2002_Resolutions - Laserfiche WebLink

Home Browse Search

hereof, at Tenant's sole cost and expense, the following types of insurance, in the amounts and in the form provided for: is (a) Public Liability and Property Damage. Bodily and personal injury liability insurance with limits of not less than $1 million dollars per occurrence, insuring against any and all liability for injuries to or death of persons occurring in, on or about the Premises or arising out of the maintenance, use or occupancy thereof (including, for purposes of "personal injury", coverage against false arrest, detention or imprisonment, malicious prosecution, and wrongful entry or eviction), and property damage liability insurance with a limit of not less than $100,000.00 per accident or occurrence. (b) Workers' Compensation and Employers' Liability. Workers' compensation and employers' liability insurance covering employees for Virginia Workers' Compensation benefits, in amounts as are required by state law. (c) Plate Glass. Insurance against breakage of all plate and tempered glass within the Premises, in an amount not less than its full replacement cost. (d) Tenant Improvements. Insurance covering all improvements made by or for Tenant to the Premises, and any and all fixtures, equipment, furnishings and personal property of Tenant from time to time in, on or about the Premises, providing protection against all perils included within a standard fire and extended coverage insurance policy ("all risk form"), together with insurance against vandalism and malicious mischief. Such insurance shall be in an amount no less than the full replacement cost of the property insured without deduction for depreciation. • (e) Policy Form. All policies of insurance provided for herein shall be issued by insurance companies with a general policyholders' rating of not less than A and a financial rating of XIII as rated in the most current available "Best's Insurance Reports", and qualified to do business in the Commonwealth of Virginia; and except for workmen's compensation and employers' liability, all such policies shall be issued in the names of Landlord, Tenant and such other person or firms as Landlord specifies from time to time and shall be for the mutual and joint benefit and protection of Landlord, Tenant and others hereinabove mentioned. Executed copies of all such policies of insurance or certificates thereof shall be delivered to Landlord within ten (10) days after delivery of possession of the Premises to Tenant, and thereafter within thirty (30) days prior to the expiration of the term of each such policy. All public liability and property damage policies shall contain a provision that Landlord, although named as an insured, shall nevertheless be entitled to recovery under said policies for any loss occasioned to it, its agents and employees by reason of the negligence of Tenant. As often as any policy shall expire or terminate, renewal or additional policies shall be procured and -maintained by the Tenant in like manner and to like extent. All such policies of insurance shall provide that the company writing said policy will give Landlord thirty (30) days' notice in writing in advance of any cancellation or lapse or the effective date of any reduction in the amounts of insurance. All public liability, property damage and other casualty policies shall be written as primary policies, not contributing with and not in excess of coverage which Landlord may cant'. 17. SERVICES AND UTILITIES. Tenant shall make all arrangements for and pay for all • C:\MyFiles\Council\Nov 4UADE lease.doc 10/22/2002 2:40 PM 8