AAC Insurance Clause Samples

The AAC Insurance clause establishes the requirement for a party to maintain insurance coverage as specified by the American Association of Colleges (AAC) standards or similar guidelines. Typically, this clause outlines the types and minimum amounts of insurance—such as general liability, professional liability, or property insurance—that must be held throughout the duration of the agreement. By mandating adequate insurance, the clause ensures that both parties are protected against potential financial losses arising from claims, accidents, or other unforeseen events, thereby allocating risk and promoting financial responsibility.
AAC Insurance. (a) AAC shall, until expiration of the last batch of Product or CoSeal Unit sold or manufactured by AAC, its Affiliates, and sublicensees for Baxter under this Manufacturing Agreement, obtain and maintain at its own cost and expense, any combination of insurance or self-insurance, at AAC’s sole discretion, for its commercial liability, including, but not limited to, product liability and contractual liability insurance, with respect to its activities hereunder. (b) Such insurance or self-insurance shall be in such amounts and subject to such deductibles as the Parties may agree based upon standards prevailing in the industry at the time, but under no circumstances shall be less than: (i) [***] per occurrence for damage, injury and/or death to persons prior to Regulatory Authority approval of a CoSeal Unit; (ii) [***] per occurrence for damage, injury and/or death to persons after Regulatory Authority approval of a CoSeal Unit; or [***] per occurrence for damage/or injury to property. Such insurance or self-insurance shall be written to cover claims incurred, discovered, manifested, or made in connection with clinical development and commercial sale of CoSeal Units in the Territory. Upon the written request of Baxter, AAC shall provide to Baxter copies of its Certificates of Insurance.
View SourceView Similar (2)
AAC Insurance. (a) AAC shall, until expiration of the last batch of Product or CoSeal Unit sold or manufactured by AAC, its Affiliates, and sublicensees for Baxter under this Manufacturing Agreement, obtain and maintain at its own cost and expense, any combination of insurance or self-insurance, at AAC’s sole discretion, for its commercial liability, including, but not limited to, product liability and contractual liability insurance, with respect to its activities hereunder. (b) Such insurance or self-insurance shall be in such amounts and subject to such deductibles as the Parties may agree based upon standards prevailing in the industry at the time, but under no circumstances shall be less than: (i) Four Million Dollars ($4,000,000) per occurrence for damage, injury and/or death to persons prior to Regulatory Authority approval of a CoSeal Unit; (ii) Ten Million Dollars ($10,000,000) per occurrence for damage, injury and/or CONFIDENTIAL death to persons after Regulatory Authority approval of a CoSeal Unit; or One Million Dollars ($1,000,000) per occurrence for damage/or injury to property. Such insurance or self-insurance shall be written to cover claims incurred, discovered, manifested, or made in connection with clinical development and commercial sale of CoSeal Units in the Territory. Upon the written request of Baxter, AAC shall provide to Baxter copies of its Certificates of Insurance.
View Source

Related to AAC Insurance

  • ▇▇▇▇ ▇▇▇▇▇ Insurance (a) If an Employee is in receipt of an Incolink benefit and suffers a disability for a period of more than 14 days, they will have access to a benefit under a policy procured by Incolink to reimburse domestic bills which the worker receives and pays during their disablement. (b) This policy will reimburse up to $300 per bill up to a maximum of $6,000 for all bills for any one period of disablement. (c) The Employer will pay a contribution on behalf of each Employee of $1.50 per week per Employee in accordance with the relevant Incolink trust deed or other governing documents.

  • FDIC Insurance For any deposit accounts you open, the FDIC requires Bank to disclose, and you hereby acknowledge, that deposits held by Evolve Bank & Trust are insured up to $250,000 federal deposit insurance limit, per depositor for each ownership category.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Umbrella Insurance During the term of this Contract, Supplier will maintain umbrella coverage over Employer’s Liability, Commercial General Liability, and Commercial Automobile. Minimum Limits: $2,000,000

  • Group Insurance All employees covered by this Agreement shall receive the same group insurance benefits as provided to other County employees in accordance with the County Benefit Program.