TBSI » Topics » Insurance

This excerpt taken from the TBSI 8-K filed Apr 2, 2009.
Insurance.  Each Borrower or Sherwood, as applicable shall obtain and maintain insurance on the Vessel owned by it in accordance with the terms of
These excerpts taken from the TBSI 10-K filed Mar 30, 2009.
Insurance.                                During the entire Term of this Lease, Tenant, at its expense, will carry the following insurance coverages with respect to the Property and its activities related thereto: (1) Fire and extended coverage, vandalism and malicious mischief insurance covering the full insurable replacement cost of the Property; (2) Glass insurance for all exterior glass surrounding the buildings on the Property covering full replacement cost, (3) Machine and Boiler insurance, (4) Public liability insurance in an amount not less than $2,000,000 combined, single limit for death, injury or property damage, and (5) Worker's compensation insurance as required by law; but as to each of the above, with such deductibles as Tenant shall elect provided that Tenant shall be responsible for the payment of any such deductible.

Each policy of insurance shall name Landlord (and any Permitted Mortgagee who requests it) as an additional insured party, as its interests may appear, but  loss payable shall be in favor of Tenant only.  Tenant agrees, however, to hold all such insurance proceeds and disburse the same in accordance with the terms hereof.  Tenant's policy of casualty insurance shall contain an agreement by the insurance company waiving its rights to recover against Landlord (and any Permitted Mortgagee who requests it) or its and their agents or employees for any claim thereunder.  Landlord and Tenant hereby waive all rights and claims against one another as to any matter of a kind covered by the insurance described herein.  Tenant will give Landlord reasonable evidence that the insurance required under this Lease is in effect and fully paid within 30 days of Landlord’s request therefor.

Insurance.                                During
the entire Term of this Lease, Tenant, at its expense, will carry the following
insurance coverages with respect to the Property and its activities related
thereto: (1) Fire and extended coverage, vandalism and malicious mischief
insurance covering the full insurable replacement cost of the Property; (2)
Glass insurance for all exterior glass surrounding the buildings on the Property
covering full replacement cost, (3) Machine and Boiler insurance, (4) Public
liability insurance in an amount not less than $2,000,000 combined, single limit
for death, injury or property damage, and (5) Worker's compensation insurance as
required by law; but as to each of the above, with such deductibles as Tenant
shall elect provided that Tenant shall be responsible for the payment of any
such deductible.



Each policy of insurance shall name
Landlord (and any Permitted Mortgagee who requests it) as an additional insured
party, as its interests may appear, but  loss payable shall be in
favor of Tenant only.  Tenant agrees, however, to hold all such
insurance proceeds and disburse the same in accordance with the terms
hereof.  Tenant's policy of casualty insurance shall contain an
agreement by the insurance company waiving its rights to recover against
Landlord (and any Permitted Mortgagee who requests it) or its and their agents
or employees for any claim thereunder.  Landlord and Tenant hereby
waive all rights and claims against one another as to any matter of a kind
covered by the insurance described herein.  Tenant will give Landlord
reasonable evidence that the insurance required under this Lease is in effect
and fully paid within 30 days of Landlord’s request therefor.



This excerpt taken from the TBSI 10-Q filed May 9, 2008.
Insurance.  The properties of the Loan Parties are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Loan Parties operate.
 
5.11. 
These excerpts taken from the TBSI 10-K filed Mar 14, 2008.
Insurance.   During the entire Term of this Lease, Tenant, at its expense, will carry the following insurance coverages with respect to the Property and its activities related thereto: (1) Fire and extended coverage, vandalism and malicious mischief insurance covering the full insurable replacement cost of the Property; (2) Glass insurance for all exterior glass surrounding the buildings on the Property covering full replacement cost, (3) Machine and Boiler insurance, (4) Public liability insurance in an amount not less than $2,000,000 combined, single limit for death, injury or property damage, and (5) Worker's compensation insurance as required by law; but as to each of the above, with such deductibles as Tenant shall elect provided that Tenant shall be responsible for the payment of any such deductible.

Each policy of insurance shall name Landlord (and any Permitted Mortgagee who requests it) as an additional insured party, as its interests may appear, but  loss payable shall be in favor of Tenant only.  Tenant agrees, however, to hold all such insurance proceeds and disburse the same in accordance with the terms hereof.  Tenant's policy of casualty insurance shall contain an agreement by the insurance company waiving its rights to recover against Landlord (and any Permitted Mortgagee who requests it) or its and their agents or employees for any claim thereunder.  Landlord and Tenant hereby waive all rights and claims against one another as to any matter of a kind covered by the insurance described herein.  Tenant will give Landlord reasonable evidence that the insurance required under this Lease is in effect and fully paid within 30 days of Landlord’s request therefor.

Insurance.  Borrower shall obtain and maintain insurance on the Vessel in accordance with the terms of
Insurance.   During the
entire Term of this Lease, Tenant, at its expense, will carry the following
insurance coverages with respect to the Property and its activities related
thereto: (1) Fire and extended coverage, vandalism and malicious mischief
insurance covering the full insurable replacement cost of the Property; (2)
Glass insurance for all exterior glass surrounding the buildings on the Property
covering full replacement cost, (3) Machine and Boiler insurance, (4) Public
liability insurance in an amount not less than $2,000,000 combined, single limit
for death, injury or property damage, and (5) Worker's compensation insurance as
required by law; but as to each of the above, with such deductibles as Tenant
shall elect provided that Tenant shall be responsible for the payment of any
such deductible.



Each policy of insurance shall name
Landlord (and any Permitted Mortgagee who requests it) as an additional insured
party, as its interests may appear, but  loss payable shall be in
favor of Tenant only.  Tenant agrees, however, to hold all such
insurance proceeds and disburse the same in accordance with the terms
hereof.  Tenant's policy of casualty insurance shall contain an
agreement by the insurance company waiving its rights to recover against
Landlord (and any Permitted Mortgagee who requests it) or its and their agents
or employees for any claim thereunder.  Landlord and Tenant hereby
waive all rights and claims against one another as to any matter of a kind
covered by the insurance described herein.  Tenant will give Landlord
reasonable evidence that the insurance required under this Lease is in effect
and fully paid within 30 days of Landlord’s request therefor.



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