EQUIVALENT COVERAGE Clause Samples
The Equivalent Coverage clause ensures that any insurance or protection required under an agreement can be satisfied by coverage that is substantially similar in scope and value to what is specified. In practice, this means that if a party cannot obtain the exact type of insurance named in the contract, they may provide a comparable policy that offers the same level of protection, subject to the other party's approval. This clause provides flexibility in meeting contractual insurance requirements, helping to prevent delays or breaches due to minor differences in policy terms while still maintaining the intended risk protection.
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EQUIVALENT COVERAGE. Contractor may comply with the CGL, auto, or employer’s liability coverage requirements through a combination of CGL (or auto or employer’s, respectively) and excess/umbrella to equal or exceed the minimum combined total for those coverages stated above.
EQUIVALENT COVERAGE. Medical insurance is available to members of the bargaining unit through contracts and agreements with various insurance carriers selected by the University. The University may offer a new plan (or plans) and provider(s) with coverage levels and other terms as determined by the HR division. However, the current subsidy and cost increase sharing ratios, as outlined in Section A of this Article, shall be maintained for future cost increases arising for any new plan(s). The University may substitute one carrier for another, provided that any substitution shall provide equivalent coverage over a similar geographic area within Southeastern Michigan. Equivalent coverage is not exactly the same, but is essentially as good on an overall basis across the plan. The union shall be notified of the substitution of an existing carrier within no less than 60 days prior to the effective date of such change. The union shall then have the opportunity (for the next 30 days after notice) to confer on the replacement plan with the University, prior to implementation.
EQUIVALENT COVERAGE. Medical insurance is available to members of the bargaining unit through contracts and agreements with various insurance carriers selected by the University. The University may offer a new plan (or plans) and provider(s) with coverage levels and other terms as they determine. However, the current subsidy and cost increase sharing ratios, as outlined in Section A of this Article, shall be maintained for future cost increases arising for any new plan(s). The University may substitute one carrier for another, provided that any substitution shall provide equivalent coverage over a similar geographic area within Southeastern Michigan. Equivalent coverage is not exactly the same, but is essentially as good, or better than, on an overall basis across the plan. The union shall be notified of the substitution of an existing carrier within no less than 60 days prior to the effective date of such change. The union shall then have the opportunity (for the next 30 days after notice) to confer on the replacement plan with the University, prior to implementation. The Employer may unilaterally cancel an existing Medical Insurance Plan providing it accords affected Employees with conversion privileges to any successor plan of the Employee's choice. A change in health insurance carrier may result in a change in coverage as permitted in the above section on equivalent coverage.
EQUIVALENT COVERAGE. The Employer and the Union agree that all benefits listed in this Article are subject to change upon mutual agreement of the parties; and that the levels and types of coverage provided shall be the equivalent of those under the plans listed in this Article unless mutually agreed to be otherwise.
EQUIVALENT COVERAGE. The NFTA and the Association agree that all benefits (except medical insurance) listed in this Article are subject to change upon mutual agreement of the parties and that the levels and types of coverage provided shall be the equivalent of those under the plans listed in this Article, unless mutually agreed upon to be otherwise.
EQUIVALENT COVERAGE. The NFTA and the Association agree that all benefits (except medical insurance) listed in this Article are subject to change upon mutual agreement o f the parties and that ••' the levels and types of coverage provided shall be the equivalent of those under the plans -listed in this Article, unless mutually agreed upon to be otherwise. • ARTICLE VIII - RETIREMENTBENEFITS--------- ---------------------
EQUIVALENT COVERAGE. Subcontractor will obtain equivalent insurance coverage from each of its tier-subcontractors or suppliers prior to their mobilization at the Project site, per Article 8 of this Subcontract and this Exhibit. The insurance requirements in this Exhibit (including additional insured requirements) will become part of any purchase order or subcontract issued by Subcontractor as though fully set forth in that purchase order or subcontract.