A Casualty Clause is a provision in an insurance policy that outlines the conditions under which an insurance company will pay a claim for a loss that is a result of a casualty. The term ‘casualty’ is generally used to describe a sudden and unexpected event, such as a fire or a flood, that results in physical damage or destruction to property. There are two types of Casualty Clause: the Named Peril Clause and the All Risk Clause. The Named Peril Clause outlines specific risks that are covered by the policy, while the All Risk Clause provides coverage for all risks, except for those specifically excluded in the policy.
Casualty Clause
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Examples of clauses regarding Fire or other Casualty (i.e. destroyed via fire or other means of casualty). If during the term of this Lease the Premises are damaged or destroyed by fire or other casualty, Landlord agrees, at its sole expense, promptly to repair and restore the Premises in the same condition they were in immediately prior to the damage or destruction.
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Unforeseen damage or destruction of real property resulting in a total or partial loss of value. Common events leading to a casualty loss include floods, hurricanes, or fires. A casualty does not include normal or progressive deterioration.
If during the Term or previous thereto, the Premises shall be destroyed or so damaged by fire or another casualty as to become un-leasable, then, at the option of the Lessor, this Agreement shall terminate from the date of such damage or destruction.
Casualty Damage means any damage or destruction of property owned by Landlord or Tenant and resulting from fire, earthquake, or any other identifiable event of a sudden, unexpected or unusual nature (each, a ?Casualty?).
The casualty section of a commercial lease identifies the circumstances in which a landlord and tenant will be obligated to restore the leased premises following a casualty event.
The Damage or Destruction of Premise clause in a lease agreement stipulates the status of the lease and the parties' rights and remedies in the event of damage or total destruction of the leased property. Consequences of Tenant's Casualty.
Lessee shall bear the entire risk of loss, theft, destruction of or damage to the Equipment or any item thereof (herein "Loss or Damage") from any cause whatsoever. No Loss or Damage shall relieve Lessee of the obligation to pay rent or of any other obligation under this Lease.
A set of Standard Clauses containing casualty provisions for use in a commercial real estate lease to protect the parties if fire damage or other casualty losses to the premises occur during the lease term.