Compulsory Insurance Sample Clauses
The Compulsory Insurance clause requires one or both parties to obtain and maintain specific types of insurance coverage as a condition of the agreement. Typically, this clause will outline the minimum coverage amounts, the types of risks to be insured against (such as liability, property damage, or workers’ compensation), and may require proof of insurance to be provided to the other party. Its core function is to ensure that adequate financial protection is in place to cover potential losses or liabilities, thereby reducing risk and providing reassurance to all parties involved in the contract.
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Compulsory Insurance. Insurances required to comply with all statutory requirements including Workers Compensation and Motor Liability Insurances. The Compulsory Insurance effected by the Company shall contain an indemnity clause in favour of the Senior Secured Creditors.
Compulsory Insurance. 7 .6 .1 The employer is obliged to buy accident and life insurance according to Articles 7 .1 and 7 .2 from an insurance company with an operating license in Iceland which fulfills the requirements on insurance set above by this Collective Agreement .
7 .6 .2 Aspects of the insurance not addressed in this section of this Collective Agreement shall be subject to the terms and conditions of the insurance com- pany involved and the Insurance Contracts Act, No . 30/2004 .
7 .6 .3 The requirements set above on accident and life insurance and the new com- pensation amounts are valid for accidents taking place after 1 September 2016 .
Compulsory Insurance. Insurances required to comply with all statutory requirements in the Macau SAR.
Compulsory Insurance. The purchaser is obliged to adequately insure the goods delivered by maweco against loss, fire and damage. This compulsory insurance ex- ▇▇▇▇▇ when the goods are no longer under the retention of title, in the broadest sense, of the maweco company. The purchaser shall alrea- dy assign now all claims arising from the respective insurance con- tracts to maweco. ▇▇▇▇▇▇ accepts this assignment. The purchaser is also obliged to adequately insure packaging material, racks, tools, etc., that maweco produces against loss and damage. In this respect the purchaser shall already assert now the claims arising from the in- surance benefit to maweco who accepts the assignment. The purcha- ser must immediately inform the insurer in the event of the occurrence of the insurance and maweco about the occurrence of a damaging event. Upon request, the purchaser shall provide proof about the con- clusion of the insurance.
Compulsory Insurance. In accordance with a bodily injury liability policy, required under the Motor Vehicle Insurance Ordinance (New Version), 5730- 1970. The provisions, terms and exclusions of such policy constitute an integral part hereof.
Compulsory Insurance. Insurances required to comply with all statutory requirements including Workers Compensation and Motor Liability Insurances as applicable.
(i) Cover hereunder shall apply in the same manner and to the same extent as if individual policies had been issued to each insured party provided that the total liability of the Insurers to all of the insured parties collectively shall not exceed the sums insured and limits of indemnity including any inner limits set by memorandum or endorsement stated in the policy.
(ii) Any payment or payments by insurers to any one or more such insured parties shall reduce to the extent of that payment Insurers liability to all such parties arising from any one event giving rise to a claim under this policy and (if applicable) in the aggregate.
(iii) The Insurers acknowledge that the Secured Parties and (in respect of third party liabilities) their respective officers, directors, employees, secondees and assigns are each additional co-insureds under this Policy and that the premium specified in this Policy provides consideration for their being co-insured parties.
(iv) Neither the Security Agent nor any other of the Secured Parties shall be liable for the payment of any premium under this Policy although they may choose to pay the premium. This shall not relieve any other insured party from its obligations to pay any premium under this Policy.
(v) Save in the case of the Secured Parties, each of the insured parties will at all times preserve and enforce the various contractual agreements entered into by such insured party and the contractual remedies of such party in the event of Damage.
(vi) The insurers shall be entitled to avoid liability to or (as may be appropriate) claim damages from any of the insured parties in circumstances of fraud, misrepresentation, non-disclosure or breach of any warranty or condition of this Policy committed by that insured party (other than where the first obligation to disclose or perform lies with parties other than the Secured Parties) (each referred to in this Policy as a “Vitiating Act”).
(vii) However (save as provided in this Multiple Insured’s Clause) a Vitiating Act committed by one insured party shall not prejudice the right of indemnity of any other insured party who has an insurable interest and who has not committed a Vitiating Act.
(viii) Insurers waive all rights of subrogation or action which they may have or acquire against any insured party except (save in the case of any Secured Par...