Common use of Failure to Obtain or Maintain Insurance Clause in Contracts

Failure to Obtain or Maintain Insurance. If the Subcontractor fails to obtain the required insurance coverage, or if that coverage is permitted to lapse, or is canceled or ceases to be in effect, for any reason, at any time before the Work is completed (or such later date as is specified by the Owner/Contractor Contract or this Subcontract), that event shall constitute a breach entitling the Contractor to exercise all available remedies herein, including termination of this Subcontract for default. Subcontractor shall be liable to Contractor for any damages, costs, or expenses related to Subcontractor’ failure to timely obtain or maintain the insurance coverage required herein, including any delays in the completion of the Work related to the Subcontractor's failure to obtain or maintain insurance.