Common use of Automobile Liability Insurance and Excess (Umbrella) Liability Insurance Clause in Contracts

Automobile Liability Insurance and Excess (Umbrella) Liability Insurance. including owned, non-owned and hired vehicle coverage with minimum limits totaling five million dollars ($5,000,000) for death, bodily injury and property damage claims. Except for the coverage required by subparagraph 25.b(iv) (Pollution), which shall be written only on a “claims made” basis, each of the above required policies of insurance shall be written on an “occurrence” basis unless the policy is available only on a “claims made” basis, in which case such “claims made” insurance coverage shall be maintained in effect for a period of at least five (5) years after the termination of this Agreement, or until final release of Contractor’s environmental reclamation bonds required by any regulatory authority, if any, whichever shall last occur. The Contractor may, at its sole discretion, insure for direct property damage to its vehicles, mobile equipment, or other physical assets at or about the Premises, and the Contractor will cause its insurers to waive their rights of subrogation against Owner or Owner’s Indemnified Persons and other persons or entities working on the Premises. Prior to commencing the Work hereunder, Contractor shall provide Owner with copies of the policies of insurance and certificates of workers’ compensation coverage required under this Agreement, which policies shall name Owner as additional insured, along with written assurance of the insurance company or companies that Owner will be advised in writing not less than thirty (30) days prior to any cancellation of any such insurance. If at any time Contractor shall allow such insurance to lapse, Owner may, at its option, terminate this Agreement forthwith. Contractors’ obligation to maintain insurance under this section shall not limit or restrict in any way Contractor’s undertaking to protect, indemnify, hold harmless, and defend Owner and Owner’s indemnified persons as set forth in Section 25(b) or any other provision of this Agreement.