Common use of General Liability Policies Clause in Contracts

General Liability Policies. Each of Crane Company (on its own behalf and on behalf of each other member of the Crane Company Group) and Crane NXT, Co. (on its own behalf and on behalf of each other member of the Crane NXT Group) covenants and agrees that it will procure and maintain, at its sole cost and expense, for a period of no less than five (5) years from the Effective Time, annual occurrence-based general liability insurance policies issued by insurers with an A.M. Best Company financial strength rating of “A-” or better (such policies maintained by Crane Company, the “Crane Company GL Policies”, and such policies maintained by ▇▇▇▇▇ NXT, Co., the “Crane NXT GL Policies”, and collectively, the “GL Policies”). The GL Policies shall provide coverage that is appropriate for the risks insured and shall contain terms and conditions that are similar to the (i) Crane NXT, Co.’s primary, umbrella and excess general liability policies in place as of the Effective Time, in the case of the Crane Company GL Policies; and (ii) Crane Company’s primary, umbrella and excess general liability policies in place as of the Effective Time, in the case of the Crane NXT GL Policies.