Common use of TYPES AND AMOUNTS OF COVERAGE REQUIRED Clause in Contracts

TYPES AND AMOUNTS OF COVERAGE REQUIRED. Without restricting the scope of the indemnities required by this Agreement, the Owner shall obtain and maintain insurance of the character commonly referred to as public liability and property damage with an insurance company approved by the Municipality and duly authorized by law to underwrite such insurance in the Province of Ontario. Such policy or policies of insurance shall indemnify the Municipality and the Commission against all claims for loss, damage, injury or death directly or indirectly arising from or as a consequence of or in any way relating to any act or omission of the Owner or any officer, agent, servant, employee, xxxxxxx, consultant, advisor or contractor of the Owner in the development of the Subject Lands, including without limiting the generality of the foregoing: (a) any loss or damage that happens to any of the Works or any of the Utilities or to any part or parts thereof respectively; and (b) any loss or damage that happens to any of the materials or any of the equipment or vehicles or any other things used in the construction or installation of any of the Works or any of the Utilities or any part or parts thereof respectively; and (c) any injury or death to any person or persons; (d) any loss or damage whatsoever that results from the storage, use or handling of explosives: and (e) any loss or damage that results from the drainage of surface waters on or from the Subdivision Lands; and (f) any loss or damage that happens to any public road or to any other property of the Municipality or to the property of any person. The policy or policies of insurance shall name the Municipality and the Commission as Additional Insureds and shall provide a minimum coverage of Five Million Dollars ($5,000,000.00) per occurrence for bodily injury, death, and damage to property including the loss thereof. The policy or policies of insurance shall provide "occurrence type" coverage, that is to say, the policy(ies) will cover any claims which may be presented at any time (subject to the Statute of Limitations) arising from an occurrence that happened within the policy period. The policy shall not contain a deductible clause, provided however, if the policy does contain a deductible clause, the same shall be approved by the Municipality and the Owner shall provide an additional cash deposit payable to the Municipality in an amount to be determined by the Municipality. In the event of claims made against the Municipality to which the deductible applies, the Municipality shall appoint an independent adjuster to investigate such claim, and the finding of the independent adjuster shall authorize the Municipality to pay such claims deemed valid by such adjuster out of the additional cash deposit posted with the Municipality. In the event such additional cash deposits are deemed to be insufficient by the Municipality at any time and from time to time, the Owner hereby agrees to pay such additional cash deposits forthwith to the Municipality. All costs of the adjuster shall be borne by the Owner. The said policy or policies of insurance shall be maintained at least until the Certificate of Assumption has been issued by the Municipality. The issuance of such policy or policies of insurance shall not be construed to relieve the Owner from responsibility for other or larger claims for which it may be held responsible.

TYPES AND AMOUNTS OF COVERAGE REQUIRED. Without restricting the scope of the indemnities required by this Agreement, the Owner shall obtain and maintain insurance of the character commonly referred to as public liability and property damage with an insurance company approved by the Municipality Township and duly authorized by law to underwrite such insurance in the Province of Ontario. Such policy or policies of insurance shall indemnify the Municipality and the Commission Township against all claims for loss, damage, injury or death directly or indirectly arising from or as a consequence of or in any way relating to any act or omission of the Owner or any officer, agent, servant, employee, xxxxxxx, consultant, advisor or contractor of the Owner in the development of the Subject Subdivision Lands, including without limiting the generality of the foregoing: (a) any loss or damage that happens to any of the Works or any of the Utilities or to any part or parts thereof respectively; and (b) any loss or damage that happens to any of the materials or any of the equipment or vehicles or any other things used in the construction or installation of any of the Works or any of the Utilities or any part or parts thereof respectively; and (c) any injury or death to any person or persons;; and (d) any loss or damage whatsoever that results from the storage, use or handling of explosives: and (e) any loss or damage that results from the drainage of surface waters on or from the Subdivision Lands; and (fe) any loss or damage that happens to any public road or to any other property of the Municipality Township or to the property of any person. The policy or policies of insurance shall name the Municipality and Corporation of the Commission Township of Cramahe as Additional Insureds Insured and shall provide a minimum coverage of Five Million Dollars ($5,000,000.00) per occurrence for bodily injury, death, and damage to property including the loss thereof. The policy or policies of insurance shall provide "occurrence type" coverage, that is to say, the policy(ies) will cover any claims which may be presented at any time (subject to the Statute of Limitations) arising from an occurrence that happened within the policy period. The policy shall not contain a deductible clause, provided however, if the policy does contain a deductible clause, the same shall be approved by the Municipality Township and the Owner shall provide an additional cash deposit payable to the Municipality Township in an amount to be determined by the MunicipalityTownship. In the event of claims made against the Municipality Township to which the deductible applies, the Municipality Township shall appoint an independent adjuster to investigate such claim, and the finding of the independent adjuster shall authorize the Municipality Township to pay such claims deemed valid by such adjuster out of the additional cash deposit posted with the MunicipalityTownship. In the event such additional cash deposits are deemed to be insufficient by the Municipality Township at any time and from time to time, the Owner hereby agrees to pay such additional cash deposits forthwith to the MunicipalityTownship. All costs of the adjuster shall be borne by the Owner. The said policy or policies of insurance shall be maintained at least until the Certificate of Assumption has been issued by the MunicipalityTownship. The issuance of such policy or policies of insurance shall not be construed to relieve the Owner from responsibility for other or larger claims for which it may be held responsible.