16 Insurance Clause Samples
The Insurance clause requires one or both parties to obtain and maintain specific types and amounts of insurance coverage relevant to the contract. Typically, it outlines the minimum coverage limits, the types of insurance required (such as general liability, professional liability, or workers’ compensation), and may require proof of insurance through certificates. This clause ensures that financial risks associated with potential losses, damages, or liabilities arising from the contract are managed and transferred to an insurer, thereby protecting both parties from unforeseen costs and disputes.
16 Insurance. Set forth on Schedule 9.16 is a complete and accurate summary of the property and casualty insurance program of the Loan Parties as of the Closing Date (including the names of all insurers, policy numbers, expiration dates, amounts and types of coverage, annual premiums, exclusions, deductibles, self-insured retention, and a description in reasonable detail of any self-insurance program, retrospective rating plan, fronting arrangement or other risk assumption arrangement involving any Loan Party). Each Loan Party and its properties are insured with financially sound and reputable insurance companies which are not Affiliates of the Loan Parties, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where such Loan Parties operate.
16 Insurance. 16 Governmental Licenses, Permits and Related Approvals..............................16