Property and Liability Coverage Clause Samples

Property and Liability Coverage. The Debtor shall maintain, or cause to be maintained at its own expense, with responsible insurance companies acceptable to the Agent, property, liability and other insurance, on such of its properties (including, without limitation, the Equipment), in such amounts, against such risks and in such form as is customarily maintained by similar businesses, and, in any event, with respect to liability insurance, in an amount not less than $100 million, which insurance shall at all times include coverage for all liabilities covered under, and shall not include, any exclusions other than those set forth in the Debtor’s policies of insurance as in effect on the date hereof. The Agent hereby agrees and acknowledges that the companies currently insuring the Debtor’s properties are acceptable to the Agent and that the insurance coverage currently maintained by the Debtor or any substantially similar coverage is acceptable to the Agent. For purposes of this Section 9, liability insurance may include a program of self-insurance retention for up to Five Million Dollars ($5,000,000) of liability exposures per each occurrence.