Common use of Property Damage Liability Clause in Contracts

Property Damage Liability. For all damage arising out of injury to or destruction of property in any one occurrence.............................. $3,000,000 Aggregate Products Completed Operations.......................... $3,000,000 Aggregate Operations............................................. $3,000,000 Aggregate Productive............................................. $3,000,000 Aggregate Contractual............................................ $3,000,000 The insurance required hereunder shall be maintained in effect during the performance of the construction work. A certified copy of each of the policies or a certificate or certificates evidencing the existence thereof, or binders, shall be delivered to Pan American at least fifteen (15) days prior to the commencement of any work. In the event any binder is delivered, it shall be replaced within thirty (30) days by a certified copy of the policy or a certificate. Each such copy or certificate shall contain a valid provision or endorsement that the policy may not be cancelled, terminated, changed or modified without giving fifteen (15) days' written advance notice thereof to Pan American and the Port Authority. The aforesaid insurance shall be written by a company or companies approved by Pan American, Pan American agreeing not to withhold its approval unreasonably. If at any time any of the insurance policies shall be or become unsatisfactory to Pan American as to form or substance or if any of the carriers issuing such policies shall be or become unsatisfactory to Pan American, the User shall promptly obtain a new and satisfactory policy in replacement, Pan American agreeing not to act unreasonably hereunder.