Liability and Malpractice Insurance Sample Clauses
The Liability and Malpractice Insurance clause requires one or both parties to maintain insurance coverage that protects against claims of professional negligence or errors that may arise during the performance of contractual duties. Typically, this clause specifies the minimum coverage amounts, the types of incidents covered, and may require proof of insurance to be provided to the other party. Its core function is to allocate risk and ensure that financial resources are available to address potential claims, thereby protecting both parties from significant losses due to malpractice or liability issues.
Liability and Malpractice Insurance. The Borrower shall maintain, at its expense, general liability and professional malpractice insurance through commercial insurance in such amounts and with such deductibles consistent with its past practices, and shall deliver to the Administrative Agent the original (or a certified) copy of each policy of insurance and evidence of the payment of all premiums therefor. Such policies of insurance shall contain an endorsement showing the Administrative Agent as additional insured thereunder to the general liability coverage and where such an endorsement is available from Borrower’s carrier at commercially affordable rates, to the professional liability coverage. All such policies of insurance shall be in form and substance reasonably satisfactory to the Administrative Agent. Administrative Agent acknowledges that general liability and professional malpractice insurance coverage is currently unavailable generally in the nursing home industry at commercially affordable rates. Borrower has in place and will maintain either (i) so long it is available at commercially affordable rates, indemnity insurance with coverage limits of One Million Dollars ($1,000,000.00) per medical incident, subject to a deductible of up to Five Hundred Thousand Dollars ($500,000.00) per claim, and a sublimit per Facility of Three Million Dollars ($3,000,000.00) or (ii) general liability and professional malpractice insurance with single limit coverage of Five Hundred Thousand and No/100 Dollars ($500,000.00) per occurrence and One Million and No/100 Dollars ($1,000,000.00) cumulative. Administrative Agent agrees that until such time as insurance coverage is generally available in the nursing home industry at commercially affordable rates, Administrative Agent agrees to accept Borrower’s current coverage. Borrower shall provide Administrative Agent, (a) on an annual basis, information from its insurance representative, insurance carrier or from comparable insurance carriers regarding availability of insurance and (b) with respect to the insurance policies contemplated by this Section 8.6 and those certain insurance policies contemplated by Section 8.7 below, prompt (but in any event, within five (5) Business Days of any such occurrence) written notice of any alteration or cancellation of such insurance policy.
Liability and Malpractice Insurance. The Borrower shall maintain, at its expense, general liability and professional malpractice insurance through commercial insurance in such amounts and with such deductibles consistent with its past practices, and shall deliver to the Lender the original (or a certified) copy of each policy of insurance and evidence of the payment of all premiums therefor. Such policies of insurance shall contain an endorsement showing the Lender as additional insured thereunder. Lender acknowledges that general liability and professional malpractice insurance coverage is currently unavailable generally in the nursing home industry at commercially affordable rates and that the Borrower maintains and has in place general liability and malpractice insurance with single limit coverage of Two Hundred Fifty Thousand Dollars ($250,000) per occurrence and Seven Hundred Fifty Thousand Dollars ($750,000) cumulative. Lender agrees that until such time as insurance coverage is generally available in the nursing home industry at commercially affordable rates, Lender agrees to accept Borrower’s current coverage. Borrower shall provide Lender, (a) on an annual basis, information from its insurance representative, insurance carrier or from comparable insurance carriers regarding availability of insurance and (b) with respect to the insurance policies contemplated by this Section 8.6 and those certain insurance policies contemplated by Section 8.7 below, prompt (but in any event, within five (5) Business Days of any such occurrence) written notice of any alteration or cancellation of such insurance policy.
Liability and Malpractice Insurance. Prime Lessee/Sublessor shall ----------------------------------- at all times prior to the return of the Leased Systems to EVL in accordance with Section 8 carry and maintain, at Prime Lessee/Sublessor's expense, public liability insurance with coverage amounts no less than $5,000,000. Such insurance shall, to the extent permitted by applicable law, name EVL and, any Assignee or Secured Party as EVL may request, as additional insured. The insurance required by this Section 9 shall provide at least thirty days' prior written notice to EVL (and any Assignee and Secured Party) before any such insurance coverage lapses or is canceled or materially changed. Prime Lessee/Sublessor shall provide EVL evidence of insurance coverage at the commencement of this Agreement and annually thereafter.
Liability and Malpractice Insurance. The Borrower shall maintain, at its expense, general liability insurance in such amounts and with such deductibles as are acceptable to the Lender in its reasonable determination and shall deliver to the Lender the original (or a certified) copy of each policy of insurance and evidence of the payment of all premiums therefor. In addition, the Borrower shall maintain, at its expense, professional malpractice insurance through commercial insurance in such amounts and with such deductibles as are acceptable to the Lender in its reasonable determination and shall deliver to the Lender the original (or a certified) copy of each policy of insurance and evidence of the payment of all premiums therefor. Such policies of insurance shall contain an endorsement showing the Lender as additional insured thereunder and providing that the insurance company will give the Lender at least thirty (30) days prior written notice before any such policy or policies of insurance shall be altered or canceled.
Liability and Malpractice Insurance. 4 7.3 Business Interruption and Worker's Compensation Insurance.......
Liability and Malpractice Insurance. The Lessee shall obtain and keep ----------------------------------- in force during the Term of this Lease policies of comprehensive public liability insurance, with contractual liability endorsement insuring the indemnity set forth in Paragraph 7.5, insuring Lessor and Lessee against liability arising out of the ownership, use, occupancy or maintenance of the Premises and all areas appurtenant thereto. Such insurance shall be in an amount of not less than $2,000,000 (or such greater amount as may hereafter prevail in the industry from time to time) for injury to or death of one person in any one accident or occurrence and in an amount of not less than $2,000,000 (or such greater amount as may hereafter prevail in the industry from time to time) for injury to or death of more than one person in any one accident or occurrence. Such insurance shall further insure Lessor and Lessee against liability for property damage of at least $150,000 (or such greater amount as may hereafter prevail in the industry from time to time). The limits of said insurance shall not, however, limit the liability of Lessee hereunder. The limits of such policy shall be increased from time to time to the limits of the standard public liability policy being used in the health care industry, but in no event shall be reduced below the limits set forth above in this Paragraph 7.