Customer’s Required Insurance Sample Clauses
The 'Customer’s Required Insurance' clause defines the types and amounts of insurance coverage that the customer must maintain during the term of an agreement. Typically, this clause specifies minimum coverage limits, such as general liability or professional indemnity, and may require the customer to provide proof of insurance or name the other party as an additional insured. Its core function is to allocate risk and ensure that the customer is financially protected against potential losses or liabilities arising from the contract.
Customer’s Required Insurance. Customer, at Customer’s sole cost and expense, shall carry and maintain the following insurance with companies authorized to do business in the applicable jurisdictions and possessing a minimum A.M. Best rating of A-VIII:
(a) Commercial General Liability insurance with minimum limits of $1,000,000 per occurrence, $2,000,000 aggregate, covering bodily injury liability, personal injury liability and property damage liability, and including contractual liability, products and completed operations coverage;
(b) Statutory Worker’s Compensation insurance;
(c) Employer’s Liability insurance with a minimum limit of $1,000,000 each accident; and
(d) Automobile Liability insurance with a minimum limit of $1,000,000 each accident; and
(e) Umbrella policy with a minimum limit of $5,000,000, scheduling General Liability, Automobile Liability and Employers Liability coverages.
Customer’s Required Insurance. See Exhibit 12.