Common use of Financial Responsibility and Insurance Clause in Contracts

Financial Responsibility and Insurance. Licensee hereby waives all claims against Licensor and American for damages to property or injuries to persons arising out of the operation of Licensee's business and Licensee shall indemnify and save Licensor and American harmless of and from any damage or injury to property or persons arising from or growing out of the operations of Licensee's business. Licensee further agrees to purchase and maintain in full force and effect, at Licensee's expense, public liability insurance in an amount not less than $500,000, or such greater amount as Licensor periodically may reasonably specify taking into account inflation, risk levels or other factors deemed important by Licensor, insuring both parties hereto, and American, by name, from liability for any and all such damage or injury and waiving the insurer's rights or subrogation against Licensor and American. Licensee agrees to deliver to Licensor periodically a certificate evidencing the existence of such insurance coverage and which provides that Licensor will be given not less than thirty (30) days written notice of material change of or termination or cancellation of the policy.

Financial Responsibility and Insurance. Licensee hereby waives all claims against Licensor and American for damages to property or injuries to persons arising out of the operation of Licensee's business and Licensee shall indemnify and save Licensor and American harmless of and from any damage or injury to property or persons arising from or growing out of the operations of Licensee's business. Licensee further agrees to purchase and maintain in full force and effect, at Licensee's expense, public liability insurance in an amount not less than $500,000, 500,000 or such greater amount as Licensor periodically may reasonably specify taking into account inflation, risk levels or other factors deemed important by Licensor, insuring both parties hereto, and American, by name, from liability for any and all such damage or injury and waiving the insurer's rights or subrogation against Licensor and American. Licensee agrees to deliver to Licensor periodically a certificate evidencing the existence of such insurance coverage and which provides that Licensor will be given not less than thirty (30) days written notice of material change of or termination or cancellation of the policy.