Required Policy Attributes Clause Samples
The Required Policy Attributes clause sets out the specific features or characteristics that an insurance policy must include to meet contractual or regulatory standards. This may involve stipulating minimum coverage limits, naming certain parties as insureds, or requiring particular endorsements or exclusions. By clearly defining these necessary attributes, the clause ensures that all parties understand the baseline requirements for acceptable insurance, reducing the risk of inadequate coverage and potential disputes.
Required Policy Attributes. Except as the Agency shall expressly otherwise agree in writing in its sole and absolute discretion:
(i) The Lessee shall cause each Policy (other than Worker’s Compensation insurance and auto liability insurance) to name the Agency as an additional insured on a primary and non-contributory basis as more particularly required in Section 8.1(f)(i).
(ii) No Policy shall have a deductible.
(iii) CGL shall not be subject to SIR.
(iv) CGL and Auto Liability shall be written on, respectively, ISO Form CG-0001 and ISO Form CA-0001, or on such other equivalent forms as same may be reasonably acceptable to the Agency but only if the substitute form being proposed as equivalent is provided to the Agency sixty (60) days prior to the intended effective date.
(v) The Lessee acknowledges that the Agency is materially relying upon the content of ISO Form CG-0001 (or its equivalent if applicable) to implement the Agency’s insurance requirements under this Section 8.1; accordingly, the Lessee agrees that non-standard exclusions and other modifications to ISO Form CG-0001 (or to its equivalent if applicable) are prohibited under the terms and conditions of this Section 8.1. By way of example and not limitation, no Policy delivered hereunder shall limit (whether by exception, exclusion, endorsement, script or other modification) any of the following coverage attributes:
(A) contractual liability coverage insuring the contractual obligations of the Insureds;
(B) employer’s liability coverage;
(C) coverage for claims arising under New York Labor Law;
(D) the right of the Insureds to name additional insureds including the Agency;
(E) the applicability of CGL coverage to the Agency as an additional insured in respect of liability arising out of any of the following claims:
Required Policy Attributes. The Lessee shall cause the CGL Policy to:
(i) name the Agency as an additional insured on a primary and non- contributory basis as more particularly required in Section 6(a);
(ii) be written on ISO Form CG-0001, or on such other equivalent form as same may be reasonably acceptable to the Agency but only if the substitute form being proposed as equivalent is provided to the Agency sixty (60) days prior to the intended effective date;
(iii) not limit (whether by exception, exclusion, endorsement, script or other modification) any of the following coverage attributes: (x) contractual liability coverage insuring the contractual obligations of the insureds; (y) the right of the insureds to name additional insureds including the Agency;
(z) the applicability of CGL coverage to the Agency as an additional insured in respect of liability arising out of any of the following claims: (A) claims against the Agency by employees of an insured, or (B) claims against the Agency by any contractor, architect or engineer or by the employees of any of the foregoing, or (C) claims against the Agency arising out of any work performed by a contractor, architect or engineer;
Required Policy Attributes. The Lessee shall cause the CGL Policy to:
(i) name the Agency as an additional insured on a primary and non- contributory basis as more particularly required in Section 6(a);
(ii) be written on ISO Form CG-0001, or on such other equivalent form as same may be reasonably acceptable to the Agency but only if the substitute form being proposed as equivalent is provided to the Agency sixty (60) days prior to the intended effective date;
(iii) not limit (whether by exception, exclusion, endorsement, script or other modification) any of the following coverage attributes: (x) contractual liability coverage insuring the contractual obligations of the insureds; (y) the right of the insureds to name additional insureds including the Agency;
Required Policy Attributes. Except as the Issuer and the Trustee shall expressly otherwise agree in writing in their sole and absolute discretion:
(i) The Company shall cause each Policy (other than Worker’s Compensation insurance) to name the Issuer and the Trustee as additional insureds on a primary and non-contributory basis as more particularly required in Section 7.1(f)(i).
(ii) No Policy shall have a deductible in excess of $25,000.
(iii) CGL shall not be subject to SIR in excess of $10,000.
(iv) CGL shall be written on either ISO Form CG-0001 or on such other form that the Company may request provided that any requested substitute shall provide an additional insured with substantially equivalent coverage to that enjoyed by an additional insured in a policy written on ISO Form CG-0001 and provided further that the substitute is reasonably approved by the Issuer. If the Insured intends to renew its CGL on a form that is not ISO Form CG-0001, the Insured shall provide the Issuer and the Trustee with a copy of the substitute form at least sixty (60) days prior to the intended date on which the renewal Policy is to be effective.
(v) The Company acknowledges that the Issuer and the Trustee are materially relying upon the content of ISO Form CG-0001 to implement the Issuer’s insurance requirements under this Section 7.1; accordingly, the Company agrees that non-standard exclusions and other modifications to ISO Form CG-0001 are prohibited under the terms and conditions of this Section 7.1. In the event that ISO either ceases to exist or discontinues ISO Form CG-0001, the Issuer or the Trustee shall have the right to require, for all purposes hereunder, a different CGL form, provided that the replacement is substantially similar to ISO Form CG-0001.
(vi) Without limiting Section 7.1(d)(v) or the application of any other requirement under this Section 7.1, no Policy delivered hereunder shall limit (whether by exception, exclusion, endorsement, script or other modification) any of the following coverage attributes:
(A) contractual liability coverage insuring the contractual obligations of the Insured;
(B) the right of the Insured to name additional insureds including the Issuer and the Trustee;
(C) the applicability of CGL coverage to the Issuer and the Trustee as additional insureds in respect of liability arising out of any of the following claims: (x) claims against the Issuer and/or the Trustee by employees of the Insured, or (y) claims against the Issuer and/or the Trustee by any G...
Required Policy Attributes. All such insurance and policies required above shall:
(i) be primary, and not excess of contributory,
(ii) be written by insurance companies qualified to do business in the State of Minnesota, with an A.M. Best Company rating of A - IX or better in the latest edition of Best's Insurance Guide and Key Ratings,
(iii) policies 5.1(i), (ii) and (vi) shall be endorsed to include Licensor, the Team, StadCo and the Authority (if the Authority is not the Licensor hereunder), and their respective officers, directors, members and employees as additional insureds,
(iv) include a waiver of subrogation in favor of all additional insureds, including Licensor, the Team, StadCo and the Authority (if the Authority is not the Licensor hereunder), and provide that the coverage thereunder may not be materially changed, reduced or canceled unless thirty (30) days prior written notice thereof is furnished to Licensor, the Team, StadCo and the Authority (if the Authority is not the Licensor hereunder).