Common use of Procurement of Insurance Clause in Contracts

Procurement of Insurance. Without limiting LICENSEE's liability under the indemnity provisions hereof, during the term of this Agreement, and for three (3) years following the date of expiration or termination hereof, LICENSEE shall maintain with reputable insurance companies reasonably satisfactory to GUESS comprehensive general liability insurance in the amount of at least US$5,000,000.00 (US$3,000,000.00 single limit per occurrence) plus defense costs. This insurance shall include broad form blanket contractual liability; contractor's protective; workers' compensation; products liability and completed operations liability; advertising injury, cross liability; special form "all risk" blanket property coverage (including earthquake and flood protection) at replacement cost; selling price or evidence of business interruption coverage of gross revenues for six (6) months; brands and labels clause (with no salvage); an endorsement stating that GUESS shall receive at least thirty (30) days written notice prior to modification, cancellation or non-renewal of coverage; an endorsement naming GUESS?, Inc., and all subsidiaries and affiliates as additional insureds; an endorsement stating that the insurance shall be primary and not contributory as to GUESS; and a waiver of subrogation in favor of GUESS. During the term of this Agreement, LICENSEE may not engage in the manufacture, sale or promotion of any Product unless the required insurance coverage is in full force and effect.

Procurement of Insurance. Without limiting LICENSEE's liability under the indemnity provisions hereof, during the term of this Agreement, and for three (3) years following the date of expiration or termination hereof, LICENSEE shall maintain with reputable insurance companies reasonably satisfactory to GUESS comprehensive general liability insurance in the amount of at least US$5,000,000.00 (US$3,000,000.00 single limit per occurrence) plus defense costs. This insurance shall include broad form blanket contractual liability; contractor's protective; workers' compensation; products liability and completed operations liability; advertising injury, cross liability; special form "all risk" blanket property coverage (including earthquake and flood protection) at replacement cost; selling price or evidence of business interruption coverage of gross revenues for six (6) months; brands and labels clause (with no salvage); an endorsement stating that GUESS shall receive at least thirty (30) days written notice prior to modification, cancellation or non-renewal of coverage; an endorsement naming GUESS?, Inc., and all subsidiaries and affiliates GUESS as an additional insuredsinsured; an endorsement stating that the insurance shall be primary and not contributory as to GUESS; , and a waiver of subrogation in favor of GUESS. During the term of this Agreement, LICENSEE may not engage in the manufacture, sale or promotion of any Product unless the required insurance coverage is in full force and effect.