12 Miss. Code. R. 8-400.10 - INSURANCE
(1) All buildings and improvements shall be
insured against loss or damage by fire and all standard extended coverage
perils for the full, fair insurable value thereof in a solvent and responsible
company or companies licensed to do business in the State of Mississippi. The
Lessor shall agree to hold Lessee harmless and indemnified against any
liability for injury or death to any person or damage to property in or upon
the lased premises not caused directly by an act or omission of the Lessee or
employee, agent, or patron of the Lessee. Lessor shall provide proof of
insurance policy prior to execution of Lease and shall provide any amendments
or changes to such policy throughout the Lease term and any/all subsequent
renewals.
(2) The Department of
Finance and Administration is charged by law with purchasing flood insurance
for State-owned buildings and contents in leased properties. All Lease
proposals shall clearly identify flood zone designation and elevation for
property proposed for Lease. Lessor shall provide elevation certificate and
proof of flood insurance policy for properties in zones A, AE, A1-A30, AH, AO,
AR, A99, V, VE and V1-V30 prior to execution of Lease and shall provide any
amendments or changes to such policy throughout the Lease term and any/all
subsequent renewals.
Notes
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