This office lease clause states that the tenant shall be allowed to utilize the storage area and the same shall be deemed to be included in and be a portion of the demised premises. There will be no charge for the use of storage area by way of rent or for any other services. This form also lists acknowledgments of the tenants obligations for use of the storage area.
The Massachusetts Storage Area Clause, also known as the Storage Area Endorsement, is a provision in a property insurance policy that specifies coverage for property that is stored in a designated storage area. This clause is of utmost importance for businesses, individuals, and organizations that hold valuable property in storage. Under the Massachusetts Storage Area Clause, property that is stored in a specified storage area is covered against perils such as fire, theft, vandalism, and damage caused by natural disasters. The clause ensures that property owners have financial protection in case of any unexpected events or accidents that may occur within the storage facility. The storage area clause can vary in its coverage, terms, and conditions depending on the specific insurance policy. There are different types of Massachusetts Storage Area Clauses available, each tailored to meet the needs of different individuals and businesses. These clauses may include: 1. Named Perils Coverage: This type of storage area clause covers property only against specific perils that are listed in the insurance policy. Common perils covered under this clause include fire, theft, vandalism, and certain natural disasters. 2. All Risk Coverage: This storage area clause provides coverage against all risks, unless specifically excluded in the policy. It offers wider protection compared to named perils coverage. Any peril not explicitly mentioned as an exclusion is covered under this clause. 3. Valuation Clause: This type of storage area clause determines the method of valuation used to calculate the settlement amount in case of a loss or damage to the stored property. Valuation options often include replacement cost, actual cash value, or agreed value. 4. Time Limit Clause: This clause establishes the maximum period for which the storage area coverage is effective. It specifies the duration from the time the property is stored until the coverage ceases. The time limit can vary depending on the policy and may be extended upon request, subject to the insurer's approval. It is crucial for property owners to carefully review and understand the terms and conditions of the Massachusetts Storage Area Clause in their insurance policy. This clause provides valuable protection for the stored property, ensuring peace of mind and financial stability in case of unexpected perils or accidents.
The Massachusetts Storage Area Clause, also known as the Storage Area Endorsement, is a provision in a property insurance policy that specifies coverage for property that is stored in a designated storage area. This clause is of utmost importance for businesses, individuals, and organizations that hold valuable property in storage. Under the Massachusetts Storage Area Clause, property that is stored in a specified storage area is covered against perils such as fire, theft, vandalism, and damage caused by natural disasters. The clause ensures that property owners have financial protection in case of any unexpected events or accidents that may occur within the storage facility. The storage area clause can vary in its coverage, terms, and conditions depending on the specific insurance policy. There are different types of Massachusetts Storage Area Clauses available, each tailored to meet the needs of different individuals and businesses. These clauses may include: 1. Named Perils Coverage: This type of storage area clause covers property only against specific perils that are listed in the insurance policy. Common perils covered under this clause include fire, theft, vandalism, and certain natural disasters. 2. All Risk Coverage: This storage area clause provides coverage against all risks, unless specifically excluded in the policy. It offers wider protection compared to named perils coverage. Any peril not explicitly mentioned as an exclusion is covered under this clause. 3. Valuation Clause: This type of storage area clause determines the method of valuation used to calculate the settlement amount in case of a loss or damage to the stored property. Valuation options often include replacement cost, actual cash value, or agreed value. 4. Time Limit Clause: This clause establishes the maximum period for which the storage area coverage is effective. It specifies the duration from the time the property is stored until the coverage ceases. The time limit can vary depending on the policy and may be extended upon request, subject to the insurer's approval. It is crucial for property owners to carefully review and understand the terms and conditions of the Massachusetts Storage Area Clause in their insurance policy. This clause provides valuable protection for the stored property, ensuring peace of mind and financial stability in case of unexpected perils or accidents.
