Changes in Limits Sample Clauses
The "Changes in Limits" clause defines the conditions under which the coverage limits specified in an agreement, such as insurance policy limits or liability caps, may be adjusted during the contract term. This clause typically outlines the process for increasing or decreasing these limits, which may be triggered by regulatory changes, mutual agreement, or specific events outlined in the contract. Its core practical function is to provide flexibility and ensure that the contract remains responsive to evolving circumstances, thereby protecting both parties from being bound by outdated or insufficient coverage levels.
Changes in Limits. In the event that Landlord shall, at anytime, reasonably and in good faith believe the limits of the personal injury, property damage or general public liability insurance then carried to be insufficient, the parties shall endeavor to agree on the proper and reasonable limits for such insurance to be carried and such insurance shall thereafter be carried with the limits thus agreed on until further change pursuant to the provisions of this Section. If the parties shall be unable to agree thereon, the proper and reasonable limits for such insurance shall be determined by an impartial third party selected by the parties who is experienced in the commercial insurance industry. Such redetermination, whether made by the parties or by arbitration, shall be made no more frequently than every two (2) years.
Changes in Limits. The Company may change the retention limits in Schedule C, by giving 30 days written notice to The Reinsurer. After receipt of this notice by The Reinsurer, amounts to be reinsured automatically, premium rates, and recapture terms will be determined by mutual agreement.
Changes in Limits. Notwithstanding the foregoing, and so long as City is named as an additional insured on Tenant’s liability insurance, the policy limits of Tenant’s insurance for tort claims shall not be less than the maximum liability of the City for tort claims under the Indiana Tort Claims Law (IC 34-4-16.5), as the same may be amended from time to time.
Changes in Limits. Grantor shall have the right, effective at the end of the fifth year of the term hereof, to require an increase in the amounts of insurance specified in section 7.1; provided, that Grantor gives Company at least 90 days’ notice of any such increase and provided further that the increase bears some reasonable relation to increases in the cost of living since the grant of this Franchise Agreement.