Common use of Liability Coverages Required Clause in Contracts

Liability Coverages Required. The Company at its own cost and expense will provide and keep in force during the term of this Agreement and until payment of the Bonds in full shall have occurred comprehensive general liability insurance with respect to bodily injury and property damage with a combined single limit of not less than $1,000,000 per occurrence and not less than $2,000,000 annual aggregate, together with not less than $5,000,000 excess liability coverage, and not less than the amount required by law with respect to workmen’s compensation insurance, and such other liability insurance as is customarily maintained by responsible persons or entities owning and operating properties similar to the Prior Project. In addition, the Company, at its sole expense, shall provide and keep in force whenever construction is or major alterations to the Property are being performed, policies of contingent public liability insurance. Such contingent liability insurance shall be a public liability policy covering at least the hazards of all phases of the construction being performed by the Company or its contractors, the hazards arising from the ownership and possession of the Property, and the hazards of any operations, other than construction, being carried on by the Company on any part of the Prior Project during the construction period. The proceeds of all public liability insurance shall be applied to the payment of any judgment, settlement or liability incurred for risks covered by such insurance.

Liability Coverages Required. The Company at its own cost and expense will provide and keep in force during the term of this Agreement and until payment of the Bonds in full shall have occurred comprehensive general liability insurance with respect to bodily injury and property damage with a combined single limit of not less than $1,000,000 per occurrence and not less than $2,000,000 annual aggregate, together with not less than $5,000,000 excess liability coverage, and not less than the amount required by law with respect to workmen’s compensation insurance, and such other liability insurance as is customarily maintained by responsible persons or entities owning and operating properties similar to the Prior Project. In addition, the Company, at its sole expense, shall provide and keep in force whenever construction is or major alterations to the Property are being performed, policies of contingent public liability insurance. Such contingent liability insurance shall be a public liability policy covering at least the hazards of all phases of the construction being performed by the Company or its contractors, the hazards arising from the ownership and possession of the Property, and the hazards of any operations, other than construction, being carried on by the Company on any part of the Prior Project during the construction period. The proceeds of all public liability insurance shall be applied to the payment of any judgment, settlement or liability incurred for risks covered by such insurance.