Property and Business Interruption Sample Clauses
The Property and Business Interruption clause provides coverage for physical damage to property as well as the resulting loss of income when business operations are disrupted due to an insured event, such as fire or natural disaster. This clause typically outlines the types of property covered, the specific events that trigger coverage, and the method for calculating lost profits or extra expenses incurred during the interruption period. Its core function is to protect businesses from the financial impact of unexpected events that not only damage assets but also halt or reduce normal business activities, ensuring continuity and financial stability during recovery.
Property and Business Interruption. The Concessionaire shall obtain property insurance at replacement cost, covering loss, damage or destruction to the HOT Lanes Project, including improvements and betterments; provided, that the limits of such coverage may be based on a maximum foreseeable loss analysis, subject to the Department’s approval of such maximum foreseeable loss analysis by an independent third party that is reasonably acceptable to the Department, with such approval of the Department not to be unreasonably withheld, and, provided further, that:
(A) Coverage shall include, but not be limited to, the following: flood, earthquake, earth movement, collapse, water including overflow, leakage, utility interruption, debris removal, business ordinance or law for increased cost of construction, extra expense, valuable papers and terrorism.
(B) Coverage shall also insure against interruption or loss of projected Toll Revenues for at least one full year from the occurrence of the risk, resulting from physical damage to the HOT Lanes Project and any relevant feeder roads.
(C) The Department is to be named as an additional insured.
(D) The Concessionaire is responsible for all loss or damage to personal property (including, but not limited to, materials; fixtures/contents, equipment, tools and supplies) of the Concessionaire.
Property and Business Interruption. Borrower shall procure and keep in force, or cause to be procured and kept in force, Property and Business Interruption Insurance as specified below. The policy shall provide coverage for all risks of physical loss and/or physical damage to property owned, leased or in the care, custody and control of the insured (including boiler and machinery breakdown coverage) and business interruption/contingent business interruption following such loss and/or damage. The policy shall provide coverage limits equal to the replacement cost of the insured’s property. The coverage shall afford comprehensive extensions of coverage including Land Movement, Flood, and Named Windstorm as deemed appropriate based on commercial availability in the insurance market; provided, that the policy may include appropriate sublimits for Land Movement, Flood and Named Windstorm. The policy shall provide coverage on a per occurrence basis without co-insurance and will include sublimits for professional fees, demolition and debris removal, property in transit, property in storage offsite, expediting expenses, contractors extra expense, temporary repairs, plantings, fire department charges, valuable papers, destruction of property at the direction of a civil authority, increased cost of construction, claims preparation costs and expediting and extra expenses; provided, that the policy may include appropriate sublimits for earth movement, named windstorm and flood. Borrower and the Collateral Agent shall be the named insureds on the policy as their respective interests appear. Borrower also may, but is not obligated to, include other Contractors and interested parties as additional insureds as their respective interests appear. Borrower may name itself and the Collateral Agent as loss payee under the policy. The proceeds of the policy shall be held by the loss payee and timely applied to the cleanup, repair and reconstruction of the Project.