Document background
The Required Insurance Addendum To Lease Agreement is a critical legal document used in the Philippines to establish and enforce insurance requirements in leasing arrangements. This addendum becomes necessary whenever a lease agreement is executed, ensuring that both parties maintain appropriate insurance coverage to protect their respective interests in the leased property. The document is designed to comply with Philippine insurance regulations, including requirements set forth by the Insurance Commission of the Philippines and relevant provisions of the Civil Code. It typically includes detailed specifications for types of insurance coverage, minimum coverage amounts, carrier requirements, and procedures for maintaining compliance. The addendum is particularly important in commercial leasing but is also applicable to residential and industrial property leases where significant assets or liabilities are involved.
