Co-Insured Sample Clauses
The Co-Insured clause defines the inclusion of additional parties, beyond the primary insured, who are also covered under the same insurance policy. In practice, this means that entities such as contractors, subcontractors, or business partners may be named as co-insureds, granting them the same rights to claim under the policy as the main insured party. This clause is essential for ensuring that all relevant parties involved in a project or contractual relationship are protected against specified risks, thereby reducing disputes over coverage and clarifying the scope of insurance protection.
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Co-Insured. Each Obligor will at all times:
(a) procure that each Insurance Policy maintained by each Obligor is in its name and the Agent as co-insured with the Agent named as loss payee;
(b) procure that the proceeds of any insurance claim under any Insurance Policy are payable as follows:
(i) where payment of a claim is made in respect of loss of rents or prospective rents, payment will be paid into the Proceeds Account;
(ii) where payment of a claim is made in respect of third party liability insurance, payment will be made to the relevant third party except where payment or partial payment has been made to that third party by the relevant Obligor in which case payment or the relevant part payment will be made to the relevant Obligor; and
(iii) where payment of a claim is made for the purposes of reinstatement any amount so received will be applied in such reinstatement; and
(iv) otherwise, will be paid into the Proceeds Account.
(c) where any asset is for the time being insured otherwise than in the name of the Agent and the relevant Obligor, cause the interest of the Agent to be noted or endorsed on the policy or policies of insurance relating thereto.
Co-Insured a natural person, indicated by the Insuring Party in the Insurance Application, whose health is covered under the Agreement. The Co-Insured may be:
Co-Insured. Wherever possible, the insurances referred to in Clause application of Proceeds shall name the Authority as a co-insured for its separate interest.
Co-Insured. Not applicable. Period: In full force and effect at all times for policy periods of 12 months or more and renewal annually.