Required Policies Clause Samples
The "Required Policies" clause mandates that one or both parties maintain certain types of insurance or adhere to specific internal policies throughout the duration of the agreement. Typically, this clause will specify the minimum coverage amounts, types of insurance (such as general liability or professional indemnity), or particular organizational policies (like data protection or anti-bribery) that must be in place. Its core function is to ensure that both parties are adequately protected against foreseeable risks and liabilities, thereby reducing potential disputes and promoting responsible business practices.
Required Policies. Each Owner will apply for, own, and be the beneficiary of one or more life insurance policies, one policy on the life of each other Owner. Each policy shall have death proceeds payable in an amount that is the greater of (i) the amount reasonably calculated to fully pay for such beneficiary-Owner's prorata share of the insured-Owner's Units at the Purchase Price, as if the insured-Owner died, or (ii) the amount listed on Schedule B. Each Owner will take any actions required to maintain in force all of the insurance policies that he or she is required to maintain under this Article, and will not cancel them or allow them to lapse without the prior written consent of each other Owner.
Required Policies. Without limiting the County’s right to obtain indemnification from the Contractor or any third parties, Contractor, at its sole expense, shall maintain in full force and effect the following insurance policies throughout the term of this Agreement.
Required Policies. Lessee shall obtain and keep in force, at its sole cost and expense the following types of insurance, in the amounts specified and in the form hereinafter provided for:
Required Policies. Contractor will procure and keep in force the following insurance subject to the conditions below, for the duration of this Agreement:
Required Policies. During the Term, Tenant shall maintain the following insurance with respect to each Facility at its sole cost and expense:
9.1.1 Fire and Extended Coverage against loss or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as “Special Risk,” and all physical loss perils normally included in such Special Risk insurance, including but not limited to sprinkler leakage and windstorm, together with coverage for earthquake (including earth movement), flood (if such Facility is located in whole or in part within a designated ▇▇▇-▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇) and terrorism, to the extent not included or specifically excluded from such Special Risk Insurance, all in an amount equal to one hundred percent (100%) of the full replacement cost of such Facility (as replacement cost is defined below in Section 9.3), and including a building ordinance coverage endorsement;
9.1.2 If such Facility contains steam boilers, pressure vessels or similar apparatus, insurance with an agreed amount endorsement (such that the insurance carrier has accepted the amount of coverage and has agreed that there will be no co-insurance penalty), covering the major components of the central heating, air conditioning and ventilating systems, boilers, other pressure vessels, high pressure Liberty:Pristine piping and machinery, elevators and escalators, if any, and other similar equipment installed in such Facility, in an amount equal to one hundred percent (100%) of the full replacement cost of such Facility, which policy shall insure against physical damage to and loss of occupancy and use of such Facility arising out of an accident, explosion, or breakdown covered thereunder;
9.1.3 If there is any storage tank, whether above ground or below ground, located at such Facility, whether or not in use, Pollution Liability Insurance with the same limits as required for the commercial general liability insurance pursuant to Section 9.1.5 below;
9.1.4 Business Interruption and Extra Expense Coverage for loss of business income on an actual loss sustained basis for no less than twelve (12) months, covering perils consistent with the requirements of Section 9.1.1, including either an agreed amount endorsement or a waiver of any co-insurance provisions, so as to prevent Tenant, Landlord and any other insured thereunder from being a co-insurer, and containing an extended period indemnity endorsement that provides that the continued loss of business income will be insured u...
Required Policies. Without limiting the SJVIA’s right to obtain indemnification from the Contractor or any third parties, Contractor, at its sole expense, shall maintain in full force and effect the following insurance policies throughout the term of this Agreement.
Required Policies. Concessionaire shall obtain and keep in force, at its sole cost and expense the following types of insurance, in the amounts specified and in the form hereinafter provided for:
Required Policies. (a) During the term of this agreement, and for a period of two years thereafter in the case of policies written on a “claims made” basis, the Supplier must maintain in force, with a reputable and financially sound insurance company, at least the following insurance policies (Required Policies):
(i) commercial general liability insurance in an amount of US $5 million per event; and
(ii) professional indemnity insurance in an amount of US$5 million per claim. If for any reason an insurer cancels, or fails or declines to renew, a Required Policy then the Supplier must, at its own cost, immediately purchase a replacement policy containing substantially the same terms as the Required Policy.
Required Policies. Tenant shall obtain and keep in force throughout the Term of the Lease, at its sole cost and expense the following types of insurance, in the amounts specified and in the form hereinafter provided for:
Required Policies. 3. 1.1 The Foundation and the Society will each adopt an investment policy, a finance and audit policy, a conflict of interest policy, a Code of Ethics for directors and employees , an insurance policy, a grants policy, a compliance policy addressing tax, accounting and other regulatory requirements. The Foundation and the Society may adopt such other policies as they deem appropriate from time to time, provided that no such policy may conflict with the terms of this Agreement.