Common use of Licensor Insurance Requirements Clause in Contracts

Licensor Insurance Requirements. (a) Licensor shall, at its own expense, obtain and maintain during the Term and if written on a claims made basis for three (3) years thereafter, policies of insurance as required herein written by an insurance carrier(s) reasonably acceptable to the Rangers that are authorized to do business in the State of New York, rated A VII or better in the most current edition of A.M. Best’s Insurance Report (or if such report shall cease to be published, such comparable rating system as reasonably determined by the Rangers), and with deductible and self-insurance retention amounts that are not in excess of amounts which are commercially reasonable under the circumstances (except that in the event that any maximum deductible or self-insurance retention amounts are mandated either by law, such mandated maximum amounts shall not be exceeded regardless of whether higher amounts may be commercially reasonable under the circumstances). All liability insurance policies must provide Cross Liability coverage (separation of insureds or severability of interest provisions). Policies written on a claims made basis shall be maintained for a period of three (3) years after termination of the Term. The insurance requirements set forth will in no way modify, reduce, or limit the indemnification herein made by Licensor. Receipt of a certificate of insurance, endorsement or policy of insurance which is more restrictive than the contracted for insurance shall not be construed as a waiver or modification of the insurance requirements above or an implied agreement to modify same, nor is any verbal agreement to modify same permissible or binding. (b) In the event of cancellation of any policies with respect to non-payment of any premium or premiums, Licensor shall provide at least ten (10) days advance written notice of same to the Rangers. (c) In the event that the Rangers are in receipt of such notice of non-payment and/or cancellation, the Rangers shall have the right, but not the obligation, to pay for any commercially reasonable costs and expenses which shall be required to maintain or reinstate such insurance, and to charge Licensor for any and all expenses incurred in connection therewith.