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                            Subpart 5228.90 - INSURANCE UNDER LEASES
        
                  NMCARS
NMCARS
Change Number: NMCARS Change 18-22 Effective Date: 07/11/2022
PartPart 5201Part 5202Part 5203Part 5204Part 5205Part 5206Part 5207Part 5208Part 5209Part 5211Part 5212Part 5213Part 5214Part 5215Part 5216Part 5217Part 5219Part 5222Part 5223Part 5225Part 5227Part 5228Part 5229Part 5230Part 5231Part 5232Part 5233Part 5234Part 5235Part 5236Part 5237Part 5239Part 5241Part 5242Part 5243Part 5245Part 5246Part 5248Part 5249Part 5250Part 5252Annex 1Annex 2Annex 3Annex 4Annex 5Annex 6Annex 7Annex 8Annex 9Annex 10Annex 11Annex 12Annex 13Annex 14Annex 15Annex 16Annex 17Annex 18Annex 19Annex 20Annex 21Annex 22Annex 23Annex 24Annex 25
Subpart5228.35228.90
Section5228.90005228.90015228.90025228.9003
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Subpart 5228.90 - INSURANCE UNDER LEASESSubpart 5228.90 - INSURANCE UNDER LEASES     **Parent topic:**  Part 5228 - BONDS AND INSURANCE5228.9000 General.    When Government property is leased under the authority of 10 U.S.C. 2667, the lessee, at its own expense, should insure the property and the liabilities of itself and the Government to third parties, including employees.5228.9001 Waiver.    The requirement to insure the property may be waived by DASN(P) when more than 75% of its use is for Government work. In such case the Government will assume the risk of loss or damage to the property and the lease will be modified accordingly.5228.9002 Lease provisions.    (a) Where insurance is required, the lease shall require the lessee to:       (1) purchase and maintain Fire and Extended Coverage insurance or its equivalent and, if applicable, Boiler and Machinery insurance, in an amount equal to replacement value less depreciation or in any lesser amount determined by the contracting officer.       (2) provide insurance on special types of property (e. g., floating drydocks, mobile power plants, etc.) as designated by lessor.       (b) When a co-insurance clause is used, failure of the lessee to maintain adequate insurance does not relieve the lessee of its responsibilities under any other terms of the lease.5228.9003 Insurance policies.    (a) Insurance policies for leased property shall be issued in the names of the lessee and of the Department of the Navy and contain a loss payable provision as follows:  "Loss, if any, under this policy shall be adjusted with (Lessee) and the proceeds, at the election of the Government, shall be payable to the (Lessee); any proceeds not paid to the (Lessee) shall be payable to the Treasurer of the United States."       (b) Each insurance policy shall contain a provision for thirty days prior notice to DASN(P) in the event of cancellation of the policy.       (c) A certificate of insurance or copy of each          insurance policy shall be deposited with DASN(P) via hardcopy or by email at usn.pentagon.asstsecnavrdadc.mbx.pabt@us.navy.mil with the subject          “[Activity Name] FAR 28.9003 – Insurance Policy Deposit.”
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