Existing Insurance Coverage Clause Samples

The Existing Insurance Coverage clause requires parties to disclose and maintain any insurance policies that are already in place prior to entering into the agreement. This typically involves providing details about current coverage, such as policy types, limits, and insurers, and may require parties to ensure that these policies remain active throughout the contract term. The core function of this clause is to ensure transparency regarding insurance arrangements, prevent gaps in coverage, and clarify the responsibilities of each party in the event of a claim or loss.
Existing Insurance Coverage. (a) From and after the Closing, the Seller shall use reasonable efforts (which shall not require acceptance of materially adverse changes in its existing insurance policies or in any replacement insurance policies or other materially adverse effects on the Seller), subject to the terms of the Seller's Insurance Policies, to retain the right to make claims and receive recoveries, subject to the provisions of this Section 6.12, for the benefit of the Company under such of the Insurance Policies of the Seller which benefit the Company and which are not transferred to the Buyer at Closing or retained by the Company. The Seller further agrees to use its reasonable efforts to assist the Company in its efforts to make any such claims and receive any such recoveries. With respect to any actions, suits and proceedings against, and any losses, liabilities, damages or expenses of, the Company arising out of events or circumstances which are covered by any such Insurance Policies (each an Insured Liability), the Seller shall promptly pay to the Buyer or the Company the proceeds of such Insurance Policies in respect of any such Insured Liability actually received by the Seller (it being understood that any proceeds of such insurance policies applied directly by the insurance carrier(s) to such Insured Liability shall be deemed to be a payment made by the Seller in respect of such Insured Liability). Subject to the right of the Buyer to seek indemnification pursuant to the provisions of Section 10.1: (i) the Parent, the Buyer and the Company shall be fully liable, jointly and severally, for all deductibles, retentions, exclusions and any portion of retrospective premium adjustments attributable to such Insured Liabilities as reasonably determined by the Seller and the Seller's insurance carrier (after consultation with the Buyer), and other amounts, losses and expenses to the full extent not paid, for whatever reason, by such insurance carrier(s) or not covered by such insurance policies, it being understood that the Seller shall be under no obligation to make any such payments or to advance any such payments; and (ii) the Parent and the Buyer agree, jointly and severally, to reimburse, indemnify and hold the Seller and its affiliates harmless for out-of-pocket costs and expenses (including, without limitation, any retroactive premium adjustments and current or prospective premium increases imposed on the Seller or any of its affiliates resulting from Insured Liabilitie...
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Existing Insurance Coverage. If, after December 1, 1997, any of Shell, Star, TRMI (East), Shell Norco, SRI or their Affiliates receives, directly or indirectly, from any insurer cash proceeds attributable to (i) casualty and property (but not liability or business interruption for periods prior to the Effective Time) insurance coverage applicable to any of the Contributed Assets with respect to any occurrence or any series of related occurrences on or after December 1, 1997 or (ii) real property title insurance in respect of any of the Contributed Assets, which proceeds, in either the case of clause (i) or (ii), aggregate in excess of $1,000,000 for such occurrence or series of related occurrences, then such recipient shall pay over such cash proceeds to the Company (net of any deductible, co-payment, retro fees, premiums, costs or other charges payable to the insurance carrier or obligations to reimburse the insurance carrier for which it is liable and net of the cost of collection) except to the extent that (x) the damage or loss incurred as a result of such occurrence or series of occurrences was repaired, restored or reimbursed by or on behalf of such recipient prior to the Effective Time or will be obligated to be reimbursed by such recipient pursuant to the Motiva Joint Venture Documents or (y) Shell, SRI and Texaco have otherwise expressly agreed in writing that such proceeds shall not be paid over to the Company. Any such payment paid over to the Company shall reduce any amounts payable by such recipient or its Affiliates with respect to such occurrence under Article 8 of the Master Agreement. Any other insurance proceeds received by any of Shell, Star, TRMI (East), Shell Norco, SRI or their Affiliates with respect to any occurrence or series of occurrences prior to the Effective Time shall be retained by such recipient.
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Existing Insurance Coverage. At Closing, Moog will cancel ---------------------------- insurance coverage applicable to the TC Business for occurrences or claims made after the Closing Date; PROVIDED, HOWEVER, that the remaining insurance coverage shall be available to SMP with respect to insured occurrences or claims made relating to the TC Business on or prior to the Closing Date, if and only to the extent that SMP has assumed or paid the loss or liability attributed to such occurrences. If, after the Closing, Moog actually receives from an insurer cash proceeds (excluding any return of premium or reimbursed attorneys or investigation or other fees) attributable to such insurance coverage with respect to any insured occurrences or any series of occurrences on or prior to the Closing Date or any claims that were asserted on or prior to the Closing Date, then such cash proceeds shall be paid to SMP net of any deductible, co-payment, retro fees, self-insured premiums, defense costs or other charges paid or payable to the insurance carrier or obligations to reimburse the insurance carrier for which Moog is liable, to the extent that SMP has assumed or paid the loss or liability attributed to such occurrences. SMP shall reimburse Moog for any administrative costs, retro fees, premiums, self-insured or deductible loss costs or other expenses that Moog is charged after the Closing by such insurance carrier relating to claims paid to SMP subsequent to Closing under insurance coverage applicable to the TC Business prior to Closing.
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Existing Insurance Coverage. 24 6.10. [ ] 24 6.11. Access to Auburn Facility..................................................................................25 6.12. [ ] 25 TABLE OF CONTENTS (CONTINUED)
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Existing Insurance Coverage. On or after the Closing Date, Seller will cancel any insurance coverage applicable to the occurrences (with respect to any "occurrence" policies) or claims made (with respect to any "claims-made" policies) after the Closing Date in respect of the Cyrk CPG Business or the Subsidiaries. If after the Closing, the Buyer or any Subsidiary receives cash proceeds from an insurer that are attributable to such insurance coverage with respect to any insured occurrences or any series of occurrences on or prior to the Closing Date or any claims that were made on or prior to the Closing Date, then such cash proceeds will promptly be paid to Seller, except for any cash proceeds received by Buyer for any loss or liability attributed to such occurrence or series of occurrences or claims made which is an Assumed Liability and except for any right to receive such cash proceeds which is included within the determination of the Closing Purchase Price, in which case Buyer shall retain such cash proceeds.
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Existing Insurance Coverage. As of the Closing Date, Seller will cancel insurance coverage applicable to Seller occurrences (as such term "occurrence" policies) or claims made (with respect to any "claims- made" policies) after the Closing Date (other than insurance policies in the name of Seller or an Affiliate thereof; provided, however, that the remaining insurance coverage will be available to Buyer with respect to insured occurrences or series of occurrences relating to the Business or claims made on or prior to the Closing Date to the extent that Buyer has retained, assumed or paid the loss or liability attributed to such occurrence or series of occurrences or claims made. If after the Closing, Seller receives cash proceeds (excluding any return of premium or reimbursed attorneys or investigation or other fees) from an insurer that are attributable to such insurance coverage with respect to any insured occurrences or any series of occurrences on or prior to the Closing Date or any claims that were made on or prior to the Closing Date, then such cash proceeds will be paid to Buyer to the extent that Buyer has assumed or paid the loss or liability attributed to such occurrence or series of occurrences or claims made. Seller shall use its reasonable efforts to cooperate with Buyer to ensure that there are no gaps in insurance coverage with respect to the Business as a result of this Agreement.
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Existing Insurance Coverage. 27 10.7 Payment of Remainder of Stay Bonuses .......... 27 10.8
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Existing Insurance Coverage. If, after December 1, 1997, any of Shell Newco, TRMI, TRMI Holdings, Texaco Pipeline, Texaco Trading, Texaco Convent, Texaco Anacortes or their Affiliates receives, directly or indirectly, from any insurer cash proceeds attributable to (i) casualty and property (but not liability or business interruption for periods prior to the Effective Time) insurance coverage applicable to any of the Contributed Assets with respect to any occurrence or any series of related occurrences on or after December 1, 1997 or (ii) real property title insurance in respect of any of the Contributed Assets, which proceeds, in either the case of clause (i) or (ii), aggregate in excess of $1,000,000 for such occurrence or series of related occurrences, then such recipient shall pay over such cash proceeds to the Company (net of any deductible, co-payment, retro fees, premiums, costs or other charges payable to the insurance carrier or obligations to reimburse the insurance carrier for which it is liable and net of the cost of collection) except to the extent that (x) the damage or loss incurred as a result of such occurrence or series of occurrences was repaired, restored or
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Related to Existing Insurance Coverage

  • Insurance Coverages The Consultant shall procure and maintain, at its sole cost and expense, in a form and content satisfactory to City, during the entire term of this Agreement including any extension thereof, the following policies of insurance which shall cover all elected and appointed officers, employees and agents of City: (a) General Liability Insurance (Occurrence Form CG0001 or equivalent). A policy of comprehensive general liability insurance written on a per occurrence basis for bodily injury, personal injury and property damage. The policy of insurance shall be in an amount not less than $1,000,000.00 per occurrence or if a general aggregate limit is used, then the general aggregate limit shall be twice the occurrence limit.

  • Insurance Coverage The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure.

  • REINSURANCE COVERAGE Reinsurance under this Agreement will apply to insurance issued by Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below or on a facultative basis, subject to the requirements set forth in Section B below. The specifications for all reinsurance under this Agreement are provided in Schedule A. A. Requirements for Automatic Reinsurance For risks which meet the requirements for automatic reinsurance as set forth below, Reinsurer will participate in a reinsurance pool whereby Reinsurer will automatically reinsure a portion of the insurance risks as indicated in Schedule A. The requirements for automatic reinsurance are as follows: 1. Each life must be a resident of the United States or Canada at the time of application. 2. Each life must be underwritten according to the Ceding Company's standard underwriting practices and guidelines. Any life falling into the category of special underwriting programs will be excluded from this Agreement unless previously agreed to by the Reinsurer via a written amendment. 3. Any risk offered on a facultative basis by the Ceding Company to the Reinsurer or any other company will not qualify for automatic reinsurance under this Agreement for the same risk and same life. 4. The maximum issue age on any risk will be age 85. 5. The mortality rating on each risk must not exceed Table 16, Table P, or 500%, or its equivalent, as shown in the Ceding Company's retention schedule, on a flat extra premium basis. However, one life may be uninsurable if the other life meets the preceding requirements. 6. The total face amount of insurance for the Plans of Insurance in Schedule A to be reinsured on an automatic basis must not exceed the Automatic Issue Limits in Exhibit II. 7. The total amount of insurance issued and applied for in all companies on each life must not exceed the jumbo limits as stated in Exhibit II. 8. The Ceding Company shall retain it's maximum limit of retention for the age and risk classification of each life, as shown in Exhibit II, either on previous insurance or insurance currently applied for.

  • Insurance Cover Without prejudice to the provisions contained in Clause 26.1, the Concessionaire shall, during the Operation Period, procure and maintain Insurance Cover including but not limited to the following: (a) Loss, damage or destruction of the Project Assets, including assets handed over by the Authority to the Concessionaire, at replacement value; (b) Comprehensive third party liability insurance including injury to or death of personnel of the Authority or others caused by the Project; (c) The Concessionaire’s general liability arising out of the Concession; (d) Liability to third parties for goods or property damage; (e) Workmen’s compensation insurance; and (f) any other insurance that may be necessary to protect the Concessionaire and its employees, including all Force Majeure Events that are insurable at commercially reasonable premiums and not otherwise covered in items(a) to (e) above.

  • Required Insurance Coverages The Contractor also agrees to purchase insurance and have the authorized agent state on the insurance certificate that the Contractor has purchased the following types of insurance coverages, consistent with the policies and requirements of O.C.G.A. §50-21-37. The minimum required coverages and liability limits are as follows: