Required Insurance Addendum To Lease Agreement Template for England and Wales

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Key Requirements PROMPT example:

Required Insurance Addendum To Lease Agreement

"I need a Required Insurance Addendum To Lease Agreement for a commercial office building in London, requiring £5M public liability coverage and naming both the property management company and building owner as additional insured parties."

Document background

The Required Insurance Addendum To Lease Agreement is essential when parties need to establish or modify insurance requirements within an existing lease arrangement. This document, governed by English and Welsh law, specifies critical insurance obligations, coverage requirements, and compliance procedures. It's commonly used when the original lease lacks detailed insurance provisions or when circumstances require updated insurance terms. The addendum ensures both parties understand their insurance obligations and provides clear guidelines for maintaining appropriate coverage throughout the lease term.

Suggested Sections

1. Parties: Identification of landlord, tenant, and any other relevant parties

2. Background: Reference to original lease agreement and context for insurance requirements

3. Definitions: Key terms used throughout the addendum including 'Insured Risks', 'Policy', 'Premium'

4. Required Insurance Coverage: Detailed specification of mandatory insurance types and coverage amounts

5. Insurance Provider Requirements: Minimum requirements for acceptable insurance providers

6. Premium Payment Obligations: Details of who pays premiums and when

7. Evidence of Insurance: Requirements for providing proof of insurance coverage

Optional Sections

1. Additional Insured Parties: Used when other parties need to be named on the policy for multiple occupants or interested parties

2. Waiver of Subrogation: Prevents insurers from pursuing claims against specific parties, used when required by specific commercial arrangements

3. Self-Insurance Provisions: Allows for self-insurance under certain conditions, typically for large corporate tenants with substantial assets

Suggested Schedules

1. Schedule of Minimum Insurance Requirements: Detailed breakdown of required coverage types and amounts

2. Approved Insurers List: List of pre-approved insurance providers if specified

3. Certificate of Insurance Template: Standard format for insurance certificates

4. Claims Procedures: Detailed process for making insurance claims

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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Let's create your Required Insurance Addendum To Lease Agreement

Authors

Alex Denne

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