Common use of Qualified Insurers Clause in Contracts

Qualified Insurers. An insurer satisfying the applicable requirements of this Section 1.7.2 shall be deemed to be a "Qualified Insurance Company." All primary insurers must be authorized to issue insurance in the State of California. All primary insurance coverage required by Section 1.7.1 (other than flood insurance and workers' compensation insurance) shall be provided by one or more insurers having a rating for claims paying ability of at least "AA" from S&P and an equal or equivalent rating from at least one other Rating Agency. If permitted by the laws of the State of California, the insurance required by clause (vi) of Section 1.7.1 may be provided by a state approved and regulated employer's self-insurance fund.