Default in Insuring Sample Clauses

The 'Default in Insuring' clause defines the consequences and procedures that apply if a party fails to maintain required insurance coverage as stipulated in an agreement. Typically, this clause outlines the obligations of the defaulting party, such as the need to promptly remedy the lapse in coverage or the right of the non-defaulting party to procure insurance on their behalf and recover associated costs. Its core practical function is to ensure continuous insurance protection, thereby mitigating risk and safeguarding the interests of all parties involved in the contract.
Default in Insuring. Should the Contractor default in taking out or maintaining the insurance policy or polices as stipulated in Clause 36.1, the Employer (without prejudice to any rights or remedies available) may himself take out and/or maintain the necessary insurance policy or policies and the amount paid by him in respect of premiums shall be recoverable from the Contractor or deducted from any payment due or to become due to the Contractor under the Contract.
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Default in Insuring. If the Contractor fails to effect or renew such insurance as are necessary under this clause, the Government or the S.O. on its behalf may renew such insurance and pay the premium in respect thereof and deduct the amount so expended including On-Cost Charges (calculated by applying the ‘Percentage of On-cost Charges’ stated in Appendix to the premiums paid), from any money due or to become due to the Contractor under this Contract, and failing which such premium shall be recovered from the Performance Bond or as a debt due from the Contractor.
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Default in Insuring. Should the Contractor or any subcontractor default in taking out or maintaining the insurance policies as stipulated in Clauses 29.1 and 29.2, the Employer (without prejudice to any other rights and remedies available to him at law or under the Contract) may himself procure such insurance policies against any such risks and the amount paid by him in respect of premiums shall be recoverable from the Contractor.
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Default in Insuring. If the Contractor fails to effect or renew such insurances as are required to be effected and maintained under this Contract, the Government or the FSO on its behalf may effect or renew such insurance and shall be entitled to deduct a sum equivalent to the amount in respect of the premiums paid and On-Cost Charges (calculated by applying the percentage for On-cost Charges to the premiums paid), from any money due or become due to the Contractor under this Contract or to recover the same from the Performance Bond or as a debt due from the Contractor.
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Default in Insuring. In the event the Contractor defaults in taking out or maintaining the insurance policy or polices as stipulated in Clause 38A.1, the Employer (without prejudice to any rights or remedies available) may himself take out and/or maintain the necessary insurance policy or policies and the amount paid by him in respect of premiums shall be recoverable from the Contractor under Clause 48.
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Default in Insuring. If the Contractor fails to effect or renew such insurances as are required to be effected and maintained under this Contract, the Government or the FSO on its behalf may effect or renew such insurance and shall be entitled to deduct a sum equivalent to the amount in respect of the premiums paid and On-Cost Charges (calculated by applying the ‘Percentage for On-cost Charges’ stated in the Appendix to the Conditions of Contract in Appendix 5), from any money due or become due to the Contractor under this Contract or to recover the same from the Performance Bond or as a debt due from the Contractor.
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Default in Insuring. Should the Contractor default in taking out or maintaining the insurance policy or polices as stipulated in Clause 36.1, the Employer (without prejudice to any rights or remedies available) may himself take out and/or maintain the necessary insurance policy or policies and the amount paid by him in respect of premiums shall be recoverable from the Contractor under Clause 49. 37.1 Employee’s Social Security Scheme for Local Workmen
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Related to Default in Insuring

  • Failure to Pay Insurance If any Borrower fails to obtain insurance as hereinabove provided, or to keep the same in force, Agent, if Agent so elects, may obtain such insurance and pay the premium therefor on behalf of such Borrower, and charge Borrowers’ Account therefor as a Revolving Advance of a Domestic Rate Loan and such expenses so paid shall be part of the Obligations.

  • Increase in Insurance Premiums If an increase in any insurance premiums paid by Landlord for the Building is caused by Tenant's use of the Premises or if Tenant vacates the Premises and causes an increase in such premiums, then Tenant shall pay as additional rent the amount of such increase to Landlord.

  • Failure to Maintain Insurance Failure on the part of the Consultant to maintain the insurance as required shall constitute a material breach of agreement, upon which the City may, after giving five business days’ notice to the Consultant to correct the breach, immediately terminate the agreement or, at its discretion, procure or renew such insurance and pay any and all premiums in connection therewith, with any sums so expended to be repaid to the City on demand, or at the sole discretion of the City, offset against funds due the Consultant from the City.

  • Maintain Insurance The Credit Parties’ shall at all times insure and keep insured with insurance companies acceptable to Lender, all insurable property owned by the Credit Parties which is of a character usually insured by companies similarly situated and operating like properties, against loss or damage from environmental, fire and such other hazards or risks as are customarily insured against by companies similarly situated and operating like properties; and shall similarly insure employers’, public and professional liability risks. Prior to the date of the funding of any Loans under this Agreement, Borrower shall deliver to Lender a certificate setting forth in summary form the nature and extent of the insurance maintained pursuant to this Section. All such policies of insurance must be satisfactory to Lender in relation to the amount and term of the Obligations and type and value of the Collateral and assets of the Credit Parties, shall identify Lender as sole/lender’s loss payee and as an additional insured. In the event the Credit Parties fail to provide Lender with evidence of the insurance coverage required by this Section or at any time hereafter shall fail to obtain or maintain any of the policies of insurance required above, or to pay any premium in whole or in part relating thereto, then Lender, without waiving or releasing any obligation or default by Borrower hereunder, may at any time (but shall be under no obligation to so act), obtain and maintain such policies of insurance and pay such premium and take any other action with respect thereto, which Lender deems advisable. This insurance coverage: (i) may, but need not, protect the Credit Parties’ interest in such property, including, but not limited to, the Collateral; and (ii) may not pay any claim made by, or against, the Credit Parties in connection with such property, including, but not limited to, the Collateral. The Credit Parties may later cancel any such insurance purchased by Lender, but only after providing Lender with evidence that the insurance coverage required by this Section is in force. The costs of such insurance obtained by Lender, through and including the effective date such insurance coverage is canceled or expires, shall be payable on demand by the Credit Parties to Lender, together with interest at the Default Rate on such amounts until repaid and any other charges by Lender in connection with the placement of such insurance. The costs of such insurance, which may be greater than the cost of insurance which the Credit Parties may be able to obtain on its own, together with interest thereon at the Default Rate and any other charges by Lender in connection with the placement of such insurance may be added to the total Obligations due and owing to the extent not paid by the Credit Parties.

  • Key Person Insurance At any time during the Term, the Company shall have the right to insure the life of Executive for the Company’s sole benefit. The Company shall have the right to determine the amount of insurance and the type of policy. Executive shall reasonably cooperate with the Company in obtaining such insurance by submitting to physical examinations, by supplying all information reasonably required by any insurance carrier, and by executing all necessary documents reasonably required by any insurance carrier, provided that any information provided to an insurance company or broker shall not be provided to the Company without the prior written authorization of Executive. Executive shall incur no financial obligation by executing any required document, and shall have no interest in any such policy.