Common use of Failure to Secure and Maintain Required Insurance Clause in Contracts

Failure to Secure and Maintain Required Insurance. If the Company fails to obtain or maintain any insurance policy or endorsement required by this Agreement, the Agency shall have the right but not the obligation to procure such insurance policy or endorsement at the Company’s expense. If the Company fails to reimburse the Agency within seven (7) Days after being notified of the Agency’s payment of any insurance premium to obtain the needed insurance cover, the Agency can enforce reimbursement from the Performance or Operating Security in effect at that time. If the Performance or Operating Security is insufficient, the Agency shall deduct the cost of insurance from any amount due and payable by the Agency to the Company under this Agreement. Application of Insurance Proceeds

Failure to Secure and Maintain Required Insurance. If the Company fails to obtain or maintain any insurance policy or endorsement required by this Agreement, the Agency shall have the right but not the obligation to procure such insurance policy or endorsement at the Company’s expense. If the Company fails to reimburse the Agency within seven (7) Days after being notified of the Agency’s payment of any insurance premium to obtain the needed insurance cover, the Agency can enforce reimbursement from the Performance or Operating Security in effect at that time. If the Performance or Operating Security is insufficient, the Agency shall deduct the cost of insurance from any amount due and payable by the Agency to the Company under this Agreement. Application of Insurance Proceeds.