Common use of Equipment Insurance Clause in Contracts

Equipment Insurance. If you are leasing Equipment, you shall procure and continuously maintain and pay for (i) all risk insurance against loss of and damage to the Equipment for not less than the full replacement value of each Unit, naming us as loss payee, and (ii) public liability and property damage insurance insuring against third party personal and property damage in respect of the use and operation of the Equipment in an amount not less than One Million Dollars ($1,000,000 USD) per occurrence. Each insurance policy shall name us as an additional named insured and as a loss payee, and shall provide that there shall be no recourse against us for payment of premiums or other amounts. The insurance shall be in such form and with such company or companies as shall be reasonably acceptable to us. Promptly, but in no event later than thirty (30) days from the Purchase Date, you shall provide to us a certificate evidencing such insurance. You hereby appoint us as your attorney-in-fact to make claim for, receive payment of, and execute and endorse all documents, checks, or drafts received in payment for any loss or damage to the Equipment under any such insurance policy. Failure to provide such certificate of insurance in a timely manner will be considered a breach of this Agreement.