That way if the policy lapses or is cancelled you will be notified.

If you do it one idea would be to do a time-lapse during one section of the rehab.  

Below is a map of the Las Vegas valley and here is a aerial time lapse view.

The City understands there can be a lapse in time between obtaining a property and filing the paper work so they will give you an inch. 

I've included a link to the Youtube time lapse videos of the installation.Before:During:After:Youtube Video:Time Lapse Video of Installation: Soffit & Fascia Time Lapse Installation

If Tenant fails to procure the required insurance, allows such insurance to be cancelled or to lapse, or fails to timely provide the required certificates of insurance, the same shall be a Default of this Lease.What should be the amount?

But don’t let it lapse for one second.

My first thought was I had found a gold mine, but I called the city and they informed me that the rental license that was grandfathered in had lapsed and was not renewed.

It currently has tenants, one month to month other on a lease.This is in upstate NY and the city requires a certificate of occupancy (with an inspection from the city before issuing) for rental properties.Once we ask about it under contract, we learn the seller let it lapse a couple months ago.

I have allowed all of my credit cards to lapse and close after 2 years of inactivity (except 1 I've had since '91).