Casualty Insurance Clause Samples
The Casualty Insurance clause defines the requirement for one or more parties to maintain insurance coverage that protects against losses or damages resulting from accidents, injuries, or other unforeseen events. Typically, this clause specifies the types and minimum amounts of insurance required, such as general liability or property damage, and may require proof of coverage to be provided to the other party. Its core function is to allocate risk and ensure that financial responsibility for certain types of losses is managed through insurance, thereby protecting both parties from significant unexpected costs.
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Casualty Insurance a. Landlord shall at all times during the Term of this Lease, at its expense, maintain a policy or policies of insurance with premiums paid in advance issued by an insurance company licensed to do business in the State of Minnesota insuring the Building against loss or damage by fire, explosion or other insurable hazards and contingencies for the full insurable value, provided that Landlord shall not be obligated to insure any furniture, equipment, machinery, goods, supplies or other contents not covered by this Lease which Tenant may bring upon the Premises or any additional improvements which Tenant may construct or install on the Premises. Tenant shall at all times during the Term of this Lease, at its expense, maintain a policy or policies of insurance with premiums paid in advance issued by an insurance company licensed to do business in the State of Minnesota insuring against loss or damage by fire, explosion or other insurable hazards and contingencies for the full insurable value of Tenant’s improvements to the Premises and Tenant’s personal property.
b. Tenant shall not carry any stock of goods or do anything in or about the Premises that will in any way impair or invalidate the obligation of the insurer under any policy of insurance required by this Lease.
c. Landlord hereby waives and releases all claims, liabilities and causes of action against Tenant and its agents, servants and employees for loss or damage to, or destruction of, the Property or any portion thereof, including the buildings and other improvements situated thereon, resulting from fire, explosion and other perils included in standard extended coverage insurance, whether caused by the negligence of any of said persons or otherwise. Likewise, Tenant hereby waives and releases all claims, liabilities and causes of action against Landlord and its agents, servants and employees for loss or damage to, or destruction of, any of the improvements, fixtures, equipment, supplies, merchandise and other property, whether that of Tenant or of others, upon or about the Property resulting from fire, explosion or the other perils included in standard extended coverage insurance, whether caused by the negligence of any of said persons or otherwise. The aforementioned waivers shall remain in force whether or not Tenant’s or Landlord’s insurer shall consent thereto.
d. In the event that the use of the Premises by Tenant increases the premium rate for insurance carried by Landlord on the improvements...
Casualty Insurance. Throughout the Lease Term, Lessee, at its sole cost and expense, shall keep or cause to be kept insured for the mutual benefit of Lessor and Lessee, all improvements now or hereafter located on, under, or appurtenant to the Leased Premises against loss or damage by fire and such other risks as are now or hereafter included in an extended coverage endorsement in common use in the locality where the Leased Premises are located for projects of similar size and quality, including, without limitation, hail, lightning, windstorm, vandalism, boiler, explosion, and malicious mischief coverage. Such improvements shall include, without limitation, all buildings at any time located on, under, or appurtenant to the Leased Premises. The amount of such insurance coverage shall be sufficient to prevent either Lessor or Lessee from becoming a co-insurer under the provisions of the policy(ies), but in no event shall the amount be less than 100% of the full replacement cost of all improvements (excluding, however, the cost of replacing excavations and foundations but without deduction for depreciation), hereinafter referred to as the "FULL INSURABLE VALUE". If any dispute as to whether the amount of insurance complies with the above cannot be resolved by agreement between Lessor and Lessee, Lessor may not more than every year during the Lease Term request either the carrier of the insurance then in force or a mutually acceptable insurance consultant to determine the Full Insurable Value and the resulting determination shall be conclusive between the parties for the purposes of this paragraph. On Lessor's notice of demand, Lessee shall include the holder of any mortgage or deed of trust on the Leased Premises as a loss payee as its interest may appear. All polices of fire and extended coverage insurance required by this paragraph shall provide that the proceeds be paid to Lessee, and such proceeds shall be deemed to be held in trust by Lessee to be applied towards the repair, restoration, and/or reconstruction of improvements.
Casualty Insurance. In the event the Property or Inclusions shall be damaged by fire or other casualty prior to Closing, in an amount of not more than ten percent of the total Purchase Price, Seller shall be obligated to repaid the same before the Closing Date (§ 2c). In the event such damage is not repaid within said time or if the damages exceed such sum, this contract may be terminated at the option of Buyer by delivering to Seller written notice of termination. Should Buyer elect to carry out this contract despite such damage, Buyer shall be entitled to a credit, at Closing, for all the insurance proceeds resulting from such damage to the Property and Inclusions payable to Seller but not the owners’ association, if any, plus the amount of any deductible provided for in such insurance policy, such credit not to exceed the total Purchase Price.
Casualty Insurance. At its expense in whole or in part from contract funds, Contractor shall procure and keep in effect during the term of this contract, sufficient casualty insurance to replace any and all property losses caused by theft, fire, flood, or other casualty.
Casualty Insurance. The Lessor ☐ The Lessee ☐ The Parties (jointly) shall be responsible for obtaining and maintaining casualty insurance for the Premises for losses against fire.
Casualty Insurance. Seller agrees to maintain in effect until the Closing Date the fire and extended coverage insurance policies now in effect on the Real Property (or substitute policies in equal or greater amounts).
Casualty Insurance. The Companies shall have delivered to the Agent evidence satisfactory to the Agent that casualty insurance policies listing Agent as loss payee or mortgagee, as the case may be, are in full force and effect, all as set forth in Section 7, Paragraph 5 of this Agreement.
Casualty Insurance. All risks property insurance on the improvements in an amount not less than one hundred percent (100%) of the full replacement costs of the improvements. "Full replacement cost" as used herein means the cost of replacing the improvements (exclusive of the cost of excavations, foundation and footings below the lowest basement floor) without deduction for physical depreciation thereof.
Casualty Insurance. Special Form Insurance (which insurance shall not exclude flood or earthquake) in the amount of the full replacement cost of the Building, including, without limitation, any alterations or improvements made by Landlord or Tenant, and Tenant’s personal property.
Casualty Insurance. The Company shall have delivered to CIT evidence satisfactory to CIT that casualty insurance policies listing CIT as additional insured, loss payee or mortgagee, as the case may be, are in full force and effect, all as set forth in Paragraph 7.5 of Section 7 of this Financing Agreement.