Casualty Insurance Sample Clauses
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. Landlord shall maintain, or cause to be maintained, a policy or policies of insurance with the premiums thereon fully paid in advance, issued by and binding upon an insurance company of good financial standing, insuring the Building against loss or damage by fire or other insurable hazards and contingencies as are covered in a standard “all risks” property insurance policy for the full replacement cost thereof (including the Tenant Improvements in the Leased Premises and excluding footings, foundations and underground installations), subject to such deductibles as Landlord or its mortgagee shall from time to time require; provided, that Landlord shall not be obligated to insure any Tenant’s Property that Tenant may keep or maintain in the Leased Premises. The replacement cost insurance policy for the Tenant Improvements in the Leased Premises shall be based on coverage amounts of which Tenant from time to time notifies Landlord (with such supporting information as may be reasonably requested by Landlord’s insurer to support such coverage amounts) as Tenant’s estimate of the replacement cost thereof (or such higher amounts as Landlord may from time to time estimate for the replacement cost of the Tenant Improvements), it being understood that the actual insurance proceeds for an insured claim shall be based on the replacement cost of the damaged Tenant Improvements in accordance with the terms and conditions of such replacement cost insurance policy. If the annual premiums charged Landlord for such casualty insurance exceed the standard premium rates because the nature of Tenant’s, operations results in extra-hazardous exposure or because the level of insurance for Tenant Improvements hereunder exceeds the level generally provided by Landlord for other tenants’ premises in the Building, then Tenant shall, within thirty (30) days after receipt of appropriate premium invoices, reimburse Landlord for such increases in premium as Additional Rent. Upon request of Tenant, Landlord shall provide reasonable evidence that the insurance required to be maintained hereunder is in full force and effect.
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 repair the same before the Closing Date (§ 2c). In the event such damage is not repaired 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. 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. 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. 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 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. Landlord shall at all times during the term of this Lease maintain a policy or policies of insurance with the premiums paid in advance, issued by and binding upon some solvent insurance company, insuring the Building against loss or damage by fire, explosion, or other hazards and contingencies. Landlord shall not be obligated, however, to insure any personal property (including, but not limited to any furniture machinery goods or supplies) of Tenant or which Tenant may have in the Leased Premises or any fixtures installed by or paid for by Tenant upon or within the Leased Premises or any improvements which Tenant may construct or install on the Leased Premises or any signs identifying Tenant's business located on the exterior of the Building.
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.