Common use of Insurance; Risk of Loss Clause in Contracts

Insurance; Risk of Loss. You bear all risk of loss or damage to the Equipment from its order until it is returned in the required condition or purchased by you (“Risk Period”). During the Risk Period you will maintain property and liability insurance on the Equipment acceptable to us, naming us loss payee and additional insured. If you do not provide us with proof of such insurance, we may secure insurance on the Equipment to cover our interests (and only our interests). If we obtain such insurance, you will pay us an additional amount for the cost of such insurance and an administrative fee, the cost of which may be more than the cost to obtain your own insurance and on which we may make a profit.

Insurance; Risk of Loss. You bear all risk of loss or damage to the Equipment from its order until it is returned in the required condition or purchased by you (“Risk Period”). During the Risk Period you will maintain property and liability insurance on the Equipment acceptable to us, naming us loss payee and additional insured. If lf you do not provide us with proof of such insurance, we may secure insurance on the Equipment to cover our interests (and only our interests). If lf we obtain such insurance, you will pay us an additional amount for the cost of such insurance it and an administrative fee, the cost of which may be more than the cost to obtain your own insurance and on which we may make a profit.