Tenant during the Initial Term of this Lease and any applicable Extended Term of this Lease, shall keep its personal property and trade fixtures in the Premises insured for at least the perils of fire, lightning, explosion, windstorm, hail, smoke, aircraft damage, vehicular damage, riot, civil commotion and vandalism. Upon Landlord's request, Tenant shall furnish a certificate of insurance evidencing the above coverage. Such certificate shall contain a clause that such policy and the coverage evidenced thereby shall be primary with respect to any policies carried by Tenant, and that any coverage carried by Landlord shall be excess insurance.
Each party shall maintain during the Initial Term of this Lease and any applicable Extended Term of this Lease commercial general liability insurance (which includes, but is not limited to, contractual liability coverage) covering claims for bodily injury and property damage occurring on, in or about the Premises, with limits of one million dollars per occurrence. Certificates evidencing such policies shall be delivered by Tenant to Landlord and by Landlord to Tenant upon the other party's written request
All policies required herein shall be procured from insurance companies licensed in the state where the Premises are located and shall be listed in the current "Best's Insurance Guide" as possessing a minimum policyholder's rating of "A" and a financial category no lower than "VI" ($25 million to $50 million of adjusted policyholder's surplus).
Notwithstanding the provisions of this Section 17, Landlord and Tenant may self-insure or retain the risk with respect to any of the risks set forth in this Section subject to maintaining a credit rating of BB or better and a networth ratio of twenty times the lease required insurance limit. Landlord hereby waives Tenant's obligation to purchase outside insurance policies and all requirements related to the purchase of such policies as long as Tenant's self-insurance is effective.
In the event the premium for insurance that Landlord is required to maintain under this Section 17 is to be increased as a result of Tenants use of the Premises, Landlord shall notify Tenant of such proposed increase and provide Tenant with a reasonable opportunity to cure such act or thing causing the premium increase.
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