Common use of Additional cover Clause in Contracts

Additional cover. (a) If, because of a change in the value of the business, additional insurance cover needs to be effected, the party must obtain the approval of all the other parties to arrange the additional insurance and if approved, must use their best endeavours to arrange the additional insurance as soon as reasonably possible. (b) A policy register must be maintained by the parties at all times. (c) No policy is to be transferred, assigned, cancelled, charged or otherwise dealt with unless approved by all parties to this agreement.

Additional cover. (a) If, because of a change in the value of the business, additional insurance cover needs to be effected, the party must obtain the approval of all the other parties to arrange the additional insurance and if approved, must use their best endeavours to arrange the additional insurance as soon as reasonably possible. (b) A policy register must be maintained by the parties at all times. (c) No policy is to be transferred, assigned, cancelled, charged or otherwise dealt with unless approved by all parties to this agreement.to