Common use of Insurance and Risk Management Clause in Contracts

Insurance and Risk Management. The Company is either an additional named insured under LParent's insurance program or has its own policy of insurance under LParent's insurance program and as of the Conversion Date, LParent shall substitute the Partnership for the Company, making the Partnership an additional named insured, if applicable, under LParent's insurance program. As such coverages become subject to renewal or otherwise expire, the Partnership, by Partnership Governance Committee Action, shall approve any material change in the amount and scope of such coverages (including the extent to which the Partnership will continue to be included as an additional named insured under LParent's insurance program), or in the portion of the premium charges for such coverages allocable to the Partnership.