Policies Required Clause Samples

Policies Required. At its expense, Lessee shall secure and maintain with financially reputable insurers, one or more policies of insurance insuring the Leased Equipment and Lessee's utilization of the ITFS Channels against casualty and other losses of the kinds customarily insured against by firms of established reputations engaged in the same or similar line of business, or such types and in such amounts as are customarily carried under similar circumstances by such firms, including, without limitation: (i) "All Risk" property insurance covering the ITFS Equipment and the common Equipment to the extent of one hundred percent (100%) of its full replacement value without deduction for depreciation: (ii) comprehensive general public liability insurance covering liability resulting from lessee's operation of the ITFS equipment on an occurrence basis having minimum limits of liability in an amount of not less than One Million Dollars ($1,000,000.00) for bodily injury, personal injury or death to any person or persons in any one occurrence, and not less than Two Million Dollars ($2,000,000.00) in the aggregate for all such losses during each policy year, and not less than Three Hundred Thousand Dollars ($300,000.00) with respect to damage to property; (ii) all workers compensation, automobile liability and similar insurance required by law.

Policies Required. Prior to the commencement of any work, and at all times during the term of this Agreement, Licensee shall obtain and maintain continuously, at its own expense a policy, or policies of insurance with insurance companies rated A- VII or better by A.M. Best, as enumerated below. Any significant deductible, self-insured retention or coverage via captive must be disclosed and is subject to approval by District’s Risk Manager. The cost of any claim payments falling within the deductible or self-insured retention shall be the responsibility of the Licensee and not recoverable under any part of this Agreement.

Policies Required. While any obligation of the Borrower or any ----------------- Guarantor under any Credit Document remains outstanding, the Borrower shall procure and maintain or shall cause to be procured and maintained continuously in effect policies of insurance in form and amounts and issued by companies, associations or organizations licensed to do business in the states the Hotel Properties are located, with a Best's Rating of no less than A, XI and otherwise satisfactory to the Agents covering such casualties, risks, perils, liabilities and other hazards required by Agents. All original policies, or certificates thereof, and endorsements and renewals thereof shall be delivered to and retained by the Administrative Agent unless the Administrative Agent waives this requirement in writing. All policies shall expressly protect or recognize Administrative Agent's interest as required by the Administrative Agent. Without limiting the generality of the foregoing, the Borrower shall provide or cause to be provided the following types of insurance coverage: (a) until repayment of the Notes and satisfaction of all obligations under the Credit Documents: (i) property insurance on an "all risks" full replacement cost basis without deduction for depreciation (or fire, extended coverage and difference in conditions basis), including flood, earthquake and sinkhole coverages in an amount equal to the replacement cost of the Improvements (except for earthquake insurance which for each Eligible Property and Permitted Non-Eligible Property shall be in an amount which is equal to or greater than the greater of (A) 50% of the Real Estate Value of such Hotel Property or (b) the Allocated Debt Amount for such Hotel Property), naming the Administrative Agent in its capacity as administrative agent, as mortgagee under a standard form mortgagee clause; (ii) Comprehensive General Liability Insurance (including contractual liability, owners and contractors protective coverages, products & completed operations, personal & advertising injury liability, fire damage legal liability and alienated premises coverage) and Comprehensive Auto Liability Insurance in a minimum amount of $50,000,000 each occurrence; (iii) Statutory Workers' Compensation and Employer's Liability Insurance in the minimum amounts of $1,000,000 each accident, $1,000,000 each employee - disease, $1,000,000 policy limit - disease; and

Policies Required. Each Loan Party shall, at its own expense, keep each Collateral Vessel insured with insurers and protection and indemnity clubs or associations of internationally recognized responsibility, and placed in such markets, on such terms and conditions, and through brokers, in each case reasonably satisfactory to the Collateral Agent (it being understood that ▇▇▇▇▇ and ▇▇▇▇▇▇ are satisfactory) and under forms of policies approved by the Collateral Agent against the risks indicated below:

Policies Required. Lessee shall, at its own cost, maintain with sound and financially reputable insurers, insurance with respect to the Modified Station and Lessee's utilization of the Modified Station against casualty and other losses of the kinds customarily insured against by firms of established reputations engaged in the same or a similar line of business, of such types and in such amounts as are customarily carried under similar circumstances by such firms, including, without limitation:

Policies Required. At all times during the term of this Agreement, Licensee shall keep in force and effect all insurance policies as described below and shall name Electric Utility as an additional insured on all such policies, except workers compensation:

Policies Required. At all times during the term of this Agreement, Attaching Utility shall keep in force and affect all insurance policies as described below:

Policies Required. At all times during the term of this Agreement, Licensee shall keep in force and effect all insurance policies as described below: The form, content and limits of such insurance, together with the insurer thereof in each case, shall be acceptable to the Owner (Best rating of A or better). Notwithstanding the provisions of this paragraph and regardless of the Owner's acceptance of the Contractor's insurance, it shall be the responsibility of the Contractor to maintain adequate coverage at all times. Failure of the Contractor to maintain adequate coverage shall not relieve him of any contractual responsibility or obligation.

Policies Required. Property (for the Property) – a policy or policies of “all risk” casualty insurance, special cause of loss form, in an amount not less than the full insurable value of the Property on a replacement cost basis. Such policy or policies must insure against loss or damage by hazards customarily included within such “all risk” policies and any other risks or hazards Lender may reasonably specify (including, without limitation, if required by Lender, mold, earthquake, flood, wind/hail, and/or coverage for acts of terrorism). The deductible or self-insured retention under such policy shall not exceed $25,000.00 The property policy must include (1) business income/rental value coverage with a limit acceptable to Lender and covering actual loss sustained for a period of at least 12 months, and (2) “ordinance or law” coverage, covering increased cost of construction resulting from a casualty event, cost of demolition of undamaged portion of the property, and resulting loss of income. Commercial General Liability – required on a per occurrence basis, providing coverage for liabilities with primary coverage of not less than $1,000,000 per occurrence, and $2,000,000 general aggregate per year, covering liability due to personal and bodily injury or death and property damage arising from premises and operations, elevators, escalators, independent contractors, contractual liability, products and completed operations. The deductible or self-insured retention under such policy shall not exceed $25,000.00. Lender should be shown as Named Insured and Lender as Additional Insured. W▇▇▇▇▇▇’▇ Compensation Liability and Employer Liability - insurance should be included in accordance with state requirements. The deductible or self-insured retention under such policy shall not exceed $25,000.00. Since Lender cannot be named as additional insured, Lender should be shown as Certificate Holder. Flood Insurance – Required, if applicable, in at least maximum coverage per the National Flood Insurance Program (NFIP) (currently $500,000). A separate flood policy, declaration page(s), or signed application and proof of payment are acceptable as evidence of insurance for closing. Flood zones beginning with letter “A” or “V” are considered flood zones.