DTLK » Topics » 10. INSURANCE.

This excerpt taken from the DTLK 10-K filed Mar 31, 2005.

10.          INSURANCE.

 

10.1         Sublessor’s Insurance.  Sublessor shall maintain insurance in accordance with its obligations under the Prime Lease.

 

10.2         Sublessee Insurance.  Sublessee shall purchase at its own expense and keep in force during the Term a policy or policies of (i) “All-risk” property insurance covering its contents on or about the Premises, the Improvements and the Leased Property (and otherwise resulting from any acts or operations of Sublessee); (ii) commercial general liability insurance, including personal injury and property damage, in the amount of not less than One Million Dollars ($1,000,000.00) per occurrence and Two Million Dollars ($2,000,000.00) annual general aggregate per location, and comprehensive automobile liability insurance in the amount of One Million Dollars ($1,000,000.00) covering Sublessee against any losses arising out of liability for personal injuries or deaths of persons and property damage occurring in or about the Premises, the Property, in the Building or elsewhere; and (iii) Worker’s Compensation insurance in amounts required by applicable law.  Said policies shall (a) (except Workers’ Compensation) name Sublessor, Landlord, and any party holding an interest to which this Sublease Agreement maybe subordinated as additional insureds, (b) be issued by an insurance company with a Best rating of A-X or better and otherwise reasonably acceptable to Sublessor and licensed to do business in the state in which the Premises are located, (c) provide that said insurance shall not be canceled or materially modified unless thirty (30) days’ prior written notice shall have been given to Sublessor, (d) provide coverage on an occurrence basis; (e) contain a severability of insured parties provision and a cross liability endorsement; (g) be primary, not contributing with, and not in excess of coverage which Sublessor or Landlord may carry; (h) include a fire endorsement; and (i) otherwise be in such form and include such coverages as Sublessor may reasonably require.  Said policy or policies or, at Sublessor’s option, a certificate of insurance on the so-called “ACORD” form 27 evidencing said policies, shall be delivered to Sublessor and Landlord by Sublessee upon commencement of the Sublease Agreement and renewals thereof shall be delivered at least thirty (30) days prior to the expiration of said insurance.  Sublessor and Sublessee agree that Sublessee shall insure the furniture of Sublessor that Sublessee is using which has an approximate replacement value of $435,500.00.

 

10.3         Waiver of Subrogation.  To the extent permitted by law, and without affecting the coverage provided by insurance required to be maintained hereunder Sublessor and Sublessee each waive any right to recover against the other (a) damages for injury to or death of persons, (b) damages to property, (c) damages to the Premises or any part thereof or (d) claims arising by reason of the foregoing, to the extent such damages and claims are insured against or required to be insured against by Sublessor or Sublessee under this Sublease Agreement and to the extent that insurance proceeds are received.  This provision is intended to waive, fully and for the benefit of each party, any rights and/or claims which might give rise to a right of subrogation by any insurance carrier.  The

 

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coverage obtained by Sublessee pursuant to this Sublease Agreement shall include, if obtainable, a waiver of subrogation by the carrier which conforms to the provisions of this section.

 

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