Common use of Rating of Insurer Clause in Contracts

Rating of Insurer. Lessee and its Contractor(s) will only use insurance companies acceptable to COLT and authorized to do business in the state or area in which the work hereunder is to be performed. Insurers must have a minimum rating of a A-, Class VII as evaluated by the most current A.M. Best rating guide. If the insurer has a rating less than an A-, Class VII, Lessee or its Contractor(s) must receive specific written approval from COLT prior to proceeding.

Rating of Insurer. Lessee and its Contractor(s) will only use insurance companies acceptable to COLT and authorized to do business in the state or area in which the work hereunder is to be performed. Insurers must have a minimum rating of a A-, Class VII as 66 evaluated by the most current A.M. Best rating guide. If the insurer has a rating less than an A-, Class VII, Lessee or its Contractor(s) must receive specific written approval from COLT prior to proceeding.