Common use of LICENSES & INSURANCE Clause in Contracts

LICENSES & INSURANCE. 4.1 It is understood and agreed that both the Company and the Broker shall abide by the relevant federal, provincial and municipal licensing requirements and applicable taxes. 4.2 In addition to the licensing requirements as set out in paragraph 4.3, and the insurance requirements set out in paragraph 4.4, the Broker shall carry and keep in force such other policies of insurance which may from time to time be reasonably required by the Company or by any regulatory board, agency, commission or authority and shall be bondable where necessary to meet the Company’s service requirements. The cost of a bond will be borne by the Company. 4.3 The Broker shall provide all appropriate licensing for the Broker’s vehicle in regards to provincial, municipal and city ordinates. The Company shall provide any and all licensing in respects to the Motor Carrier Commission of the Province of Ontario. 4.4 The Broker shall forthwith insure the said vehicle in the amount of $2,000,000.00 minimum inclusive coverage in respect of public liability and property damage claims, and carry Commercial General Liability insurance with a $2,000,000.00 bodily injury and property damage limit. For this policy, the Company is to be named as an additional insured. The Broker is required to provide evidence thereof to the Company following the signing of this agreement and every six (6) months thereafter or as requested by the Company. The Company reserves the right to vary, amend or modify the level of insurance coverage or type of insurance coverage that the Broker shall provide under this Broker Agreement and payment for the above referenced newly required variation, amendment, modification or type of Commercial General Liability coverage shall be over and above any negotiated broker compensation.

LICENSES & INSURANCE. 4.1 It is understood and agreed that both the Company and the Broker shall abide by the relevant federal, provincial and municipal licensing requirements and applicable taxes. 4.2 In addition to the licensing requirements as set out in paragraph 4.3, and the insurance requirements set out in paragraph 4.4, the Broker shall carry and keep in force such other policies of insurance which may from time to time be reasonably required by the Company or by any regulatory board, agency, commission or authority and shall be bondable where necessary to meet the Company’s service requirements. The cost of a bond will be borne by the Company. 4.3 The Broker shall provide all appropriate licensing for the Broker’s vehicle in regards to provincial, municipal and city ordinates. The Company shall provide any and all licensing in respects to the Motor Carrier Commission of the Province of Ontario. 4.4 The Broker shall forthwith insure the said vehicle in the amount of $2,000,000.00 1,000,000.00 minimum inclusive coverage in respect of public liability and property damage claims, and carry Commercial General Liability insurance with a $2,000,000.00 1,000,000.00 bodily injury and property damage limit. For this policy, the Company is to be named as an additional insured. The Broker is required to provide evidence thereof to the Company following the signing of this agreement and every six (6) months thereafter or as requested by the Company. The Company reserves the right to vary, amend or modify the level of insurance coverage or type of insurance coverage that the Broker shall provide under this Broker Agreement and payment for the above referenced newly required variation, amendment, modification or type of Commercial General Liability coverage shall be over and above any negotiated broker compensation.