Policies Required Clause Samples

Policies Required. At its expense, Lessee shall secure and maintain with financially reputable insurers, one or more policies of insurance insuring the Leased Equipment and Lessee's utilization of the ITFS Channels against casualty and other losses of the kinds customarily insured against by firms of established reputations engaged in the same or similar line of business, or such types and in such amounts as are customarily carried under similar circumstances by such firms, including, without limitation: (i) "All Risk" property insurance covering the ITFS Equipment and the common Equipment to the extent of one hundred percent (100%) of its full replacement value without deduction for depreciation: (ii) comprehensive general public liability insurance covering liability resulting from lessee's operation of the ITFS equipment on an occurrence basis having minimum limits of liability in an amount of not less than One Million Dollars ($1,000,000.00) for bodily injury, personal injury or death to any person or persons in any one occurrence, and not less than Two Million Dollars ($2,000,000.00) in the aggregate for all such losses during each policy year, and not less than Three Hundred Thousand Dollars ($300,000.00) with respect to damage to property; (ii) all workers compensation, automobile liability and similar insurance required by law.

Policies Required. Prior to the commencement of any work, and at all times during the term of this Agreement, Licensee shall obtain and maintain continuously, at its own expense a policy, or policies of insurance with insurance companies rated A- VII or better by A.M. Best, as enumerated below. Any significant deductible, self-insured retention or coverage via captive must be disclosed and is subject to approval by District’s Risk Manager. The cost of any claim payments falling within the deductible or self-insured retention shall be the responsibility of the Licensee and not recoverable under any part of this Agreement.

Policies Required. While any obligation of Borrower or Guarantor under any Loan Document remains outstanding, Borrower shall maintain at Borrower’s sole expense, with insurers reasonably approved by Bondowner Representative, the policies of insurance, in form and substance reasonably satisfactory to Bondowner Representative, identified in Exhibit “C” attached hereto. In addition to the foregoing, Borrower shall also maintain at its sole expense with insurers approved by Bondowner Representative all other insurance reasonably required by Bondowner Representative from time to time for commercial construction loans made for residential rental properties. All such insurance shall meet all of the requirements set forth in Exhibit “C” and shall provide that it may not be cancelled or materially modified without thirty (30) days’ prior written notice to Bondowner Representative. No such insurance shall include deductible amounts to which Bondowner Representative has not previously consented in writing. Certificates of insurance for the required policies (and/or original policies, if required by Bondowner Representative) shall be delivered to Bondowner Representative annually and otherwise from time to time within ten (10) days after demand therefor. All policies insuring against damage to the Project shall contain an agreed value clause sufficient to eliminate any risk of co-insurance. No less than thirty (30) days prior to the expiration of each policy, Borrower shall deliver to Bondowner Representative evidence of renewal or replacement of such policy reasonably satisfactory to Bondowner Representative. Without limiting the generality of the language of this Section 11.1, the specific insurance requirements of Bondowner Representative are set forth in Exhibit “C” attached hereto. In the event of any inconsistency between the requirements set forth herein and the insurance requirements set forth in Exhibit C attached hereto, the requirements set forth in Exhibit “C” shall control to the extent of such inconsistency.

Policies Required. Lessee shall, at its own cost, maintain with sound and financially reputable insurers, insurance with respect to the Modified Station and Lessee's utilization of the Modified Station against casualty and other losses of the kinds customarily insured against by firms of established reputations engaged in the same or a similar line of business, of such types and in such amounts as are customarily carried under similar circumstances by such firms, including, without limitation:

Policies Required. At all times during the term of this Agreement, Attaching Utility shall keep in force and affect all insurance policies as described below:

Policies Required. At all times during the term of this Agreement, Licensee shall keep in force and effect all insurance policies as described below and shall name Electric Utility as an additional insured on all such policies, except workers compensation:

Policies Required. Each Loan Party shall, at its own expense, keep each Collateral Vessel insured with insurers and protection and indemnity clubs or associations of internationally recognized responsibility, and placed in such markets, on such terms and conditions, and through brokers, in each case reasonably satisfactory to the Collateral Agent (it being understood that ▇▇▇▇▇ and ▇▇▇▇▇▇ are satisfactory) and under forms of policies approved by the Collateral Agent against the risks indicated below:

Policies Required. While any obligation of Borrower or any Guarantor under any Loan Document remains outstanding, Borrower shall maintain at Borrower’s sole expense, with insurers reasonably approved by Lender, the policies of insurance, in form and substance reasonably satisfactory to Lender, identified in Exhibit L attached hereto and all other insurance reasonably required by Lender from time to time for commercial loans made for residential rental properties. All insurance shall meet all of the requirements set forth in Exhibit L and shall provide that it may not be cancelled or materially modified without thirty

Policies Required. Property (for the Property) – a policy or policies of “all risk” casualty insurance, special cause of loss form, in an amount not less than the full insurable value of the Property on a replacement cost basis. Such policy or policies must insure against loss or damage by hazards customarily included within such “all risk” policies and any other risks or hazards Lender may reasonably specify (including, without limitation, if required by Lender, mold, earthquake, flood, wind/hail, and/or coverage for acts of terrorism). The deductible or self-insured retention under such policy shall not exceed $25,000.00 The property policy must include (1) business income/rental value coverage with a limit acceptable to Lender and covering actual loss sustained for a period of at least 12 months, and (2) “ordinance or law” coverage, covering increased cost of construction resulting from a casualty event, cost of demolition of undamaged portion of the property, and resulting loss of income. Commercial General Liability – required on a per occurrence basis, providing coverage for liabilities with primary coverage of not less than $1,000,000 per occurrence, and $2,000,000 general aggregate per year, covering liability due to personal and bodily injury or death and property damage arising from premises and operations, elevators, escalators, independent contractors, contractual liability, products and completed operations. The deductible or self-insured retention under such policy shall not exceed $25,000.00. Lender should be shown as Named Insured and Lender as Additional Insured. W▇▇▇▇▇▇’▇ Compensation Liability and Employer Liability - insurance should be included in accordance with state requirements. The deductible or self-insured retention under such policy shall not exceed $25,000.00. Since Lender cannot be named as additional insured, Lender should be shown as Certificate Holder. Flood Insurance – Required, if applicable, in at least maximum coverage per the National Flood Insurance Program (NFIP) (currently $500,000). A separate flood policy, declaration page(s), or signed application and proof of payment are acceptable as evidence of insurance for closing. Flood zones beginning with letter “A” or “V” are considered flood zones.