Section 271 — Property Law Act 2007: Lessee may acknowledge lessor has not insured, or fully insured, premises

271 Lessee may acknowledge lessor has not insured, or fully insured, premises (1) A lessee may expressly acknowledge in an instrument that the lessor has not insured, or has not fully insured, the premises or the land on which the premises are situated against destruction or damage arising from 1 or more of the events referred to in section 268(1) that are specified in the instrument. (2) The lessor and the lessee may expressly agree in that instrument that the lessee will meet the cost of making good the destruction or damage, or will indemnify the lessor against the cost of making good the destruction or damage, to the extent, but only to the extent, that— (a) the destruction or damage arises from an event specified in accordance with subsection (1); and (b) at the time when the destruction or damage occurs, the lessor is not, in fact, entitled to be indemnified under a policy of insurance for the whole or any part of the destruction or damage; and (c) the absence of insurance cover for the whole or any part of the destruction or damage has been acknowledged by the lessee in accordance with subsection (1). (3) This section overrides section 269 .