Common use of Terms of Insurance Clause in Contracts

Terms of Insurance. The policies required under Sections 6.2 and 6.3 shall name Colonial or PTI, as applicable, as additional insured(s). Each party shall provide to the other party certificates of insurance and copies of policies obtained by the insuring party hereunder promptly upon the request of the other party. All policies of insurance obtained by a party pursuant to Sections 6.2 or 6.3, as applicable, also: (a) shall be written by responsible insurance companies reasonably acceptable to the other party having a Best's rating of "A-VIII" or better; (b) shall be written as primary policies with respect to losses arising out of the acts or omissions of the named insured not contributing with and not in excess of any coverage that the other party may carry; (c) shall contain an endorsement providing that the amount of coverage will not be reduced with respect to any party except after thirty (30) days' prior written notice from the insurance company to the other party and such coverage may not be cancelled with respect to any party (including, without limitation, for non-payment of premium) except after thirty (30) days' prior written notice from the insurance company to the other party; (d) shall contain, if obtainable, a statement that the insurance shall not be invalidated should any insured waive in writing prior to a loss any or all right of recovery against any party for loss accruing to the property described in the insurance policy; and (e) shall contain, if obtainable, a provision that no act or omission of the party procuring such insurance shall affect or limit the obligation of the insurance carrier to pay the amount of any loss sustained.