Common use of Insurance and Waiver of Subrogation Clause in Contracts

Insurance and Waiver of Subrogation. (a) Licensee shall secure and maintain for the Designated Boat complete marine insurance, including hull coverage, in an amount equal to value of the Designated Boat and its contents, and protection and indemnity and/or liability insurance of at least $300,000 combined limit. Licensee must also maintain pollution insurance under Licensee’s policy and the insurance coverage shall include endorsements for extended perils, damage by fire, vandalism, burglary and fuel/oil spill. The Licensor shall be named as an Additional Insured under said insurance coverage, and the Licensee's signature on this Agreement is a warranty and representation that said insurance coverage is in effect. Upon Licensor's request, Licensee shall provide to Licensor within ten (10) days a certificate of insurance and policy of insurance showing that the terms of this paragraph have been satisfied. Such certificate shall name Licensor as an additional insured and require not less than thirty (30) days written notice to Licensor of termination of coverage. In no event shall the limits of said insurance coverage be considered as limiting the liability of the Licensee under this Agreement. (b) Licensee waives any right or Claim against the Licensor for damage sustained by Licensee which is covered under any insurance policy, and Licensee shall cause its insurance carriers to waive their respective rights of subrogation to same, and to so notify Licensee. (c) In the event that the Licensee fails to obtain or maintain in full force and effect any insurance coverage required under this Agreement, the Licensor shall have the right to immediately terminate this Agreement, notwithstanding any provisions herein to the contrary. Notwithstanding the foregoing, the Licensee shall and does nevertheless indemnify, defend and hold Released Parties harmless from any loss or damage incurred or suffered by Released Parties from Licensee's failure to maintain such insurance.

Insurance and Waiver of Subrogation. (a) 6.01. Licensee shall secure shall, at its sole expense, obtain and maintain for insurance of the Designated Boat complete marine insurancetypes and in the amounts as set forth on Exhibit “B” attached to this Agreement. If Licensee fails to do so, including hull coverageLicensor shall have the immediate right (but not the obligation) to effect such insurance without notice to Licensee, in an which event the amount equal so paid by Licensor shall be paid by Licensee to value of Licensor upon demand with interest at the Designated Boat and its contents, and protection and indemnity and/or liability insurance of at least $300,000 combined limitmaximum rate allowed by law from demand until payment. Licensee must also maintain pollution insurance under Licensee’s policy and the Such insurance coverage shall include endorsements specifically name the City as an additional-insured. This insurance coverage shall cover all perils arising from the activities of Licensee, its officers, employees, agents, or contractors, relative to this Agreement, or otherwise within the public right-of-way and within the Licensed Property. Licensee shall be responsible for extended perils, damage by fire, vandalism, burglary and fuel/oil spillany deductibles stated in the policy. The Licensor amount of such coverage may be increased from time to time as may be deemed necessary and prudent by the City and the Licensee based upon changes in statutory law, court decisions, or circumstances surrounding this Agreement. A certificate of insurance evidencing such coverage shall be named delivered to the City Secretary of the City within thirty (30) days of the Effective Date of this Agreement. 6.02. Licensee shall not cause any insurance to be canceled nor permit any insurance to lapse. All insurance certificates shall include a clause to the effect that the policy shall not be canceled, reduced, restricted or otherwise limited until forty-five (45) days after the City has received written notice as an Additional Insured under said insurance coverageevidenced by a return receipt of registered or certified mail. Notwithstanding the foregoing, and in the Licensee's signature on this Agreement event obtaining such provision for prior notice to the City is a warranty and representation that said insurance coverage is in effect. Upon Licensor's requestnot reasonably available, Licensee shall provide agrees to Licensor within give the City written notice of any suspension, cancellation, non- renewal or material change in coverage of the insurance policy required to be obtained and maintained by the Licensee under the terms of this Agreement. Within ten (10) days after a suspension, cancellation or non-renewal of coverage, Licensee shall provide a replacement certificate of insurance to the City. The City shall have the option to suspend Licensee’s authorization and policy liability under this Agreement should there be a lapse in coverage at any time during this Agreement. Failure to provide and to maintain the required insurance shall constitute a material breach of insurance showing that the terms of this paragraph have been satisfied. Such certificate shall name Licensor as an additional insured and require not less than thirty (30) days written notice to Licensor of termination of coverage. In no event shall the limits of said insurance coverage be considered as limiting the liability of the Licensee under this Agreement. (b) Licensee waives any right or Claim against the Licensor for damage sustained by Licensee which is covered under any insurance policy, and Licensee shall cause its insurance carriers to waive their respective rights of subrogation to same, and to so notify Licensee. (c) In the event that the Licensee fails to obtain or maintain in full force and effect any insurance coverage required under this Agreement, the Licensor shall have the right to immediately terminate this Agreement, notwithstanding any provisions herein to the contrary. Notwithstanding the foregoing, the Licensee shall and does nevertheless indemnify, defend and hold Released Parties harmless from any loss or damage incurred or suffered by Released Parties from Licensee's failure to maintain such insurance.