General Requirements Applicable to Insurance Sample Clauses
General Requirements Applicable to Insurance. The insurances which the Concessionaire is required to effect under Section 14.02(a) and Sections 14.02(b) above:
(i) shall be effected with insurers approved by the Department (such approval not to be unreasonably withheld);
(ii) shall be on terms approved by the Department (such approval not to be unreasonably withheld);
(iii) shall not contain any exclusion, endorsement or alteration, unless it is first approved by the Department (such approval not to be unreasonably withheld);
(iv) other than for workers compensation insurance and automobile liability insurance and contractor pollution liability insurance without inferring a right of cancellation that would not exist in the absence of these endorsements, shall contain a term which requires the insurer to give not less than 30 days’ prior notice to the Department whenever the insurer gives the Concessionaire a notice of cancellation or any other notice with respect to the policy;
(v) with regard to workers compensation insurance, automobile liability insurance and contractor pollution liability insurance, shall be effected on a severability of interest basis for the purposes of which the insurer accepts the term “insured” as applying to each of the persons comprising the insured as if a separate policy of insurance had been issued to each of them (subject always to the overall sum insured not being increased as a result);
(vi) shall be endorsed so that the insurer agrees to waive all rights of subrogation or action that it may have or acquire against all or any of the persons comprising the insured;
(vii) other than for workers compensation insurance, automobile liability insurance, contractor pollution liability insurance, shall contain a provision under which the insurer agrees that the failure of one insured to observe and fulfill the terms of the policy will not prejudice the policy with respect to the interests of the other insureds; and
(viii) other than for workers compensation insurance and automobile liability insurance, have each policy endorsed to the effect that the Department and the other insureds shall not be prejudiced by an unintended and/or inadvertent error, omission or misdescription of the risk interest in property insured under the policies, incorrect declaration of values, failure to advise insurers of any change of risk interest or property insured or failure to comply with a statutory requirement. The Concessionaire shall give the Department proof satisfactory to it of currency ...
General Requirements Applicable to Insurance. (a) Each insurance policy obtained in satisfaction of the requirements of Section 4.3 hereof:
(i) shall be by such insurer (or insurers) as shall be financially responsible, qualified to do in the State, and of recognized standing;
(ii) shall be in such form and have such provisions (including, without limitation, the loss payable clause, the waiver of subrogation clause, if any, the deductible amount, if any, and the standard mortgagee endorsement clause), as are generally considered standard provisions for the type of insurance involved and are acceptable in all respects to the Bank and the Issuer;
(iii) shall prohibit cancellation or substantial modification, termination or lapse in coverage by the insurer without at least 30 days prior written notice to the Bank and the Issuer; and
(iv) without limiting the generality of the foregoing, all insurance policies carried on the Collateral shall name the Bank, FUNBMD, the Hedge Counterparty, the Issuer and the Borrower as loss payees and a parties insured thereunder, as the interests may appear, and any loss thereunder shall be made payable and shall be applied as provided in Section 4.8 hereof).
(b) Prior to expiration of any such policy, the Borrower shall furnish the Bank and the Issuer with evidence satisfactory to the Bank that the policy or certificate has been renewed or replaced or is no longer required by this Agreement.
General Requirements Applicable to Insurance. The insurances which the Developer is required to maintain or cause to be maintained under Section 17.01:
(a) will delete any specific design-build or similar exclusions that could compromise coverages because of the Developer’s use of the design-build delivery method;
(b) except for professional liability insurance, worker’s compensation insurance and employer’s liability insurance, the Department will be named as an additional insured or loss payee, as applicable, on a primary, non-contributory basis;
General Requirements Applicable to Insurance. The insurances which the DB Contractor is required to maintain under Section 17.02:
(a) will delete any design-build or similar exclusions that could compromise coverages because of use of the design-build delivery method;
(b) except for professional liability insurance, hull and machinery insurance, railroad protective liability, and real and personal property insurance, each of the Concessionaire, the Lenders, the LTA and the Department will be named as an additional insured on a primary, non-contributory basis as their interests may appear; provided, that the Concessionaire will also be named as an additional insureds for real and personal property insurance;
(c) will not limit the DB Contractor’s liabilities and obligations pursuant to this Agreement, including the DB Contractor’s indemnification obligations;
(d) will be maintained with insurers that at the time coverage commences are authorized to do business in the State and have a current policyholder’s management and financial size category rating of not less than “A-: VIII” according to
A. M. Best’s Financial Strength Rating and Financial Size Category, except as otherwise approved by the Concessionaire and the Department. Non-admitted insurance companies are not acceptable except for Professional Liability or as approved by the Concessionaire (which may be subject to approval by the Department);
(e) will be on terms approved by the Concessionaire (which may be subject to approval by the Department under the CA);
(f) will contain coverage terms and conditions that reflect the industry standard that the commercial market will provide and support as of date of such insurance procurement and any subsequent renewals;
(g) without implying a right of cancellation that would not exist in the absence of these endorsements, will contain a term which requires the insurer to give not less than 30 Days’ prior notice to the Concessionaire and the Department whenever the insurer gives the DB Contractor a notice of cancellation or any other notice with respect to the policy (except in the case of any non-premium payment policies, not less than ten
General Requirements Applicable to Insurance. The insurance which ERC is required to maintain under this Section 8.2: .1 shall be provided by insurance companies authorized to do business in the Commonwealth with a minimum “Best Rating” of “B+”;
General Requirements Applicable to Insurance. (a) Prior to expiration of any policy required to be maintained under Section 3.08, the Borrower shall furnish the Authority and the Trustee with evidence satisfactory to the Authority and the Trustee that the policy or certificate has been renewed or replaced in compliance with this Loan Agreement or is no longer required by this Loan Agreement.
General Requirements Applicable to Insurance. Section 6.6 Advances by the Bondholder or the Trustee......
General Requirements Applicable to Insurance. The insurances which the Concessionaire is required to maintain under Section 17.01:
(a) will delete any design-build or similar exclusions that could compromise coverages because of the Concessionaire’s use of the design-build delivery method;
(b) except for professional liability insurance, worker’s compensation insurance and employer’s insurance, the Department will be named as an additional insured on a primary, non- contributory basis;
General Requirements Applicable to Insurance. (a) Each insurance policy obtained in satisfaction of the requirements of Section 4.3 hereof: (i) shall be by such insurer (or insurers) as shall be financially responsible, qualified to do business in the State, and of recognized standing; (ii) shall be in such form and have such provisions (including, without limitation, the loss payable clause, the waiver of subrogation clause, if any, the deductible amount, if any, and the standard mortgagee endorsement clause), as are generally considered standard provisions for the type of insurance involved and are acceptable in all respects to the Bank and MIDFA;
General Requirements Applicable to Insurance. Each insurance policy obtained in satisfaction of the requirements of Section 6.3 hereof:
(i) shall be by such insurer (or insurers) which have a minimum A.M. Best Rating of A- and of recognized standing;
(ii) shall be in such form and have such provisions (including, without limitation, the lenders loss payable clause, the waiver of subrogation clause, the deductible amount, if any, and the standard mortgagee endorsement clause), as are generally considered standard provisions for the type of insurance involved and are reasonably acceptable to the Trustee;
(iii) shall prohibit cancellation or substantial modification, termination or lapse in coverage by the insurer without at least 30 days' prior written notice to the Issuer and the Trustee; and
(iv) shall provide that losses thereunder shall be adjusted with the insurer by the Borrower at its expense on behalf of the insured parties and the decision of the Borrower as to any adjustment shall be final and conclusive;