Type of Coverage Amounts/Limits Clause Samples
Type of Coverage Amounts/Limits. Commercial General Liability Insurance (“CGL”) (Occurrence Form) $1,000,000 per occurrence$2,000,000 aggregate subject to an overall master policy aggregate limit, including contractual liability coverage, bodily injury, property damage, personal injury, advertising injury, products and completed operations. Umbrella Liability Insurance (above Employer’s Liability, CGL, and Automobile Insurance) $10,000,000 per occurrence and aggregate Business Interruption Insurance Twelve (12) months of projected gross revenues from the Property, or such other amounts as may be required by the Financing Documents All insurance required in clauses (i) and (ii) above shall be issued by insurers as deemed appropriate by Owner and be in force as of the Effective Date. All such policies shall be at Owner’s sole cost. The CGL and Umbrella Liability Insurance shall include Owner as Named Insured, Manager as an insured, however coverage will not extend to gross negligence, willful misconduct or acts outside the scope of Manager’s duties, and ▇▇▇▇▇▇▇ as Additional Insured, mortgagee or loss payees. In addition, all insurance required by (i) and (ii) above shall, to the extent permitted by law, include a waiver of subrogation in favor of Manager, while Manager is acting within the scope of duties and so long as Manager is not grossly negligent or Manager has not committed willful misconduct. In cases where Owner and Manager maintain insurance policies that duplicate coverage, Owner’s General Liability and Excess insurance policies shall be primary and non-contributory, except for claims of gross negligence, willful misconduct or acts taken in violation of this Agreement. Notwithstanding the foregoing, all insurance obtained by Owner shall be not less than the types of coverage and minimum standards required under the Financing Documents.
Type of Coverage Amounts/Limits. Workers’ Compensation As required by law Commercial General Liability (Occurrence Form) $1,000,000 per occurrence and$2,000,000 aggregate per projectIncluding broad form contractual liability coverage, independent contractors, bodily injury, property damage, personal injury, advertising injury, products and completed operations. Comprehensive Auto Liability $1,000,000 Combined Single Limit for bodily injury and property damage for any owned or non-owned autos Uninsured Motorists As required by statute Umbrella Liability Insurance (above CGL, and Automobile Insurance) $4,000,000 per occurrence and aggregate Professional Liability If the contractor or sub-contractor in question is providing professional services with respect to the Property, such contractor or sub-contractor shall maintain professional liability insurance in the amount of $1,000,000 per claim and annual aggregate, with an extended period of indemnity covering the exposures for the professional services rendered. Coverage shall be maintained in effect during the period of this agreement and for not less than two (2) years after termination of the contractual arrangement. Contractors Pollution Liability If contractors performing any pollution abatement at the Property, such contractor or sub-contractor shall maintain Contractors Pollution Liability with a limit no less than $1,000,000 per claim or occurrence and $2,000,000 annual aggregate. If Contractor maintains higher limits than the minimums shown above, the Owner requires and shall be entitled to coverage for the higher limits maintained. Insurance required of contractors and sub-contractors shall be secured from insurance companies licensed to do business in the State of [ ] and having a minimum AM Best rating of A, VIII. Manager shall obtain certificates of insurance, prior to permitting any contractor and subcontractor to enter upon the Property, or any part thereof, to commence work at the Property and keep on file such certificates of insurance or other evidence of compliance with these requirements. All such policies, with the exception of the Worker’s Compensation Insurance, shall provide that Manager and Owner are additional insureds with respect to liability arising out of the ongoing and completed operations of the contractor and sub-contractor. A copy of the additional insured endorsements shall be attached to the certificate of insurance. In addition, all required insurance shall, to the extent permitted by l...