Replacement Insurance Clause Samples
The Replacement Insurance clause requires a party, typically the insured, to obtain insurance coverage that will pay for the full replacement cost of damaged or destroyed property rather than its depreciated value. In practice, this means that if a covered loss occurs, the insurance policy will provide funds sufficient to replace the property with new items of similar kind and quality, rather than simply reimbursing the current market value. This clause ensures that the insured can restore their property to its original state after a loss, thereby protecting against the financial shortfall that could arise from depreciation.
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Replacement Insurance. In the event Manager fails to procure, maintain or pay for any insurance policy required under this Article, Hospital shall have the right, but not the obligation, to procure, maintain or pay for such insurance policy. In such event, Manager shall reimburse Hospital for the cost thereof not more than ten (10) days after Hospital’s written request to Manager.
Replacement Insurance. In the event Group fails to procure, maintain or pay for any insurance policy required under this Article, Hospital shall have the right, but not the obligation, to procure, maintain or pay for such insurance policy. In such event, Group shall reimburse Hospital for the cost thereof not more than ten (10) days after Hospital’s written request to Group.
Replacement Insurance. (a) Buyer shall pay at Closing an amount equal to the Buyer's Percentage times the cost of the liability insurance policy obtained by Seller pursuant to Section 5.03(c) of the 3M Agreement.
(b) Seller and/or Company shall insure that Buyer is an additional named insured under any insurance policy for which Buyer pays or reimburses any party any part of the premium for such policy pursuant to this Section.
(c) Buyer and Seller agree that any deductible and/or limit on coverage under any insurance policy obtained pursuant to this Section shall be equitably divided between Buyer and Seller.
(d) It is not the intent of the parties hereto that Buyer should pay a portion of any insurance premium for any insurance policy covering any claim of any nature or type against Company, and then be required to pay such claim in full or in part without the benefit of the insurance for which Buyer paid a portion of the policy premium. To the extent that the Buyer pays any portion of any insurance premium for any insurance policy covering any liability, loss, or expense of 3M, Company or Seller that Buyer has assumed pursuant to Section 1.2 or any other Section of this Agreement, Buyer shall not be required to pay to Seller any amounts for which coverage under such insurance policy is available.
Replacement Insurance. If either Party fails to provide or maintain any insurance required hereunder, the other Party shall have the right, but not the obligation, to provide or maintain any such insurance and to deduct the cost thereof from any amounts due and payable to the first Party. In the event there are no such amounts due and payable, the Party failing to provide or maintain the required insurance shall reimburse the other Party for such costs on demand. Should any of the policies required to be maintained become unavailable or be canceled for any reason during the period of this Agreement, the Party required to provide or maintain such insurance shall immediately procure replacement coverage.
Replacement Insurance. If, during the period when an insurer is providing insurance required by this Charter, an insurer shall fail to comply with the foregoing minimum requirements, the School shall, as soon as it has knowledge of any such failure, immediately notify the Sponsor and immediately replace the insurance with new insurance from an insurer meeting the requirements.
Replacement Insurance. Buyer agrees to obtain or cause to be obtained as of the Closing replacement insurance arrangements (“Replacement Insurance”) for the Company providing replacement coverage equivalent to the existing coverage maintained by or on behalf of the Company as of the Effective Date or, if such replacement coverage cannot be obtained on a commercially reasonable basis, replacement coverage that is as close to equivalent to the existing coverage as can be obtained on a commercially reasonable basis.
Replacement Insurance. The Buyer shall have provided evidence reasonably satisfactory to the Sellers and its counsel, acting reasonably, that it has procured (and there is outstanding at the time of Closing) insurance coverage which extends to the Corporation and which provides it with insurance coverage which is at least equivalent to the insurance coverage available to the Corporation on the Execution Date.
Replacement Insurance. In the event the Contractor breaches any provision of this Article, the County in its sole discretion may procure and maintain, at the Contractor’s sole expense, insurance to the extent the County deems proper; provided, however, that the County shall be required to give the Contractor at least thirty calendar days prior written notice of its intent to acquire replacement insurance and an opportunity to cure such breach. In the event the County obtains such insurance, the Contractor shall reimburse the County for the cost of that insurance within fifteen days of receiving written notice from the County to do so or, in the County’s sole discretion, the County may reduce the Base Fee due the Contractor in accordance with Section 8.3.
Replacement Insurance. Buyer shall have the necessary insurance policy in place at the Final Closing to replace all of CURA's obligations under the Finance Agreement and related agreements.
Replacement Insurance. Contractor agrees that it will not cancel, reduce or otherwise modify the insurance coverage. Contractor agrees that if it does not keep the required insurance in full force and effect, and such insurance is available at a reasonable cost, the City may take out the necessary insurance and pay the premium thereon, and the repayment thereof shall be deemed an obligation of the Contractor and the cost of such insurance may be deducted, at the option of the City, from payments due to the Contractor. This shall be in addition to all other legal options available to the City to enforce the insurance requirements.