Common use of Boiler and Machinery Clause in Contracts

Boiler and Machinery. Borrower and Guarantors shall maintain a Boiler and Machinery policy for the operations/facilities written on a Comprehensive Form with a combined direct and indirect limit of no less than Twenty-Five Million Dollars ($25,000,000). The policy shall include a Standard Mortgagee endorsement. The policy shall include extensions for Agreed Amount (waiving co-insurance) and Replacement Cost Valuation. The policy may contain deductibles of no greater than Twenty-five Thousand Dollars ($25,000) direct and Forty-eight (48) Hours indirect. COMMERCIAL GENERAL LIABILITY (2000 ISO Form or Equivalent) - Borrower and Guarantors shall maintain a Commercial General Liability policy with a One Million Dollar ($1,000,000) combined single limit for bodily injury and property damage, including Products Liability/Completed Operations, Personal/Advertising Injury, Contractual Liability and all standard policy form extensions. The policy must provide a Two Million Dollar ($2,000,000) general aggregate (per location, if multi-location risk) and be written on an “occurrence form”. The policy will include an extension for Sexual Abuse & Molestation coverage and the policy cannot contain a Mold exclusion. The policy shall be endorsed to include HSH Nordbank, AG, acting through its New York Branch as an Additional Insured. Definition of Additional Insured shall include all Officers, Directors, Employees, Agents and Representatives of the additional insured. The coverage for additional insured shall apply on a primary basis irrespective of any other insurance whether collectible or not (ISO Endorsement Form CG 20 26 11 85 Additional Insured - Designated Person or Organization or equivalent).