SYSTEM INSURANCE Clause Samples
SYSTEM INSURANCE. The City shall at all times maintain with responsible insurers all such insurance on the System as is customarily maintained with respect to works and properties of like character against accident to, loss of or damage to such works or properties. The net proceeds of insurance against accident to or material destruction of the System shall be used to repair or rebuild the damaged or destroyed System, and to the extent not so applied, will be applied to the payment or redemption of the Bond.
SYSTEM INSURANCE. A policy or policies of insurance against loss or damage arising from incidents relating to the air conditioning and/or heating systems, electrical systems, other pressure vessels, high pressure piping and machinery, if any, installed in the buildings and improvements, for an amount reasonably satisfactory to the Mortgagee.
SYSTEM INSURANCE. Multitrade shall maintain in full force and effect, at its expense, casualty and liability insurance on the System and liability insurance for its undertakings hereunder equal to at least the amounts required by statute and the amounts customarily maintained in the industry for steam generating facilities of similar size and type as the System. Multitrade shall also maintain excess liability coverage with a minimum limit of $2,000,000.