Transaction Insurance Sample Clauses

The Transaction Insurance clause establishes that an insurance policy will be obtained to protect parties involved in a transaction from specific risks, such as breaches of representations and warranties or undisclosed liabilities. Typically, this clause outlines the type of insurance to be purchased, the coverage limits, and which party is responsible for paying the premiums. By including this provision, the parties can transfer certain transaction-related risks to an insurer, thereby reducing potential financial exposure and facilitating smoother deal completion.
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Transaction Insurance. (i) An insurer acceptable to Buyer shall have issued to Buyer, for Buyer’s benefit, a policy of representations and warranty insurance covering all of Seller’s representations and warranties in this Agreement other than the representations in Section 2.23 hereof, with a retention of $500,000 and an aggregate limit of at least $7,000,000 and a term expiring on the sixth anniversary of the Closing Date, expressly providing that the Insurer is not subrogated to the rights of Buyer or any other Buyer Indemnitee hereunder, and upon such other terms and conditions and subject to such other limitations as Buyer shall deem acceptable to it in its sole and unqualified discretion (such policy, the “Transaction Insurance”), (ii) such Transaction Insurance shall be in full force and effect, and (iii) no fact, event or circumstance shall exist that might give rise to such Transaction Insurance being terminated or becoming rescindable or unavailable, in whole or in part, to Buyer in respect of a breach of any of Seller’s representations or warranties herein other than the representations in Section 2.23.
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Related to Transaction Insurance

  • Vision Insurance The County will provide and pay all the premiums necessary for WCIF VSP vision insurance.

  • Construction Insurance In addition to the requirements of Article 10 of this Lease, in the event that Tenant makes any Alterations, prior to the commencement of such Alterations, Tenant shall provide Landlord with evidence that Tenant carries “Builder’s All Risk” insurance in an amount approved by Landlord covering the construction of such Alterations, and such other insurance as Landlord may reasonably require, it being understood and agreed that all of such Alterations shall be insured by Tenant pursuant to Article 10 of this Lease immediately upon completion thereof. In addition, Landlord may, in its discretion, require Tenant to obtain a lien and completion bond or some alternate form of security satisfactory to Landlord in an amount sufficient to ensure the lien-free completion of such Alterations and naming Landlord as a co-obligee.

  • Hospitalization Insurance A) Effective January 1, 2012, all eligible employees shall be enrolled into Blue Cross Blue Shield Community Blue 4 (CB4) medical plan with a closed formulary $5 generic/$40 preferred brand/$80 non-preferred brand prescription drug card. The CB4 medical plan shall include a $500 single/$1,000 couple/family first dollar deductible, after which coinsurance will be provided at 80% with an annual employee maximum co-insurance out of pocket at $1,500 single and $3,000 family. In accordance with Health Care Reform preventative care is covered 100%. Copays shall include $30 for office visits, $30 for urgent care, and $150 for emergency room visits. Effective July 1, 2019 the City will also provide Blue Cross Blue Shield Simply Blue PPO with a $5 generic/$40 preferred brand/$80 non-preferred prescription drug card as a voluntary option for employees. Effective January 1, 2012, the City shall establish a Cafeteria Plan Section 125 Flexible Spending Account (FSA) for qualified medical expenses compliant with all IRS regulations. Employees may elect to contribute into the FSA on a pre-tax basis up to a limit set by the employer in compliance with IRS regulations and Health Care Reform. Employees must establish their contributions each calendar year, and the amount may not be altered unless the employee experiences a qualifying event as defined by the IRS. The City shall not contribute into the employee’s FSA for calendar year 2011, 2012 or 2013. Effective with calendar year 2014 the City’s contribution into the FSA will be in accordance with Article IV Section 5. Qualified purchases during the calendar year using FSA funds must be submitted for reimbursement no later than the last day of February the following calendar year. Any money contributed into the FSA and not spent will be forfeited by the employee. Effective July 1, 2019 the FSA plan year shall be July through June to coincide with the medical plan year. Qualified purchases during the plan year using FSA funds must be submitted for reimbursement no later than the last day of September following the close of the plan year June 30th. Any money contributed into the FSA and not spent will be forfeited by the employee, except for the amount allowed by IRS regulations. The City reserves the right to self insure any and all medical insurance plans as described in this Collective Bargaining Agreement at the City’s sole discretion.

  • Income Protection Insurance The employer shall participate in a income protection scheme and shall make relevant contributions on behalf of all employees to provide for the payment of income protection benefits to employees.

  • Workers’ Compensation Insurance Contractor shall obtain and maintain a policy of workers’ compensation insurance for all of Contractor’s employees in accordance with the provisions of Labor Code Sections 3700, et seq., and all other applicable laws and requirements. In case any class of employee is not protected under the workers’ compensation laws for any reason, Contractor shall provide adequate coverage as shall be necessary for the protection of such employees. Prior to commencement of the Work, Contractor shall sign and file with District a certification regarding insurance for workers’ compensation in accordance with Labor Code Section 1861.