INSURANCE BY SELLER Sample Clauses

INSURANCE BY SELLER. Seller will maintain insurance coverage covering its operation and its obligations pursuant to Article 20, in at least the following amounts: Commercial General Liability - Bodily Injury and Property damage - $1,000,000 Per Occurrence. Personal Injury Liability - $1,000,000 Limit. Business Auto - Bodily Injury & Property Damage - $500,000 Combined Single Limit. Umbrella Liability - $20,000,000 Limit of Liability Worker's Compensation - Coverage A - Statutory Coverage B - Employer's Liability; $100,000 each accident; $100,000 each employee; $500,000 Policy Limit Foreign Products Liability - $1,000,000 Per Occurrence. Insurance shall be purchased from companies having a rating of A-VII or better in the current BEST'S INSURANCE REPORTS published by A. M. Best Company. Policies of insurance shall name Purchaser as an additional insured, provide for an insurer's waiver of subrogation in favor of all insured parties, and provide that they will not be canceled or materially changed without reasonable prior written notice to Purchaser. Certificates of insurance evidencing coverage shall be submitted in advance of or concurrent with the execution of the Work, and on each insurance policy renewal thereafter. Seller shall, at Purchaser's request, provide copies of requested insurance policies. If Seller does not provide Purchaser with such certificates of insurance, then Purchaser will so advise Seller. Thereafter, if Seller does not furnish evidence of acceptable coverage within fifteen (15) days, then Purchaser shall have the right, in its sole discretion, to (i) withhold payments from Seller until evidence of such acceptable coverage is provided, or (ii) immediately terminate this Sales Agreement. Failure to obtain and maintain required insurance shall not relieve Seller of any obligation contained in this Sales Agreement. Additionally, any approval by Purchaser of any of Seller's insurance policies shall not relieve Seller of any obligation contained in this Sales Agreement.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
INSURANCE BY SELLER. Seller agrees that during the term of this Agreement, and any extension thereof, Seller shall obtain and carry, in full force and effect, comprehensive general liability insurance, including broad form vendors, product, and contractual liability endorsements. The policy limits for said coverage shall not be less than Two Million Dollars ($2,000,000.00) per occurrence and Two Million Dollars ($2,000,000.00) per annual aggregate and shall be placed with an insurance company reasonably acceptable to Soy Energy. The policy limits may be met through a combination of primary and excess insurance coverage. The insurance coverage described in this paragraph shall be evidenced by a Certificate of Insurance, which shall be provided to Soy Energy upon request and shall name Soy Energy as an additional insured. Said insurance coverage shall not be cancelable by the Seller or its insurance carrier except upon thirty (30) days written notice to Soy Energy by the insurer; provided, however, such notice period shall be ten (10) days in the event the cancellation is due to non-payment of the insurance premium. Business Confidential
Sample 1
INSURANCE BY SELLER. 9.1 The SELLER shall maintain levels of insurance customary for its industry to cover its LIABILITIES which may arise under or in connection with the CONTRACT and as required by APPLICABLE LAWS and ensure that the policies of insurance remain in full force and effect throughout the term of the CONTRACT. All such policies of insurance shall be placed with reputable and substantial insurers.
Sample 1

Related to INSURANCE BY SELLER

  • Property Insurance Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage,” and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Xxxxxx’s right to disapprove Borrower’s choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender’s option and Xxxxxxxx’s expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower’s equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Xxxxxx under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Xxxxxx and renewals of such policies shall be subject to Xxxxxx’s right to disapprove such policies, shall include a standard mortgage clause, and shall name Xxxxxx as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Xxxxxx as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Xxxxxxxx. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender’s security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Xxxxxx has had an opportunity to inspect such Property to ensure the work has been completed to Lender’s satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender’s security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Xxxxxxxx abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Xxxxxxxx does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower’s rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower’s rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.

Time is Money Join Law Insider Premium to draft better contracts faster.