No Right to Self-insure Clause Samples
The "No Right to Self-insure" clause prohibits a party from fulfilling its insurance obligations by relying on its own financial resources instead of purchasing insurance from a third-party insurer. In practice, this means that the party must obtain and maintain insurance policies from recognized insurance companies, rather than setting aside internal funds to cover potential losses or liabilities. This clause ensures that there is a reliable, independent source of funds available to cover claims, thereby reducing the risk that a party's financial difficulties could leave losses uninsured.
No Right to Self-insure. Lessee will not self-insure (by deductible, premium adjustment, or risk retention arrangement of any kind) the insurance required to be maintained hereunder, except to the extent of deductibles usually and customarily maintained by companies engaged in the same or similar business as Lessee and operating the same or similar aircraft and approved by Lessor.
No Right to Self-insure. Lessee shall not self-insure (by deductible, premium adjustment, or risk retention arrangement of any kind) the insurance required to be maintained hereunder. Lessee agrees to give Lessor prompt notice of any damage to or loss of, the Aircraft, or any part thereof.
No Right to Self-insure. Grantor will not self-insure (by deductible, premium adjustment, or risk retention arrangement of any kind) the insurance required to be maintained hereunder, except that Grantor may maintain a $2,000,000 deductible per occurrence per Aircraft.
No Right to Self-insure. Lessee shall not self-insure (by deductible, premium adjustment, or risk retention arrangement of any kind) the insurance required to be maintained hereunder, except to the extent of deductibles usually and customarily maintained by companies engaged in the same or similar business as Lessee and operating the same or similar aircraft, but in no event shall any deductible exceed the Permitted Deductible amount on Schedule No. 2-A to Lease Supplement No.
1. Lessee agrees to give Lessor prompt notice of any damage to or loss of, the Aircraft, or any part thereof.
No Right to Self-insure. Lessee shall not self-insure (by deductible, premium adjustment, or risk retention arrangement of any kind) the insurance required to be maintained hereunder.
No Right to Self-insure. Debtor shall not self-insure (by deductible, premium adjustment, or risk retention arrangement of any kind) the insurance required to be maintained hereunder, except to the extent of deductibles usually and customarily maintained by companies engaged in the same or similar business as Lessee and operating the same or similar aircraft, but in no event shall any deductible exceed $50,000.00 per occurrence.