Common use of INSURANCE BY SELLER Clause in Contracts

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.