance required by this Lease are insufficient for a prudent owner of property of the nature of the Premises, the Lessor may determine the proper and reasonable limits and extent of coverage, conditions, deductibles and self-insurance retention limits for such insurance and such insurance shall thereafter be carried by the Lessee until changed pursuant to the provisions of this section.
Insurance Requirements Modification. If the Lessor at any time, but not more than annually, believes that the limits or extent of coverage, conditions, deductibles, or self-insurance retention, with respect to any of the insurance required by this Lease are insufficient for a prudent owner of property of the nature of the Premises, the Lessor may determine the proper and reasonable limits and extent of coverage, conditions, deductibles, and self-insurance retention limits for such insurance. The Lessor will advise the lessee of any additional required insurance coverage and modify the lease to require this additional coverage.