Updating Coverage Clause Samples
The "Updating Coverage" clause outlines the process and conditions under which the terms, limits, or scope of insurance coverage may be modified during the policy period. Typically, this clause specifies how changes such as increasing coverage limits, adding new types of coverage, or adjusting deductibles can be requested by the policyholder and approved by the insurer, often requiring written notice or an endorsement. Its core practical function is to provide flexibility for both parties to adapt the insurance policy to changing needs or circumstances, ensuring that coverage remains appropriate and up to date throughout the policy term.
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Updating Coverage. Tenant shall increase the amounts of insurance as required by any Lender or as reasonably recommended by Landlord’s insurance broker, if, in the opinion of either of them, the amount of insurance then required under this Lease is not adequate. Any limits set forth in this Lease on the amount or type of coverage required by Tenant’s insurance shall not limit the liability of Tenant under this Lease.
Updating Coverage. The amounts of insurance required by this Section 17 shall be reviewed and revised, three years after the Commencement Date and each three years thereafter, to maintain approximately the same level of coverage that exists on the Commencement Date, considering the coverage then carried by prudent landlords and tenants for Class A low-rise office buildings in Scottsdale, Arizona.
Updating Coverage. Tenant shall increase the amounts of insurance as required by any Mortgagee, and, not more frequently than once every three (3) years, as recommended by Landlord's insurance broker, if, in the opinion of either of them, the amount of insurance then required under this Lease is not adequate. Any limits set forth in this Lease on the amount or type of coverage required by Tenant's insurance shall not limit the liability of Tenant under this Lease.
Updating Coverage. Tenant shall increase the amounts of insurance provided in this Section 17 as reasonably required by Landlord and any mortgagee, as recommended by Landlord's insurance broker, if, in the opinion of either Landlord or any mortgagee, the amount of insurance then required under this Lease is not adequate. Any limits set forth in this Lease on the amount or type of coverage required by Tenant's insurance shall not limit the liability of Tenant under this Lease.
Updating Coverage. Tenant shall increase the amounts of insurance as required by any Mortgagee, and, not more frequently than once every three (3) years, as reasonably recommended by Landlord's insurance broker, if, in the reasonable opinion of either of them, the amount of insurance then required under this Lease is not adequate, but in no event shall such increased amounts of insurance be in excess of that required by landlords (which are unrelated to Landlord) of comparable buildings in the general vicinity of the Buildings. Any limits set forth in this Lease on the amount or type of coverage required by Tenant's insurance shall not limit the liability of Tenant under this Lease.
Updating Coverage. Any limits set forth in this Lease on the amount or type of coverage required by Tenant's insurance shall not limit the liability of Tenant under this Lease.
Updating Coverage. Tenant shall increase the amounts of insurance as required by any Mortgagee, and, not more frequently than once every three (3) years, as recommended by Landlord’s insurance broker, if, in the opinion of either of them, the amount of insurance then required under this Lease is not adequate. Landlord shall require any such increase in the amount of Tenant’s insurance required pursuant to this Section only in the event that Landlord reasonably determines that the amount of insurance carried by Tenant hereunder is materially less than the amount or type of insurance coverage typically carried by tenants of the Building and/or owners or tenants of comparable buildings located in the geographical area in which the Premises are located which are operated for general office use. Any limits set forth in this Lease on the amount or type of coverage required by Tenant’s insurance shall not limit the liability of Tenant under this Lease.
Updating Coverage. Not more than twice during the Term, Tenant shall increase the amounts of such coverages of insurance as required by Landlord or any Mortgagee, but in no event shall such increases be in excess of the amounts of insurance that tenants of similar projects in the market area are then required to carry. Any such increases shall be effective as of the next renewal of the policy period of the applicable Tenant’s insurance policy(ies). Any limits set forth in this Lease on the amount or type of coverage required by Tenant’s insurance shall not limit the liability of Tenant under this Lease.
Updating Coverage. Following the fifth (5th) anniversary of the Commencement Date, and not more frequently than once every three (3) years thereafter, Tenant shall increase the amounts of insurance as recommended by any Mortgagee or Landlord’s insurance broker, if, the amount of insurance then required under this Lease is materially less than the coverage then being required of other similar single tenant building occupants (to the extent Tenant is then the sole occupant of the Building) under similar leases of Comparable Buildings.
Updating Coverage. Tenant shall increase the amounts of insurance ----------------- as required by any Mortgagee, and, not more frequently than once every three (3) years, as recommended by Landlord's insurance broker, if, in the opinion of either of them, the amount of insurance then required under this Lease is not adequate and such higher amount is standard for other first class office buildings in San Francisco. Any limits set forth in this Lease on the amount or type of coverage required by Tenant's insurance shall not limit the liability of Tenant under this Lease.