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

Failure to Provide or Maintain Insurance. Failure on the part of the Contractor to procure or maintain the required insurance shall constitute a material breach of this Agreement upon which the Owner may immediately terminate this Agreement, or at its discretion procure new or renew such insurance and pay all premiums in connection therewith, and all monies so paid by the Owner shall be repaid by the Contractor to the Owner upon demand, or the Owner may offset the cost of such premiums together with interest at the statutory legal rate against any money due the Contractor from the Owner. Costs for coverages maintained by the Contractor in excess of those required hereunder shall not be charged to the Owner.

Failure to Provide or Maintain Insurance. Failure on the part of the Contractor to procure or maintain the required insurance shall constitute a material breach of this Agreement contract upon which the Owner may immediately terminate this Agreementcontract, or at its discretion procure new or renew such insurance and pay all premiums in connection therewith, and all monies so paid by the Owner shall be repaid by the Contractor to the Owner upon demand, or the Owner may offset the cost of such premiums together with interest at the statutory legal appropriate rate against any money due the Contractor from the Owner. Costs for coverages maintained by the Contractor in excess of those required hereunder shall not be charged to the Owner without prior written approval of the Owner.