This excerpt taken from the VRSN 10-Q filed Aug 8, 2008.
12.1 At all times during the Term hereof, Tenant shall, keep in full force and effect:
(a) a policy of commercial general public liability insurance with respect to the Premises, and the business operated by Tenant in the Premises, in which the primary coverage per accident or occurrence is not less than Five Million Dollars ($5,000,000.00) combined single limit; and
(b) a policy of all-risk insurance so as to cause all of the Tenant Property to be insured against loss or damage by fire, wind, sprinkler leakage, vandalism, malicious mischief, flood and such other hazards as are from time to time included in a standard
extended coverage endorsement, in an amount and form so that the proceeds thereof are sufficient to provide for actual replacement in full of the Tenant Property (i.e., full replacement cost).
Nothing in this Section 12 shall prevent Tenant from carrying any of the insurance required of Tenant hereunder in the form of self-insurance (provided Tenant shall have liquid assets of One Hundred Million Dollars ($100,000,000) or more), or blanket policies of insurance.
12.2 At all times during the Term hereof, subject to Section 12.5 below, Landlord shall keep in full force and effect:
(a) a policy of commercial general public liability insurance with respect to the Property, in which the primary coverage per accident or occurrence is not less than Five Million Dollars ($5,000,000.00) combined single limit; and
(b) policy of insurance all-risk so as to cause all of the Buildings and other improvements located within the Property to be insured against loss or damage by fire, wind, sprinkler leakage, earthquake, terrorist acts, vandalism, malicious mischief, flood and such other hazards as are from time to time included in a standard extended coverage endorsement, in an amount and form so that the proceeds thereof are sufficient to provide for actual replacement in full of the Buildings and improvements (i.e., full replacement cost). Such coverage shall include rental loss coverage for a period of at least twelve (12) months. Landlord shall have no obligation to insure, and shall not be responsible for, Tenants Property.
12.3 With respect to the insurance policies maintained by Landlord and Tenant pursuant to Sections 12.1 and 12.2, respectively, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty and, to the extent permitted by law, Landlord and Tenant each hereby releases and waives, to the extent that the party sustaining such loss is compensated for such loss by insurance, all right of recovery against the other or anyone claiming through or under each of them by way of subrogation or otherwise.
12.4 Tenant (and Landlord, if Landlord has any employees), shall maintain (i) Workers Compensation insurance as required by any applicable law or regulation and in accordance with the laws of the state, territory or province having jurisdiction over Tenants employees, (ii) Employers Liability insurance with limits of One Million Dollars ($1,000,000) and (iii) Business Automobile Liability insurance covering all owned, rented (hired) and non-owned vehicles used in connection with this Lease or the Premises having limits of One Million Dollars ($1,000,000) each accident for bodily injury and property damage.
12.5 The policies required under Section 12.1(b) and Section 12.2(b) shall permit the waivers set forth in Section 12.3, and the policies required under Sections 12.1(a) and 12.4 shall name Landlord, Landlord Parties and Landlords lender as additional insureds with respect to liability arising out of the activities of Tenant, shall be deemed primary coverage as to any insurance carried by Landlord and such other additional insureds, and shall contain a clause that the insurer will not cancel or materially change the insurance without first giving the Landlord thirty (30) days prior written notice. A copy of the certificates of the insurers
evidencing the maintenance of such insurance policies shall be delivered to Landlord and Tenant, as applicable, prior to the Commencement Date, and, upon renewals, no later than 21 days after the expiration of a coverage period.
12.6 All insurance required hereunder shall be issued by insurance companies having a rating of not less that A-VIII in Bests Insurance Guide (or which is otherwise acceptable to the non-insuring party hereunder) and licensed to do business in the State of California. If Tenant fails to procure and maintain any insurance required to be procured and maintained by Tenant pursuant to this Lease, or to deliver certificates of insurance as required by this Lease, Landlord may, at its option, procure such insurance policies for the account of Tenant, and the cost thereof shall be paid to Landlord as Additional Rent within five (5) days after delivery to Tenant of the bills therefore.
12.7 Expenses for insurance required to be maintained by Landlord under this Section 12 shall be reimbursed by Tenant within ten (10) days following written notice by Landlord containing an invoice of the amount thereof, accompanied by reasonable supporting documentation for all such insurance premium Expenses. All insurance required to be maintained by Tenant under this Lease shall be maintained at Tenants sole cost and expense.