I believe it is to protect the building in case the car catches fire while charging. (what are the odds of this?)
FYI below is the language:
Throughout the term hereof, Licensee shall obtain and maintain general liability insurance coverage that includes the Licensed Area. Such insurance coverage shall also contain such casualty insurance as is commonly carried by residential condominium owners under an appropriate general liability policy, and shall be in such amounts as are reasonably acceptable to Licensor. The policy(ies) shall name Licensor and its Unit Owners, Licensor’s Board of Managers, Licensor’s managing agent, and any other parties reasonably designated by Licensor, as additional insureds. Licensee shall, within ten (10) business days of the execution of this License Agreement, deliver to Licensor a Certificate of Insurance for the above coverage, in form and substance, reasonably satisfactory to Licensor. If requested, Licensee shall provide Licensor with a copy of the applicable insurance policy(ies). All of the insurance policy(ies) required hereunder shall provide that they may not be terminated or modified until at least thirty (30) days after written notice to Licensor. All of the insurance required hereunder: (a) shall be provided by companies licensed to do business in the State of New York; (b) shall be provided by companies having a Best’s rating of at least “A-X” (or equivalent); and (iii) shall be maintained on an occurrence (as opposed to claims made) basis, without any “sunset” clauses or similar provisions.
If at any time during the term hereof, Licensor’s insurance premiums are increased as a result of this License Agreement or by virtue of Licensee’s use of the Licensed Area, Licensee shall pay to Licensor, upon demand, a sum equal to the increase in such insurance premiums.