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Required Insurance Addendum To Lease Agreement
"I need a Required Insurance Addendum To Lease Agreement for a high-value commercial property in Ontario, with minimum liability coverage of $5 million, to be effective March 1, 2025, including special provisions for hazardous materials storage and requirements for the tenant to maintain business interruption insurance."
1. Parties: Identification of the landlord and tenant(s) as per the main lease agreement
2. Background: Reference to the main lease agreement and purpose of this insurance addendum
3. Definitions: Key terms used in the addendum including insurance-specific terminology
4. Required Insurance Coverage: Detailed specification of mandatory insurance types and coverage amounts
5. Tenant's Insurance Obligations: Specific responsibilities of the tenant regarding insurance maintenance and proof of coverage
6. Landlord's Insurance Rights: Landlord's rights regarding insurance verification and enforcement
7. Proof of Insurance: Requirements for providing and maintaining valid proof of insurance
8. Insurance Policy Requirements: Specific requirements for insurance policies including minimum ratings for insurers
9. Claims and Notifications: Procedures for handling insurance claims and required notifications
10. Default and Remedies: Consequences of failing to maintain required insurance coverage
11. Integration with Lease: How this addendum integrates with and modifies the main lease agreement
1. Additional Insured Requirements: Used when landlord must be named as additional insured on specific policies
2. Special Risk Coverage: Required for properties with unique risk factors or special use cases
3. Waiver of Subrogation: Optional section for mutual waiver of subrogation rights
4. Environmental Insurance: Required for properties with potential environmental risks or when handling hazardous materials
5. Business Interruption Insurance: Optional for commercial properties where business continuity is critical
6. Workers' Compensation Coverage: Required when tenant has employees working on the premises
7. Vehicle Insurance Requirements: Needed when tenant operates vehicles on the property
1. Schedule A - Insurance Coverage Requirements: Detailed breakdown of required insurance types, coverage limits, and deductibles
2. Schedule B - Approved Insurance Carriers: List of pre-approved insurance carriers meeting minimum rating requirements
3. Schedule C - Certificate of Insurance Form: Standard form for providing proof of insurance coverage
4. Schedule D - Claims Reporting Procedures: Detailed procedures for reporting and handling insurance claims
5. Appendix 1 - Insurance Terms Glossary: Detailed definitions of insurance-related terms used in the addendum
6. Appendix 2 - Provincial Insurance Requirements: Summary of relevant provincial insurance requirements and regulations
Authors
Commercial Real Estate
Residential Real Estate
Retail
Industrial
Office Space
Manufacturing
Warehouse and Distribution
Healthcare
Hospitality
Education
Professional Services
Technology
Entertainment
Restaurant and Food Service
Legal
Risk Management
Real Estate
Operations
Facilities Management
Compliance
Property Management
Asset Management
Contract Administration
Insurance Administration
Property Manager
Real Estate Manager
Risk Management Officer
Legal Counsel
Lease Administrator
Facilities Manager
Insurance Coordinator
Commercial Leasing Agent
Real Estate Attorney
Compliance Officer
Asset Manager
Operations Manager
Contract Administrator
Real Estate Portfolio Manager
Risk Analyst
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