Common use of WHAT YOU MUST DO Clause in Contracts

WHAT YOU MUST DO. 21.1 You must insure for the full reinstatement value (in our reasonable opinion) the following items: 21.1.1 the Trade Inventory; 21.1.2 any fixed glass at the Property; 21.1.3 all trading stock and glassware at the Property; 21.1.4 public third party property owner’s and employer’s liability; and 21.1.5 the effect on the Business of loss of profit against usual risks on usual commercial terms with a reputable insurer, and you must note our interest on all the insurance policies. You must provide us, when we ask, with evidence that you have done this, and if you do not we may effect these insurances on your behalf and charge the cost to you. 21.2 You must tell us straight away if something happens which may lead to a claim under any of our or your insurance policies relating to the Property or Business. You must spend any proceeds of insurance that you receive under the policies that you have taken out in relation to the Property or Business in repairing or replacing the items damaged. If the insurance proceeds are insufficient you must make up any shortfall yourself. 21.3 You must pay to us on demand all amounts that you receive under any insurance policy relating to the loss of the Licences. 21.4 You must comply with the conditions and recommendations made by our insurers. 21.5 You must not take any insurance policy out in relation to the Property which could prejudice our policies. 21.6 If any insurance proceeds are withheld because you have breached your obligations to us, you must pay to us on demand an amount equal to the sum withheld.