Power to Insure Property Clause Samples
The "Power to Insure Property" clause grants one party, typically a landlord or lender, the authority to obtain and maintain insurance coverage on a specified property. This clause often allows the designated party to select the type and amount of insurance, pay premiums, and recover costs from the other party if necessary. Its core function is to ensure that the property remains adequately protected against risks such as fire, theft, or natural disasters, thereby safeguarding the interests of all parties involved and preventing lapses in coverage.
Power to Insure Property. 12.1. The Trustee may insure all or any part of the Trust Fund against any risk, for any amount and on such terms as they think fit but shall not be bound to do so.
Power to Insure Property. The Trustees shall have power to insure against any loss or damage from any peril any property forming the whole or part of the Trust Fund for any amount and to pay the premiums out of the capital or income of the Trust Fund.
Power to Insure Property. The Trustee may insure any property comprised in the Trust Fund against any loss or damage from any risk for any amount and may pay the premiums in respect of such insurance out of the capital or income of the Trust Fund as the Trustee thinks fit provided that the Trustee shall not be bound to see to nor be liable or accountable for omitting or neglecting to see to such insurance or for the adequacy of such insurance