TTI Insurance Clause Samples
The TTI Insurance clause requires one or more parties to obtain and maintain insurance coverage specifically related to TTI (which may refer to a particular type of risk, project, or entity named TTI). This clause typically outlines the minimum coverage amounts, the types of insurance required (such as general liability, professional indemnity, or property insurance), and may specify additional insureds or proof of coverage requirements. Its core practical function is to allocate risk and ensure that adequate financial protection is in place in the event of claims or losses associated with TTI, thereby safeguarding the interests of all parties involved.
TTI Insurance. No later than thirty (30) days prior to the first use of Licensed Technology in humans, TTI, at TTI’s expense, shall obtain and maintain appropriate general liability and product liability insurance (the “TTI Insurance”) at an overall level, incident level, and deductible amount as are standard in the industry at such time, naming TTI and Institutions as co-insured. TTI shall provide to Institutions a Certificate of Insurance evidencing compliance with this provision within thirty (30) days prior to such first use and, in no event, shall TTI use the Licensed Technology in humans prior to the delivery to Institutions of the Certificate of Insurance. TTI shall, at its own expense, obtain and maintain the TTI Insurance from the date required by this Section 11.1 until the end of the Term of this Agreement (as described in Article 9 hereof) and for a period of six (6) years thereafter.