Adjustments in Coverage Amounts Clause Samples
The "Adjustments in Coverage Amounts" clause defines the process by which the amount of insurance coverage can be increased or decreased during the policy term. This clause typically outlines the circumstances under which adjustments are permitted, such as changes in the insured asset's value, regulatory requirements, or at the policyholder's request, and may specify any notice periods or documentation required. Its core function is to provide flexibility for both the insurer and the insured, ensuring that coverage remains appropriate and responsive to changing needs or conditions.
Adjustments in Coverage Amounts. (a) At least once every three years during the Maintenance Term (commencing initially three years after the Effective Date), TxDOT and Maintenance Contractor shall review and increase, as appropriate, the per occurrence and aggregate limits or combined single limits for the insurance policies required under this Agreement that have stated dollar amounts set forth in Exhibit 10. At the same frequency TxDOT and Maintenance Contractor shall review and adjust, as appropriate, the deductibles for such policies.
(b) Maintenance Contractor shall retain a qualified and reputable insurance broker or independent, unaffiliated advisor not involved in the Project, experienced in insurance brokerage and underwriting practices for major bridge, highway or other relevant transportation facility projects, to analyze and recommend adjustments, if any, to such limits and adjustments to deductibles. Maintenance Contractor shall deliver to TxDOT, not later than 90 days before each three-year adjustment date, a written report including such analysis and recommendations for TxDOT’s approval. TxDOT shall have 45 days after receiving such report to approve or disapprove the proposed adjustments to limits and adjustments to deductibles or self-insured retentions.
(c) In determining adjustments to limits and adjustments to deductibles, Maintenance Contractor and TxDOT shall take into account (i) claims and loss experience for the Project, provided that premium increases due to adverse claims experience shall not be a basis for justifying increased deductibles, (ii) the condition of the Project, including records of Asset Condition Scores, (iii) the Renewal Work record for the Project, (iv) the Noncompliance Points record for the Project, and (v) then-prevailing Good Industry Practice for insuring comparable transportation projects.
(d) Any Dispute regarding adjustments to limits or adjustments to deductibles or self-insured retentions shall be resolved according to the Dispute Resolution Procedures.
Adjustments in Coverage Amounts. (a) All insurance coverage limits stipulated in Section 17.01(b), as well as deductibles and self-insured retentions, will be reviewed every three years and adjusted as appropriate, in line with such amounts that would be insured by a prudent business similar to, and undertaking similar activities to, the Concessionaire; provided, that no such review or adjustments will be required with respect to insurance coverage required for the Design-Build Work.
(b) In determining increases in limits and adjustments to deductibles or self-insured retentions, the parties will take into account (A) Claims and Loss experience for the Project, provided, that premium increases due to adverse Claims experience will not be a basis for justifying increased deductibles or self-insured retentions; (B) the condition of the Project, (C) the safety compliance and performance record for the Project; (D) then-prevailing Good Industry Practice for insuring comparable transportation projects; and (E) the provisions regarding unavailability of increased coverage set forth in Section 17.05.
(c) In connection with such review, the Concessionaire will deliver to the Department evidence that such insurance is in effect, together with the Concessionaire’s certification that such insurance is in line with amounts that would be insured by such a prudent business.
(d) Any Dispute regarding increases in limits or adjustments to deductibles or self- insured retentions will be resolved according to the dispute resolution procedures under Article 21.
Adjustments in Coverage Amounts. 1. At least once every [two] years during the Term (commencing initially on the Substantial Completion Date), the Department and Developer shall review and adjust, as appropriate, the per occurrence and aggregate limits for the Insurance Policies that have stated dollar amounts set forth in Appendix 8.
2. In determining adjustments, Developer and the Department shall take into account (a) claims and loss experience for the Project, (b) the condition of the Project, (c) the Safety Compliance and Noncompliance Points record for the Project, and (d) then prevailing Best Management Practice for insuring comparable transportation projects.
3. Any Dispute regarding insurance limit adjustments shall be resolved according to the Dispute Resolution Procedures.
Adjustments in Coverage Amounts. (a) The Developer, at its sole cost and expense, will review and adjust upward as appropriate all insurance coverage limits stipulated in Section 17.01(b), as well as deductibles and self-insured retentions, so as to be in line with such amounts that would be insured by a prudent business similar to, and undertaking similar activities to, the Developer; provided, that no such review or adjustments will be required with respect to insurance coverage required for the Design-Build Work.
(b) In determining increases in limits and adjustments to deductibles or self-insured retentions, the parties will take into account (A) Claims and Loss experience for the Project, provided, that premium increases due to adverse Claims experience will not be a basis for justifying increased deductibles or self-insured retentions; (B) the condition of the Project, (C) the safety compliance and performance record for the Project; (D) then-prevailing Good Industry Practice for insuring comparable transportation projects; and (E) the provisions regarding unavailability of increased coverage set forth in Section 17.05.
(c) In connection with such review, the Developer will deliver to the Department evidence that such insurance is in effect, together with the Developer’s certification that such insurance is in line with amounts that would be insured by such a prudent business.
(d) Any Dispute regarding increases in limits or adjustments to deductibles or self- insured retentions will be resolved according to the dispute resolution procedures under Article 21.
Adjustments in Coverage Amounts. (a) At least once every two years during the Term (commencing initially on the Passenger Service Availability Date), LAWA and Developer shall review and adjust, as appropriate, the per occurrence and aggregate limits for the Insurance Policies that have stated dollar amounts set forth in Exhibit 7 (Insurance Requirements).
(b) In determining adjustments, Developer and LAWA shall take into account
(i) claims and loss experience for the Project, (ii) the condition of the Project,
Adjustments in Coverage Amounts. At least once every two years during the Term (commencing initially on the D&C Work Completion Date), the Authority and Developer shall review and adjust, as appropriate, the per occurrence and aggregate limits for the Insurance Policies that have stated dollar amounts set forth in Exhibit 10 (Insurance Coverage Requirements), other than any professional liability errors and omissions or pollution liability Insurance Policies.
Adjustments in Coverage Amounts. (a) All insurance coverage limits stipulated in Section 18.01(b), as well as deductibles and self-insured retentions, shall be reviewed at three yearly intervals and increased as appropriate, in line with such amounts that would be insured by a prudent business similar to, and undertaking similar activities to, the Concessionaire.
(b) In determining increases in limits and adjustments to deductibles or self-insured retentions, the parties shall take into account (A) Claims and Loss experience for the Project, provided that premium increases due to adverse Claims experience shall not be a basis for justifying increased deductibles or self-insured retentions; (B) the condition of the Project, (C) the Safety Compliance Order and Performance Points record for the Project; (D) then-prevailing Good Industry Practice for insuring comparable transportation projects; and (E) the provisions regarding unavailability of increased coverage set forth in Section 18.05.
(c) Any dispute regarding increases in limits or adjustments to deductibles or self- insured retentions shall be resolved according to the dispute resolution procedures under Section 22.01.