Common use of Requirements of Policies Clause in Contracts

Requirements of Policies. The Local Government shall maintain all insurance required by Section 8.1 with generally recognized responsible insurance companies selected by the Local Government and reasonably acceptable to VRA. Such insurance may be written with deductible amounts comparable to those on similar policies carried by other localities of like size and character to the Local Government. If the Local Government does not maintain such insurance with an insurer licensed to do business in Virginia or placed under the requirements of the Virginia Surplus Lines Insurance Law, Chapter 48, Title 38.2, Code of Virginia of 1950, as amended, or any successor statute, the Local Government shall provide evidence reasonably satisfactory to VRA that such insurance is enforceable under Virginia law. (a) In lieu of obtaining any of the policies of insurance required by Section 8.1, the Local Government may adopt alternative risk management programs which it determines to be reasonable, including, without limitation, to self-insure in whole or in part, individually or in connection with other units of local government or other institutions, to participate in programs of captive insurance companies, to participate with other units of local government or other institutions in mutual or other cooperative insurance or other risk management programs, to participate in state or federal insurance programs, to take advantage of state or federal laws now or hereafter in existence limiting liability, or to establish or participate in other alternative risk management programs, all as may be reasonable and appropriate risk management by the Local Government and that provide comparable coverages required by such sections. In addition, any insurance coverage pursuant to this Article may be pursuant to a program whereby the Local Government self-insures against certain losses up to a stated loss amount, and retains excess coverage from an insurer meeting the requirements of this Article. (b) The Local Government shall not participate in any self-insurance plan or alternative risk management program with respect to the Improvements unless such self- insurance plan or alternative risk management program is a Qualified Self-Insurance Plan. (c) In the event the Local Government is insured through a self-insurance program other than a pool, the Local Government agrees to (i) comply with such program unless a change therein is recommended by the Insurance Consultant, (ii) cause the Insurance Consultant to review any Qualified Self-Insurance Plan at least annually and to make written recommendations as to what funding levels are adequate to protect against the risks covered by the plan and (iii) follow the recommendations of such Insurance Consultant.

Requirements of Policies. (a) The Local Government shall maintain all insurance required by Section 8.1 with generally recognized responsible insurance companies selected by the Local Government and reasonably acceptable to VRA. Such insurance may be written with deductible amounts comparable to those on similar policies carried by other localities of like size and character to the Local Government. If the Local Government does not maintain such insurance with an insurer licensed to do business in Virginia or placed under the requirements of the Virginia Surplus Lines Insurance Law, Chapter 48, Title 38.2, Code of Virginia of 1950, as amended, or any successor statute, the Local Government shall provide evidence reasonably satisfactory to VRA that such insurance is enforceable under Virginia law. (ab) In lieu of obtaining any of the policies of insurance required by Section 8.1, the Local Government may adopt alternative risk management programs which it determines to be reasonable, including, without limitation, to self-insure in whole or in part, individually or in connection with other units of local government or other institutions, to participate in programs of captive insurance companies, to participate with other units of local government or other institutions in mutual or other cooperative insurance or other risk management programs, to participate in state or federal insurance programs, to take advantage of state or federal laws now or hereafter in existence limiting liability, or to establish or participate in other alternative risk management programs, all as may be reasonable and appropriate risk management by the Local Government and that provide comparable coverages required by such sections. In addition, any insurance coverage pursuant to this Article may be pursuant to a program whereby the Local Government self-insures against certain losses up to a stated loss amount, and retains excess coverage from an insurer meeting the requirements of this Article. (bc) The Local Government shall not participate in any self-insurance plan or alternative risk management program with respect to the Improvements unless such self- insurance plan or alternative risk management program is a Qualified Self-Insurance Plan. (cd) In the event the Local Government is insured through a self-insurance program other than a pool, the Local Government agrees to (i) comply with such program unless a change therein is recommended by the Insurance Consultant, (ii) cause the Insurance Consultant to review any Qualified Self-Insurance Plan at least annually and to make written recommendations as to what funding levels are adequate to protect against the risks covered by the plan and (iii) follow the recommendations of such Insurance Consultant.

Requirements of Policies. (a) The Local Government shall maintain all insurance required by Section 8.1 with generally recognized responsible insurance companies selected by the Local Government and reasonably acceptable to VRA. Such insurance may be written with deductible amounts comparable to those on similar policies carried by other localities of like size and character to the Local Government. If the Local Government does not maintain such insurance with an insurer licensed to do business in Virginia or placed under the requirements of the Virginia Surplus Lines Insurance Law, Chapter 48, Title 38.2, Code of Virginia of 1950, as amended, or any successor statute, the Local Government shall provide evidence reasonably satisfactory to VRA that such insurance is enforceable under Virginia law. (ab) In lieu of obtaining any of the policies of insurance required by Section 8.1, the Local Government may adopt alternative risk management programs which it determines to be reasonable, including, without limitation, to self-insure in whole or in part, individually or in connection with other units of local government or other institutions, to participate in programs of captive insurance companies, to participate with other units of local government or other institutions in mutual or other cooperative insurance or other risk management programs, to participate in state State or federal Federal insurance programs, to take advantage of state State or federal Federal laws now or hereafter in existence limiting liability, or to establish or participate in other alternative risk management programs, all as may be reasonable and appropriate risk management by the Local Government and that provide comparable coverages required by such sections. In addition, any insurance coverage pursuant to this Article may be pursuant to a program whereby the Local Government self-insures against certain losses up to a stated loss amount, and retains excess coverage from an insurer meeting the requirements of this Article. (bc) The Local Government shall not participate in any self-insurance plan or alternative risk management program with respect to the Improvements unless such self- insurance plan or alternative risk management program is a Qualified Self-Insurance Plan. (cd) In the event the Local Government is insured through a self-insurance program other than a pool, the Local Government agrees to (i) comply with such program unless a change therein is recommended by the Insurance Consultant, (ii) cause the Insurance Consultant to review any Qualified Self-Insurance Plan at least annually and to make written recommendations as to what funding levels are adequate to protect against the risks covered by the plan and (iii) follow the recommendations of such Insurance Consultant.

Requirements of Policies. (a) The Local Government or the School Board shall maintain all insurance required by Section 8.1 with generally recognized responsible insurance companies selected by the Local Government or the School Board and reasonably acceptable to VRA. Such insurance may be written with deductible amounts comparable to those on similar policies carried by other localities of like size and character to the Local GovernmentGovernment and School Board. If the Local Government does and the School Board do not maintain such insurance with an insurer licensed to do business in Virginia or placed under the requirements of the Virginia Surplus Lines Insurance Law, Chapter 48, Title 38.2, Code of Virginia of 1950, as amended, or any successor statute, the Local Government or the School Board shall provide evidence reasonably satisfactory to VRA that such insurance is enforceable under Virginia law. (ab) In lieu of obtaining any of the policies of insurance required by Section 8.1, the Local Government or the School Board may adopt alternative risk management programs which it determines to be reasonable, including, without limitation, to self-insure in whole or in part, individually or in connection with other units of local government or other institutions, to participate in programs of captive insurance companies, to participate with other units of local government or other institutions in mutual or other cooperative insurance or other risk management programs, to participate in state or federal insurance programs, to take advantage of state or federal laws now or hereafter in existence limiting liability, or to establish or participate in other alternative risk management programs, all as may be reasonable and appropriate risk management by the Local Government or the School Board and that provide comparable coverages required by such sections. In addition, any insurance coverage pursuant to this Article may be pursuant to a program whereby the Local Government or the School Board self-insures against certain losses up to a stated loss amount, and retains excess coverage from an insurer meeting the requirements of this Article. (bc) The Local Government or the School Board shall not participate in any self-insurance plan or alternative risk management program with respect to the Improvements unless such self- self-insurance plan or alternative risk management program is a Qualified Self-Self- Insurance Plan. (cd) In the event the Local Government or the School Board is insured through a self-insurance program other than a pool, the Local Government or the School Board agrees to to (i) comply with such program unless a change therein is recommended by the Insurance Consultant, (ii) cause the Insurance Consultant to review any Qualified Self-Insurance Plan at least annually and to make written recommendations as to what funding levels are adequate to protect against the risks covered by the plan and (iii) follow the recommendations of such Insurance Consultant.