Common use of Trust and Trustee Liability Insurance Clause in Contracts

Trust and Trustee Liability Insurance. The Trustees shall obtain and maintain a policy or policies of insurance, to the extent permitted by law, to insure themselves, the Trust, each Benefit Plan, and employees or agents of the Trust and of each Benefit Plan while engaged in business and related activities for and on behalf of the Trust and/or Benefit Plan with respect to liability to others as a result of acts, errors or omissions of such Trustee or Trustees, employees or agents. Such insurance policy or policies shall provide recourse by the insurer against the Trustees as may be required by law. The cost of the premiums for such policy or policies of insurance shall be paid out of the assets of the Trust, to the extent permitted by law. The Trustees may obtain a waiver of recourse under such policy or policies, but the premium for such waiver of recourse may not be paid from the assets of the Trust.

Trust and Trustee Liability Insurance. The Trustees shall obtain and maintain a policy or policies of insurance, to the extent permitted by law, to insure themselves, the Trust, each Benefit Plan, Fund and employees or agents of the Trust Trustees and of each Benefit Plan the Fund while engaged in business and related activities for and on behalf of the Trust and/or Benefit Plan Fund with respect to liability to others as a result of acts, errors or omissions of such Trustee or Trustees, employees or agents. Such insurance policy or policies shall provide recourse by the insurer against the Trustees as may be required by law. The cost of the premiums for such policy or policies of insurance shall be paid out of the assets of the Trust, to the extent permitted by law. The Trustees may obtain a waiver of recourse under such policy or policies, but the premium for such waiver of recourse may not be paid from the assets of the Trust.