Insurance Clause Example with 5 Variations from Business Contracts
This page contains Insurance clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Insurance. 9.1. Maintenance of Insurance. The Company will maintain with financially sound and reputable insurers insurance with respect to its properties and business against such casualties and contingencies as shall be in accordance with general practices of businesses engaged in similar activities in similar geographic areas. Such insurance shall be in such minimum amounts that each the Company will not be deemed a co-insurer under applicable insurance laws, regulations and policies and otherwise shall... be in such amounts, contain such terms, be in such forms and be for such periods as may be reasonably satisfactory to the Agent. Without limiting the foregoing, the Company will (a) keep all of its physical property insured with casualty or physical hazard insurance on an "all risks" basis, with broad form flood and earthquake coverages and electronic data processing coverage, with a full replacement cost endorsement and an "agreed amount" clause in an amount equal to 100% of the full replacement cost of such property, (b) maintain all such workers' compensation or similar insurance as may be required by law and (c) maintain, in amounts and with deductibles equal to those generally maintained by businesses engaged in similar activities in similar geographic areas, general public liability insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of the Company; business interruption insurance; and product liability insurance. -8- 9.2. Insurance Proceeds. The proceeds of any casualty insurance in respect of any casualty loss of any of the Collateral shall, subject to the rights, if any, of other parties with an interest having priority in the property covered thereby, (a) so long as no Event of Default has occurred and is continuing and to the extent that the amount of such proceeds is less than $100,000, be disbursed to the Company for direct application by the Company solely to the repair or replacement of the Company's property so damaged or destroyed and (b) in all other circumstances, be held by the Agent as cash collateral for the Obligations. The Agent may, at its sole option, disburse from time to time all or any part of such proceeds so held as cash collateral, upon such terms and conditions as the Agent may reasonably prescribe, for direct application by the Company solely to the repair or replacement of the Company's property so damaged or destroyed, or the Agent may apply all or any part of such proceeds to the Obligations. 9.3. Continuation of Insurance. In the event of failure by the Company to provide and maintain insurance as herein provided, the Agent may, at its option, provide such insurance and charge the amount thereof to the Company. The Company shall furnish the Agent, at the request of the Agent, with certificates of insurance and policies evidencing compliance with the foregoing insurance provision.View More
Variations of a "Insurance" Clause from Business Contracts
Insurance. 9.1. 10.1. Maintenance of Insurance. The Company Debtor will maintain with financially sound and reputable insurers insurance with respect to its properties and business against such casualties and contingencies as shall be in accordance with general practices of businesses engaged in similar activities in similar geographic areas. Such insurance shall be in such minimum amounts that each the Company Debtor will not be deemed a co-insurer coinsurer under applicable insurance laws, regulations an...d policies and otherwise shall be in such amounts, contain such terms, be in such forms and be for such periods as may be reasonably satisfactory to the Agent. Secured Party. In addition, all such insurance shall be payable to the Secured Party as loss payee under a "standard" loss payee clause. Without limiting the foregoing, the Company Debtor will (a) (i) keep all of its physical property insured with casualty or physical hazard insurance on an "all risks" basis, with broad form flood and earthquake coverages coverage and electronic data processing coverage, with a full replacement cost endorsement and an "agreed amount" clause in an amount equal to 100% one hundred (100%) percent of the full replacement cost of such property, (b) (ii) maintain all such workers' compensation or similar insurance as may be required by law and (c) (iii) maintain, in amounts and with deductibles equal to those generally maintained by businesses engaged in similar activities in similar geographic , areas, general public liability insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of the Company; Debtor business interruption insurance; and product liability insurance. -8- 9.2. 10.2. Insurance Proceeds. The proceeds of any casualty insurance in respect of any casualty loss of any of the Collateral shall, subject to the rights, if any, of other parties with an a prior interest having priority in the property covered thereby, (a) (i) so long as no Default or Event of Default has occurred and is continuing and to the extent that the amount of such proceeds is less than $100,000, continuing, be disbursed to the Company Debtor for direct application by the Company Debtor solely to the repair or replacement of the Company's Debtor's property so damaged or destroyed and (b) (ii) in all other circumstances, be held by the Agent Secured Party as cash collateral for the Obligations. The Agent Secured Party may, at its sole option, disburse from time to time all or any part of such proceeds so held as cash collateral, upon such terms and conditions as the Agent Secured Party may reasonably prescribe, for direct application by the Company Debtor solely to the repair or replacement of the Company's Debtor's property so damaged or destroyed, or the Agent Secured Party may apply all or any part of such proceeds to the Obligations. 9.3. Continuation 10.3. Notice of Insurance. Cancellation. All policies of insurance shall provide for at least sixty (60) days prior written cancellation notice to the Secured Party. In the event of failure by the Company Debtor to provide and maintain insurance as herein provided, the Agent may, Secured Party may at its option, provide such insurance and charge the amount thereof to the Company. Debtor. The Company Debtor shall furnish the Agent, at the request of the Agent, Secured Party with certificates of insurance and policies evidencing compliance with the foregoing insurance provision. View More
Insurance. 9.1. 10.01 Maintenance of Insurance. The Company Borrower will maintain with financially sound and reputable insurers insurance with respect to its properties and business against such casualties and contingencies as shall be in accordance with general practices of businesses engaged in similar activities in similar geographic areas. Such insurance shall be in such minimum amounts that each the Company Borrower will not be deemed a co-insurer under applicable insurance laws, regulations and poli...cies and otherwise shall be in such 6 amounts, contain such terms, be in such forms and be for such periods as may be reasonably satisfactory to the Agent. Lender. In addition, all such insurance shall be payable to Lender as loss payee under a standard loss payee clause. Without limiting the foregoing, the Company Borrower will (a) (i) keep all of its physical property insured with casualty or physical hazard insurance on an "all risks" basis, with broad form flood and earthquake coverages and electronic data processing coverage, with a full replacement cost endorsement and an "agreed amount" clause in an amount equal to 100% of the full replacement cost of such property, (b) (ii) maintain all such workers' compensation or similar insurance as may be required by law and (c) (iii) maintain, in amounts and with deductibles equal to those generally maintained by businesses engaged in similar activities in similar geographic areas, general public liability insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of the Company; Borrower; business interruption insurance; and product liability insurance. -8- 9.2. 10.02 Insurance Proceeds. The proceeds of any casualty insurance in respect of any casualty loss of any of the Collateral shall, subject to the rights, if any, of other parties with an a prior interest having priority in the property covered thereby, (a) (i) so long as no Default or Event of Default has occurred and is continuing and to the extent that the amount of such proceeds is less than $100,000, $1,000,000, be disbursed to the Company Borrower for direct application by the Company Borrower solely to the repair or replacement of the Company's Borrower's property so damaged or destroyed and (b) (ii) in all other circumstances, be held by the Agent Lender as cash collateral for the Obligations. The Agent Lender may, at its sole option, disburse from time to time all or any part of such proceeds so held as cash collateral, upon such terms and conditions as the Agent Lender may reasonably prescribe, for direct application by the Company Borrower solely to the repair or replacement of the Company's Borrower's property so damaged or destroyed, or the Agent Lender may apply all or any part of such proceeds to the Obligations with the Commitments (if not then terminated) being reduced by the amount so applied to the Obligations. 9.3. Continuation 10.03 Notice of Insurance. Cancellation, etc. All policies of insurance will provide for at least 30 days prior written cancellation notice to Lender. In the event of failure by the Company Borrower to provide and maintain insurance as herein provided, the Agent Lender may, at its option, provide such insurance and charge the amount thereof to the Company. The Company shall Borrower. Borrower will furnish the Agent, at the request of the Agent, Lender with certificates of insurance and copies policies evidencing compliance with the foregoing insurance provision. View More
Insurance. 9.1. 10.1. Maintenance of Insurance. The Company Guarantor will maintain maintain, with financially sound and reputable insurers insurers, insurance with respect to its properties and business against such casualties and contingencies as shall be in accordance with general practices of businesses engaged in similar activities in similar geographic areas. Such insurance shall be in such minimum amounts that each the Company Guarantor will not be deemed a co-insurer under applicable insurance laws..., regulations and policies and otherwise shall be in such amounts, contain such terms, be in such forms and be for such periods as may be reasonably satisfactory to the Agent. In addition, all such property casualty insurance shall be payable to the Agent as loss payee under a loss payee clause reasonably acceptable to the Agent. Without limiting the foregoing, the Company Guarantor will (a) keep all of its physical property insured with casualty or physical hazard insurance on an "all risks" basis, with broad form flood and earthquake coverages and electronic data processing coverage, with a full replacement cost endorsement and an "agreed amount" clause in an amount equal to 100% of the full replacement cost of such property, (b) maintain all such workers' compensation or similar insurance as may be required by law and (c) (iii) maintain, in amounts and with deductibles equal to those generally maintained by businesses engaged in similar activities in similar geographic areas, general public liability insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of the Company; Guarantor; business interruption insurance; and product liability insurance. -8- 9.2. 6 10.2. Insurance Proceeds. The proceeds of any casualty insurance in respect of any casualty loss of any of the Collateral shall, subject to the rights, if any, of other parties with an interest having priority in the property covered thereby, (a) so long as no Event of Default has occurred and is continuing and to the extent that the amount of such proceeds is less than $100,000, continuing, be disbursed to the Company Guarantor for direct application by the Company solely Guarantor to the repair or replacement of the Company's Guarantor's property so damaged or destroyed destroyed, with any excess proceeds to be retained by the Guarantor, and (b) in all other circumstances, if an Event of Default has occurred and is continuing, be distributed to the Agent to be held by the Agent as cash collateral for the Secured Obligations. The Agent may, at its sole option, disburse from time to time all or any part of such proceeds so held as cash collateral, upon such terms and conditions as the Agent may reasonably prescribe, for direct application by the Company Guarantor solely to the repair or replacement of the Company's Guarantor's property so damaged or destroyed, or the Agent may apply all or any part of such proceeds to the Secured Obligations. 9.3. 10.3. Continuation of Insurance. All policies of insurance shall provide for at least thirty (30) days prior written cancellation notice to the Agent. In the event of failure by the Company Guarantor to provide and maintain insurance as herein provided, the Agent may, at its option, provide such insurance and charge the amount thereof to the Company. Guarantor. The Company Guarantor shall furnish the Agent, at the request of the Agent, Agent with certificates of insurance and policies evidencing compliance with the foregoing insurance provision. View More
Insurance. 9.1. 10.1. Maintenance of Insurance. The Company Borrower will maintain maintain, with financially sound and reputable insurers insurers, insurance with respect to its properties and business against such casualties and contingencies as shall be in accordance with general practices of businesses engaged in similar activities in similar geographic areas. Such insurance shall be in such minimum amounts that each the Company Borrower will not be deemed a co-insurer under applicable insurance laws, ...regulations and policies and otherwise shall be in such amounts, contain such terms, be in such forms and be for such periods as may be reasonably satisfactory to the Agent. In addition, all such property casualty insurance shall be payable to the Agent as loss payee under a loss payee clause reasonably acceptable to the Agent. Without limiting the foregoing, the Company Borrower will (a) keep all of its physical property insured with casualty or physical hazard insurance on an "all risks" basis, with broad form flood and earthquake coverages and electronic data processing coverage, with a full replacement cost endorsement and an "agreed amount" clause in an amount equal to 100% of the full replacement cost of such property, (b) maintain all such workers' compensation or similar insurance as may be required by law and (c) maintain, in amounts and with deductibles equal to those generally maintained by businesses engaged in similar activities in similar geographic areas, general public liability insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of the Company; Borrower; business interruption insurance; and product liability insurance. -8- 9.2. 6 10.2. Insurance Proceeds. The proceeds of any casualty insurance in respect of any casualty loss of any of the Collateral shall, subject to the rights, if any, of other parties with an interest having priority in the property covered thereby, (a) so long as no Event of Default has occurred and is continuing and to the extent that the amount of such proceeds is less than $100,000, continuing, be disbursed to the Company Borrower for direct application by the Company solely Borrower to the repair or replacement of the Company's Borrower's property so damaged or destroyed destroyed, with any excess proceeds to be retained by the Borrower, and (b) in all other circumstances, if an Event of Default has occurred and is continuing, be distributed to the Agent to be held by the Agent as cash collateral for the Secured Obligations. The Agent may, at its sole option, disburse from time to time all or any part of such proceeds so held as cash collateral, upon such terms and conditions as the Agent may reasonably prescribe, for direct application by the Company Borrower solely to the repair or replacement of the Company's Borrower's property so damaged or destroyed, or the Agent may apply all or any part of such proceeds to the Secured Obligations. 9.3. 10.3. Continuation of Insurance. All policies of insurance shall provide for at least thirty (30) days prior written cancellation notice to the Agent. In the event of failure by the Company Borrower to provide and maintain insurance as herein provided, the Agent may, at its option, provide such insurance and charge the amount thereof to the Company. Borrower. The Company Borrower shall furnish the Agent, at the request of the Agent, Agent with certificates of insurance and policies evidencing compliance with the foregoing insurance provision. View More
Insurance. 9.1. Maintenance of Insurance. The Company will maintain with financially sound and reputable insurers insurance with respect to its properties and business against such casualties and contingencies as shall be in accordance with general practices of businesses engaged in similar activities in similar geographic areas. Such insurance shall be in such minimum amounts that each the Company will not be deemed a co-insurer coinsurer under applicable insurance laws, regulations and policies and other...wise shall be in such amounts, contain such terms, be in such forms and be for such periods as may be reasonably satisfactory to the Agent. Secured Party. In addition, all such insurance shall be payable to the Secured Party as loss payee. Without limiting the foregoing, the Company will (a) (i) keep all of its physical property insured with casualty or physical hazard insurance on an "all risks" basis, with broad form flood and earthquake coverages and electronic data processing coverage, with a full replacement cost endorsement and an "agreed amount" clause in an amount equal to 100% 100 percent of the full replacement cost of such property, (b) (ii) maintain all such workers' compensation or similar insurance as may be required by law and (c) (iii) maintain, in amounts and with deductibles equal to those generally maintained by businesses engaged in similar activities in similar geographic areas, general public liability insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of the Company; business interruption insurance; and product liability insurance. -8- 9.2. Insurance Proceeds. The In addition, the proceeds of any casualty insurance in respect of any casualty loss of any of the Collateral shall, subject to the rights, if any, of other parties with an a prior interest having priority in the property covered thereby, (a) (i) so long as no Event of Default has occurred and is continuing and to the extent that the amount of such proceeds is less than $100,000, be disbursed to the Company for direct application by the Company solely to the repair or replacement of the Company's property so damaged or destroyed and (b) (ii) in all other circumstances, be held by the Agent Secured Party as cash collateral for the Obligations. The Agent Secured Party may, at its sole option, disburse from time to time all or any part of such proceeds so held as cash collateral, upon such terms and conditions as the Agent Secured Party may reasonably prescribe, for direct application by the Company solely to the repair or replacement of the Company's property so damaged or destroyed, or the Agent Secured Party may apply all or any part of such proceeds to the Obligations. 9.3. Continuation All policies of Insurance. insurance shall provide for at least thirty (30) days prior written cancellation notice to the Secured Party. In the event of failure by the Company to provide and maintain insurance as herein provided, the Agent Secured Party may, at its option, provide such insurance and charge the amount thereof to the Company. The Company shall furnish the Agent, at the request of the Agent, Secured Party with certificates of insurance and policies evidencing compliance with the foregoing insurance provision. provisions as may be reasonably requested in writing. View More
