This office lease clause deals with the mandatory obligation of the landlord to rebuild; time periods for reconstruction; continuation of abatement periods; the appropriate "what ifs" in the event portions of the premises cannot be restored and are deemed to be indispensable; and circumstances when the landlord or tenant can elect to terminate the lease.
The Oklahoma Clause Dealing with Fire Damage is an essential provision within insurance policies in the state of Oklahoma. This clause specifically outlines the terms and conditions regarding coverage and compensation for losses resulting from fire-related incidents. It is crucial for property owners to understand the different types of clauses associated with fire damage to ensure they have appropriate insurance coverage. Here are three common types of Oklahoma Clauses Dealing with Fire Damage: 1. Standard Fire Insurance Clause: The Standard Fire Insurance Clause is a basic provision found in most property insurance policies in Oklahoma. It states that the insurance company will cover fire damage caused directly by flames but excludes damages resulting from smoke, water, explosion, or other secondary causes. It typically covers the cost of repairs, rebuilding, or replacing damaged property up to the policy limits. 2. Extended Coverage Clause: The Extended Coverage Clause goes beyond the Standard Fire Insurance Clause by including additional perils such as smoke, explosions, lightning, storms, civil commotions, vandalism, aircraft or vehicle impact, and sometimes water damage. This clause provides broader coverage, protecting policyholders against a wider range of fire-related risks. 3. Replacement Cost Value Clause: The Replacement Cost Value (REV) Clause is an important provision for property owners looking for comprehensive coverage. With this clause, the insurance company agrees to compensate the policyholder for the current cost of repairing or reconstructing the damaged property without deduction for depreciation. This means that the policyholder can receive full reimbursement based on the current value of the property at the time of the loss, allowing for its replacement with equivalent materials and quality. It is important for property owners to carefully review their insurance policies and understand which type of Oklahoma Clause Dealing with Fire Damage they have. In case of a fire incident, they should promptly report the damage to their insurance provider, provide detailed documentation of the losses, and work closely with their agent or adjuster throughout the claims process to ensure a fair and accurate settlement.
