LESSEE SHALL PROCURE AND MAINTAIN IN
FULL FORCE AND EFFECT THROUGHOUT THE DEMISED TERM LIABILITY INSURANCE AS
DESCRIBED BELOW AGAINST CLAIMS OR SUITS FOR BODILY INJURY, INCLUDING DEATH, OR
PROPERTY DAMAGE OCCURRING UPON, IN OR ABOUT THE LEASED PREMISES.
SUCH INSURANCE
SHALL NAME LESSEE AS INSURED AND SHALL NAME THE COMMISSION AND SUCH OTHER
PERSONS AS LESSEE MAY SPECIFY AS AN ADDITIONAL INSUREDS.
(B)
SUCH INSURANCE SHALL PROVIDE THAT THE INSURER SHALL HAVE NO RIGHTS
OF SUBROGATION AGAINST EITHER THE COMMISSION OR LESSEE.
SAID INSURANCE SHALL BE
EFFECTIVE NOT LATER THAN THE COMMENCEMENT DATE AND PROVIDE FOR AT LEAST THIRTY
(30) DAYS WRITTEN NOTICE TO THE COMMISSION PRIOR TO CANCELLATION OR
NON-RENEWAL.
ON OR BEFORE THE COMMENCEMENT DATE, LESSEE SHALL PROVIDE TO THE
COMMISSION CERTIFICATES OF SUCH INSURANCE OR OTHER PROOF OF SUCH INSURANCE
POLICIES EVIDENCING SUCH INSURANCE IS IN FORCE.
APPROPRIATE RENEWAL OR
REPLACEMENT INSURANCE CONFORMING TO THE REQUIREMENTS IN (A) ABOVE SHALL BE IN
FORCE PRIOR TO OR UPON THE EXPIRATION OF ANY SUCH INSURANCE WITHOUT ANY LAPSE IN
COVERAGE.
SUCH INSURANCE SHALL BE ISSUED BY COMPANIES LICENSED OR AUTHORIZED TO
PROVIDE LIABILITY INSURANCE IN THE STATE OF INDIANA AND OTHERWISE REASONABLY
ACCEPTABLE TO THE COMMISSION AND HAVING A POLICYHOLDER RATING OF NOT LESS THAN
"A-
24
VII" IN THE THEN-MOST CURRENT EDITION OF BEST'S INSURANCE REPORTS; OR, IF SUCH
RATING IS CHANGED, THE EQUIVALENT RATING; OR, IF BEST'S INSURANCE REPORTS IS NO
LONGER PUBLISHED, AN EQUIVALENT RATING IN ANOTHER PUBLICATION REASONABLY
SELECTED BY THE COMMISSION AND REASONABLY SATISFACTORY TO LESSEE.
(C)
IF LESSEE SHALL FAIL OR REFUSE, FOR FIVE (5) DAYS AFTER WRITTEN
NOTICE BY THE COMMISSION TO LESSEE, TO PROCURE, PAY FOR OR KEEP IN FORCE THE
POLICIES OF INSURANCE AS SET FORTH HEREIN (OR IN SECTION 8.04 BELOW), OR TO
DELIVER CERTIFICATES OF INSURANCE OR OTHER PROOF OF SUCH INSURANCE AS PROVIDED
ABOVE, THE COMMISSION MAY KEEP IN FORCE AND/OR FROM TIME TO TIME RENEW SUCH
INSURANCE UNTIL COMPLIANCE BY LESSEE; AND ALL SUMS SO EXPENDED OR EXPENSES SO
INCURRED BY THE COMMISSION UNDER THIS SECTION 8.02(C) SHALL BEAR INTEREST AT THE
STATED RATE PER ANNUM; AND SUCH SUMS AND INTEREST SHALL BE TREATED AS ADDITIONAL
RENT DUE FROM LESSEE TO THE COMMISSION PAYABLE WITHIN FIFTEEN (15) DAYS AFTER
INVOICE THEREFORE IS DELIVERED TO LESSEE.
(D)
LESSEE AGREES TO CARRY LIABILITY INSURANCE PROVIDING COVERAGE FOR
THE LIABILITIES SET FORTH IN THIS ARTICLE AS FOLLOWS, AT ITS SOLE EXPENSE:
(I)
COMMERCIAL GENERAL LIABILITY INSURANCE
AGAINST CLAIMS OR SUITS FOR BODILY INJURY TO, INCLUDING DEATH OF, PERSONS OR
DAMAGE TO, INCLUDING LOSS OF USE OF, PROPERTY OCCURRING ON OR ABOUT THE LEASED
PREMISES WITH MINIMUM LIMITS OF LIABILITY OF FIVE MILLION DOLLARS ($5,000,000)
COMBINED SINGLE LIMIT FOR EACH OCCURRENCE.
DEDUCTIBLES, IF ANY, INCLUDED IN
SUCH INSURANCE SHALL BE THE SOLE RESPONSIBILITY OF LESSEE AND PAYMENTS TO OTHERS
SHALL BE UNENCUMBERED BY SUCH DEDUCTIBLES.
SUCH INSURANCE SHALL INCLUDE BUT NOT
BE LIMITED TO BODILY INJURY LIABILITY, PERSONAL INJURY LIABILITY, PROPERTY
DAMAGE LIABILITY, BROAD FORM PROPERTY DAMAGE LIABILITY,