Common use of Provisions Regarding Liability, Property and Worker’s Compensation Insurance Clause in Contracts

Provisions Regarding Liability, Property and Worker’s Compensation Insurance. Upon the delivery and acceptance of the Leased Property as provided in this Lease, the Authority shall, at its own expense, cause casualty and property insurance to be carried and maintained with respect to the Leased Property in an amount equal to the maximum insurable value thereof, provided that such coverage need not be in excess of the next succeeding Purchase Option Price. The Authority may, in its discretion, insure the Leased Property under blanket insurance policies which insure not only the Leased Property, but other property as well, as long as such blanket insurance policies otherwise comply with the requirements hereof. Any property damage insurance policy required by this Section 8.05 shall be so written or endorsed as to show the City as loss payee and/or additional insured, and to make losses, if any, payable to the Authority and the City, as their respective interests may appear. Upon the execution and delivery of this Lease, the Authority shall, at its own expense, cause public liability insurance, including blanket contractual liability or specific contractual liability insurance for this Lease and public officials’ errors and omissions coverage, to be carried and maintained with respect to the activities to be undertaken by the Authority and its officers, officials, agents and employees in connection with the use and possession of the Leased Property. All such policies (other than errors and omissions) shall show the Authority and all officers and employees thereof, and the City as additional insureds. Such coverage shall be in amounts not less than the limits of liability per occurrence set by the Colorado Governmental Immunity Act as the same may from time to time be amended, to a $5,000,000 annual aggregate, for claims to which the defense of sovereign immunity applies. The public liability insurance required by this Section 8.05 may be by blanket insurance policy or policies. Each property and liability insurance policy provided for in this Section 8.05 shall contain a provision to the effect that the insurance company shall not cancel the policy or modify it materially and adversely to the interests of the City without first giving written notice thereof to the City at least 30 days in advance of such cancellation or modification. In the event that the Authority has received such notice of cancellation or modification, it shall immediately furnish to the City a new insurance policy or certificate evidencing such policy replacing the cancelled or modified policy and effective on or before the effective date of such cancellation or modification. The Authority shall provide certified copies of all insurance policies required under this Section 8.05 or certificates of insurance with appropriate endorsements attached evidencing, that the City has been named as loss payee and/or additional insured and that the thirty-day notice of cancellation provision is in effect. A certificate of insurance will be acceptable evidence of insurance at closing, with the understanding that the Authority shall furnish the policy or endorsements within 45 days after closing. No agent or employee of the Authority shall have the power to adjust or settle any loss with respect to the Leased Property, whether or not covered by insurance, without the prior written consent of the City; except that losses not exceeding $25,000 may be adjusted or settled by the Authority without the City’s consent.

Provisions Regarding Liability, Property and Worker’s Compensation Insurance. Upon the execution and delivery and acceptance of the Leased Property as provided in this Lease, the Authority County shall, at its own expense, cause casualty and property insurance to be carried and maintained with respect to the Leased Property in an amount at least equal to the maximum insurable full replacement value thereofof improvements included in the Leased Property. Such insurance policy or policies shall be maintained with companies that are satisfactory to ZB. Such insurance policy may have a deductible clause in an amount not to exceed $100,000 or such greater amount as is approved in writing by ZB. With the prior written consent of ZB, provided that such coverage need not be in excess of the next succeeding Purchase Option Price. The Authority County may, in its discretion, insure the Leased Property under blanket insurance policies which insure not only the Leased Property, but other property as well, as long as such blanket insurance policies otherwise comply with the requirements hereof. Any property damage insurance policy required by this Section 8.05 shall be so written or endorsed as to show ZB as an additional insured. In the City event that improvements are constructed upon the Leased Property, any property damage insurance policy required by this Section 8.05 shall be so written or endorsed as to show ZB as loss payee and/or additional insured, and to make losseslosses exceeding $100,000, if any, payable to the Authority County and the CityZB, as their respective interests may appear. Upon the execution and delivery of this Lease, the Authority County shall, at its own expense, cause public liability insurance, including blanket contractual liability or specific contractual liability insurance for this Lease and public officials’ errors and omissions coverage, to be carried and maintained with respect to the activities to be undertaken by the Authority County and its officers, officials, agents and employees in connection with the use and possession of the Leased Property. All such policies (other than errors and omissions) shall show the Authority County and all officers and employees thereof, and the City ZB as additional insureds. Such coverage shall be in amounts not less than the limits of liability per occurrence set by the Colorado Governmental Immunity Act as the same may from time to time be amended, to a $5,000,000 1,000,000 annual aggregate, for claims to which the defense of sovereign immunity applies. The public liability insurance required by this Section 8.05 may be by blanket insurance policy or policies. Each property If the County shall insure against similar risks by self-insurance, the County, at its election and in accordance with the standards of the State relating thereto, may in lieu of obtaining policies for casualty and property, and public liability insurance policy provided for in coverage as required by this Section 8.05 shall contain provide one or more such coverages by a provision self-insurance fund so long as the County provides an annual certification to the effect ZB that the insurance company shall not cancel reserves therein are adequate as determined by, in the policy case of casualty, property, public liability and workers’ compensation insurance, the County’s risk manager or modify it materially and adversely to the interests of the City without first giving written notice thereof to the City at least 30 days in advance of such cancellation or modification. In the event that the Authority has received such notice of cancellation or modification, it shall immediately furnish to the City a new insurance policy or certificate evidencing such policy replacing the cancelled or modified policy and effective on or before the effective date of such cancellation or modificationInsurance Consultant. The Authority County shall provide certified copies a certificate of insurance for all insurance policies required under this Section 8.05 or certificates of insurance with appropriate endorsements attached evidencingattached, evidencing that the City ZB has been named as loss payee and/or additional insured and that the thirtysixty-day notice of cancellation provision is in effect. A certificate of insurance will be acceptable Such evidence of insurance at closing, with the understanding that the Authority shall furnish the policy or endorsements within 45 days after closing. No agent or employee of the Authority shall have the power be satisfactory to adjust or settle any loss with respect to the Leased Property, whether or not covered by insurance, without the prior written consent of the City; except that losses not exceeding $25,000 may be adjusted or settled by the Authority without the City’s consentZB.

Provisions Regarding Liability, Property and Worker’s Compensation Insurance. Upon the delivery and acceptance of the Leased Property as provided in this Financing Lease, the Authority Town shall, at its own expense, cause casualty and property insurance to be carried and maintained with respect to the Leased Property in an amount equal to the maximum insurable value thereof, provided that such coverage need not be in excess of the next succeeding Purchase Option Price. The Authority Such insurance policy may have a deductible clause in an amount not to exceed $25,000 or such greater amount as is approved in writing by the Lender. With the prior written consent of the Lender, the Town may, in its discretion, insure the Leased Property under blanket insurance policies which insure not only the Leased Property, but other property as well, as long as such blanket insurance policies otherwise comply with the requirements hereof. Any property damage insurance policy required by this Section 8.05 shall be so written or endorsed as to show the City Lender as loss payee and/or additional insured, and to make losseslosses exceeding $25,000, if any, payable to the Authority Town and the CityLender, as their respective interests may appear. Upon the execution and delivery of this Financing Lease, the Authority Town shall, at its own expense, cause public liability insurance, including blanket contractual liability or specific contractual liability insurance for this Financing Lease and public officials’ errors and omissions coverage, to be carried and maintained with respect to the activities to be undertaken by the Authority Town and its officers, officials, agents and employees in connection with the use and possession of the Leased Property. All such policies (other than errors and omissions) shall show the Authority Town and all officers and employees thereof, and the City Lender as additional insureds. Such coverage shall be in amounts not less than the limits of liability per occurrence set by the Colorado Governmental Immunity Act as the same may from time to time be amended, to a $5,000,000 annual aggregate, for claims to which the defense of sovereign immunity applies. The public liability insurance required by this Section 8.05 may be by blanket insurance policy or policies. If the Town shall insure against similar risks by self-insurance, the Town, at its election and in accordance with the standards of the State relating thereto, may in lieu of obtaining policies for casualty and property, and public liability insurance coverage as required by this Section 8.05 provide one or more such coverages by a self-insurance fund so long as the Town provides an annual certification to the Lender that the reserves therein are adequate as determined by, in the case of public liability and workers’ compensation insurance, the Town’s risk manager or Insurance Consultant. Each property and liability insurance policy provided for in this Section 8.05 shall contain a provision to the effect that the insurance company shall not cancel the policy or modify it materially and adversely to the interests of the City Lender without first giving written notice thereof to the City Lender at least 30 60 days in advance of such cancellation or modification. In the event that the Authority Town has received such notice of cancellation or modification, it shall immediately furnish to the City Lender a new insurance policy or certificate evidencing such policy replacing the cancelled or modified policy and effective on or before the effective date of such cancellation or modification. The Authority Town shall provide certified copies of all insurance policies required under this Section 8.05 or certificates of insurance with appropriate endorsements attached evidencing, that the City Lender has been named as loss payee and/or additional insured and that the thirty60-day notice of cancellation provision is in effect. A certificate of insurance will be acceptable evidence of insurance at closing, with the understanding that the Authority Town shall furnish the policy or endorsements within 45 days after closing. No agent or employee of the Authority Town shall have the power to adjust or settle any loss with respect to the Leased Property, whether or not covered by insurance, without the prior written consent of the CityLender; except that losses not exceeding $25,000 may be adjusted or settled by the Authority Town without the CityLender’s consent. The consent of the Lender shall not be required for any such adjustment or settlement.

Provisions Regarding Liability, Property and Worker’s Compensation Insurance. Upon the delivery and acceptance of the Leased Property as provided in this Lease, the Authority County shall, at its own expense, cause casualty and property insurance to be carried and maintained with respect to the Leased Property in an amount equal to the principal amount of the Series 2019 Certificates related to this Lease then Outstanding or the maximum insurable value thereof, provided that such coverage need not be in excess of the next succeeding Purchase Option PriceLeased Property, whichever is greater. Such insurance policy may have a deductible clause in an amount not to exceed $25,000. The Authority County may, in its discretion, insure the Leased Property under blanket insurance policies which insure not only the Leased Property, but other property as well, as long as such blanket insurance policies otherwise comply with the requirements hereof. Any property damage insurance policy required by this Section 8.05 9.05 shall be so written or endorsed as to show the City Trustee, as mortgagee/trustee and loss payee and/or and additional insured, and to make losseslosses exceeding $25,000, if any, payable to the Authority County and the City, Trustee as their respective interests may appear. Upon the execution and delivery of this Lease, the Authority County shall, at its own expense, cause public liability insurance, including blanket contractual liability or specific contractual liability insurance for this Lease and public officials’ errors and omissions coverage, to be carried and maintained with respect to the activities to be undertaken by the Authority County and its officers, officials, agents and employees in connection with the use and possession of the Leased Property. All such policies (other than errors and omissions) shall show the Authority County and all officers and employees thereof, thereof and the City Trustee as additional insuredsinsureds and loss payees. Such coverage shall be in amounts not less than the limits of liability per occurrence set by the Colorado Governmental Immunity Act as the same may from time to time be amended, to a $5,000,000 1,000,000 annual aggregate, for claims to which the defense of sovereign immunity applies. The public liability insurance required by this Section 8.05 9.05 may be by blanket insurance policy or policies. Upon the execution and delivery of this Lease, the County shall, at its own expense, cause worker’s compensation insurance to be procured and maintained covering the County’s employees working in or on the Leased Property. Such insurance, if issued by a private carrier, shall contain a provision that such coverage shall not be cancelled without 60 days’ prior written notice to the County and the Trustee. A certificate issued by the Colorado State Insurance Fund or a private carrier evidencing such coverage shall be provided by the County to the Trustee. The worker’s compensation insurance required by this Section 9.05 may be by blanket insurance policy or policies. If the County shall insure against similar risks by self-insurance, the County, at its election and in accordance with the standards of the State relating thereto, may in lieu of obtaining policies for casualty and property, public liability and workers’ compensation insurance coverage as required by this Section 9.05 provide one or more such coverages by a self-insurance fund so long as the County provides an annual certification to the Trustee [and the Insurer] that the reserves therein are adequate as determined by, in the case of public liability and workers’ compensation insurance, the County’s risk manager, insurance consultant or actuary, and in the case of casualty and property insurance, an independent insurance consultant or actuary; [provided, however, that the County will not self-insure the Leased Property as to casualty and property risks without the consent of the Insurer]. DRAFT Each property and liability insurance policy provided for in this Section 8.05 9.05 shall contain a provision to the effect that the insurance company shall not cancel the policy or modify it materially and adversely to the interests of the City Trustee without first giving written notice thereof to the City County, [the Insurer] and the Trustee at least 30 60 days in advance of such cancellation or modification. In the event that the Authority County has received such notice of cancellation or modification, it shall immediately furnish to the City Trustee a new insurance policy or certificate evidencing such policy replacing the cancelled or modified policy and effective on or before the effective date of such cancellation or modification. The Authority County shall provide certified copies of all insurance policies required under this Section 8.05 9.05 or certificates of insurance with appropriate endorsements attached evidencing, that the City has parties have been named as mortgagee/trustee and loss payee and/or payees and additional insured insureds and that the thirtysixty-day notice of cancellation provision is in effect. A certificate of insurance will be acceptable evidence of insurance at closing, with the understanding that the Authority County shall furnish the policy or endorsements within 45 days after closing. All insurance policies issued pursuant to this Section 9.05 and Sections 7.09, 7.10 and 7.11 of this Lease or certificates evidencing such policies, shall be deposited with the Trustee. No agent or employee of the Authority County shall have the power to adjust or settle any loss with respect to the Leased Property, whether or not covered by insurance, without the prior written consent of the CityTrustee; except that losses not exceeding $25,000 may be adjusted or settled by the Authority County without the CityTrustee’s consent.