Common use of Coverage Changes Clause in Contracts

Coverage Changes. It is agreed and understood that during the term of this contract the City has the right to change companies providing the coverage set forth above; however, any new policy shall have substantially similar coverage. It is understood that the words “substantially similar” mean that there may be increased coverage in some areas and decreased coverage in others but that the total coverage will be substantially similar. It is understood and agreed by and between the parties that it is not the intent of the City nor may the City reduce coverage for the purpose of lowering premiums, however, it is understood and agreed that the City may, during the term of this Agreement take quotations on insurance and may select a company with a lower premium if the coverage are substantially similar.

Coverage Changes. It is agreed and understood that during the term of this contract the City has the right to change companies providing the coverage set forth above; , however, any new policy shall have substantially similar coverage. It is understood that the words “substantially similar” mean that there may be increased coverage in some areas and decreased coverage in others but that the total coverage coverage’s will be substantially similar. It is understood and agreed by and between the parties that it is not the intent of the City nor may the City reduce coverage for the purpose purposes of lowering premiums, however, it is understood and agreed that the City may, during the term of this Agreement Agreement, take quotations on insurance and may select a company with a lower premium if the coverage are substantially similar. It is further agreed that decisions on whether or not coverage is “substantially similar” are subject to the grievance procedure set forth in this contract together with all statutory rights therein.