Insurance Coverage Limits definition
Insurance Coverage Limits. Lessee shall provide on or before the Commencement Date, and shall maintain in full force and effect during the Term of this Lease, for the benefit of Lessor and of Lessee:
a) a general liability insurance policy protecting the Lessor and the Lessee against any liability whatsoever, occasioned by any occurrence on or about the Premises or any appurtenances thereto, in the amount of the Public Liability Insurance Limits.
b) a casualty insurance policy protecting the Lessor and Lessee, and providing for coverage against loss or damage to Lessee's improvements and trade fixtures for not less than the full replacement value thereof (provided, however, that Lessor shall maintain casualty insurance on the Building and Premises, excluding Lessee's improvements and trade fixtures).
c) business interruption or rent interruption insurance coverage providing for the payment to the Lessor, in the event of a covered loss, installments on a monthly basis of not less than the then-current Annual Rent provided for in this Lease (such installments, if any so paid to Lessor, shall be credited against, and offset from, the Rent otherwise payable by Lessee under this Lease). Such policy or policies shall be written by a reputable and solvent insurance company satisfactory to Lessor, and authorized to conduct business in the State of New York. Such policy may be carried under a blanket policy covering the Premises and other locations of Lessee, if any. Such policy shall provide that not less than ten (10) days prior to its termination or cancellation, whether for non-payment of premiums or for any other reason, Lessor shall be notified in writing of such termination or cancellation. Lessee's failure to provide and to keep in full force and effect such insurance coverage shall be deemed to be a material default under this Lease entitling Lessor to exercise any or all of the remedies provided in this Lease in the event of default.