Common use of Insurance and Risk of Loss Clause in Contracts

Insurance and Risk of Loss. Upon delivery of all or any part of the Equipment in accordance with the terms of the Agreement, Buyer shall, at its expense, obtain and maintain “installation floater” insurance in an amount at least equal to the portion of the Price not yet paid by the Buyer, covering all risks of damage to or loss of the Equipment and any and all associated expenses. Such installation floater insurance shall name Seller as an insured party and Buyer shall be responsible for and shall bear any and all risk of loss or damage to the Equipment following delivery in accordance with the terms of the Agreement.