This excerpt taken from the NPSP 8-K filed Aug 20, 2008.
Insurance. To the fullest extent permitted by the Delaware General Corporation Law, the corporation, upon approval by the Board of Directors, may purchase insurance on behalf of any person required or permitted to be indemnified pursuant to this Bylaw.
This excerpt taken from the NPSP 10-K filed Mar 3, 2006.
ARTICLE 10. INSURANCE
10.1 Landlords Insurance. Landlord shall maintain, at Tenants sole expense, which Tenant shall pay to Landlord as Additional Rent in the manner set forth in Section 10.2, a policy or policies of insurance protecting Landlord against the following:
10.1.1 Fire and other perils normally included within the classification of fire and extended coverage, together with insurance against vandalism and malicious mischief, to the extent of the full replacement cost of the Premises, including earthquake and flood coverage, exclusive of trade fixtures, equipment and improvements insured by Tenant, with agreed value, full replacement and other endorsements which Landlord may elect to maintain.
10.1.2 Eighteen (18) months of rental loss insurance and to the extent of 100% of the gross rentals from the Building of which the Premises constitute a part.
10.1.3 Public liability and property damage insurance with respect to the Building in amounts (i) not less than $2,000,000 for injury or death to any one person in any one accident or occurrence, (ii) not less than $5,000,000 for injury or death to more than one person in any one accident or occurrence, and (iii) not less than $5,000,000 of excess umbrella liability insurance for damage to the Building.
10.1.4 Public liability and property damage insurance with respect to common areas in amounts (i) not less than $1,000,000 for injury or death to any one person in any one accident or occurrence, (ii) not less than $2,000,000 for injury or death to more than one person in any one accident or occurrence, (iii) not less than $3,000,000 of excess umbrella liability insurance, and, (iv) not less than $1,000,000 per occurrence for damage to the common areas.
10.1.5 At Landlords sole option, environmental liability or environmental clean-up/remediation insurance in such amounts and with such deductibles and other provisions as Landlord may reasonably determine; provided such insurance can be obtained at commercially reasonable rates.
10.2 Payment. Tenant shall pay to Landlord all costs of insurance provided by Landlord pursuant to Section 10.1 within 30 days after receipt of an invoice from Landlord advising Tenant of the costs paid by Landlord for such insurance. To the extent that any such insurance is maintained pursuant to a blanket or similar policy of insurance, then the cost thereof shall be equitably allocated to the Premises by Landlord.
10.3 Tenants Insurance. Tenant shall maintain at its sole cost and expense, in force a policy or policies of insurance protecting Landlord and Tenant against each of the following:
10.3.1 Commercial general liability insurance with respect to the Premises insuring against bodily injury or death and property damage in amounts (i) not less than $5,000,000 in the aggregate and (ii) not less than $2,000,000 per occurrence. Landlord shall be included as additional insured. All such bodily injury and property damage insurance shall specifically insure the performance by Tenant of the indemnity agreement as to personal injury or property damage contained in Section 9.
10.3.2 Insurance covering alterations, additions or improvements permitted under Section 6, trade fixtures and personal property from time to time in or upon the Premises in an amount not less than 80% of their fair market value from time to time during the term of this Lease, providing
protection against any peril included within the classification fire and extended coverage, for the repair or replacement of the property damaged or destroyed unless this Lease shall terminate pursuant to Section 19 hereof.
10.3.3 All policies of insurance to be provided by Tenant shall be issued by insurance companies, with general policy holders rating of not less than A and a financial rating of not less than Class X as rated in the most current available Bests Insurance Reports, and admitted to do business in the State of Utah. The policies will provide standard lessors loss payable and additional insured endorsements to protect the interest of Landlord for covered third-party liability and first-part property damage losses. The policies provided by Tenant shall be for the mutual and joint benefit and protection of Landlord and Tenant, and executed copies of such policies of insurance or certificates thereof shall be delivered to the Landlord within 10 days after the Commencement Date and, thereafter, within 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 the Landlord, although named as an additional insured, shall nevertheless be entitled to recover under said policies for any loss occasioned to it or Landlords Agents by reason of the negligence of the Tenant. Upon the expiration or termination of any such policy, renewal or additional policies shall be procured and maintained by the Tenant to provide the required coverage. All policies of insurance delivered to Landlord must contain a provision that the company writing said policy will provide to Landlord with 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 carry.
10.3.4 Notwithstanding anything to the contrary, Tenants obligation to carry the insurance described in this Section may be brought within the coverage of a so-called blanket policy or policies of insurance carried and maintained by the Tenant, provided that (i) Landlord will be named as an additional insured thereunder as their interests may appear, (ii) the coverage afforded Landlord will not be reduced or diminished by reason of the use of such blanket policy of insurance, and (iii) the requirements set forth herein are otherwise satisfied. Tenant agrees to permit Landlord at all reasonable times to inspect the policies of insurance of Tenant covering the Premises for policies which are not required to be delivered to Landlord.
10.3.5 From time to time during the Lease Term, but no more often than once every five (5) years, Landlord shall have the right to require Tenant to increase the amount of any insurance required to be maintained hereunder to levels that are customarily carried by landlords owning or operating comparable properties in the State of Utah or to otherwise account for inflation since the date of this Lease.
10.4 Release of Subrogation Rights. Landlord and Tenant hereby mutually release each other from liability and waive all right to recover against each other for any loss from perils insured against under their respective insurance policies, including any extended coverage and special form endorsements to said policies; provided, however, this Section shall be inapplicable if it would have the effect, but only to the extent that it would have the effect of invalidating any insurance coverage of Landlord or Tenant. The parties shall obtain, if available, from their respective insurance companies, a waiver of any right of subrogation which said insurance company may have against the Landlord or the Tenant, as the case may be.
10.5 Failure to Provide Insurance. Failure by Tenant to obtain or maintain the insurance required herein shall be a default under this Lease, and Landlord shall have all of its rights hereunder, including, the right to use or retain all or any part of the Security Deposits for the payment of any such sum not so paid.