Common use of Notice of Cancellation, Nonrenewal, or Material Reduction in Coverage Clause in Contracts

Notice of Cancellation, Nonrenewal, or Material Reduction in Coverage. LRC will not cancel, fail to renew, or make or permit any material reduction in any of the policies or certificates described herein without the prior written consent of BNPPLC. All insurance policies under which BNPPLC is required to be an additional insured or loss payee must include the following express provision or words of like effect: In the event of cancellation, non-renewal or material reduction in coverage affecting the [the additional insured/loss payee], thirty days’ prior written notice will be given to the [the additional insured/loss payee].