Common use of General Liability Insurance Coverage Clause in Contracts

General Liability Insurance Coverage. N7 shall carry and maintain the following insurance for a minimum period of no less than twenty-four (24) months following Closing (“Sellers’s Insurance”), at its sole cost and expense Commercial General Liability Insurance applicable to the Purchased Assets, the Business, its leased premises and its appurtenances, providing, on an occurrence basis, a minimum combined single limit of $2,000,000.00. Any company writing any of Sellers’s Insurance shall have an A.M. Best rating of not less than A-VIII. All Commercial General Liability Insurance policies shall name Buyer and each Seller as a named insured and Buyer (or any successor) and other designees of Buyer as the interest of such designees shall appear, as additional insureds. All policies of Sellers’ Insurance shall contain endorsements that the insurer(s) shall give the Buyer and its designees at least 30 days’ advance written notice of any change, cancellation, termination or lapse of insurance. Sellers shall provide the Buyer with a certificate of insurance evidencing Sellers’ Insurance prior to the Closing Date, and upon renewals at least 15 days prior to the expiration of the insurance coverage. Except as specifically provided to the contrary, the limits of either party’s insurance shall not limit such party’s liability under this Purchase Agreement.