Comparable Coverage Clause Samples
The Comparable Coverage clause ensures that any replacement insurance or coverage provided under an agreement is at least equivalent in scope and quality to the original coverage specified. In practice, this means that if a party is required to maintain certain insurance and later changes providers or policies, the new coverage must offer similar protections, limits, and terms as the original. This clause is essential for maintaining consistent risk management and preventing gaps in protection that could arise from inferior substitute coverage.
Comparable Coverage. The Bank shall maintain the Policy in full force and effect. The Bank may not amend, terminate, or otherwise abrogate the Executive’s interest in the Policy unless the Bank replaces the Policy with a comparable insurance policy to cover the benefit provided under this Agreement and executes a new split dollar agreement and endorsement for the comparable insurance policy. The Policy or any comparable policy shall be subject to claims of the Bank’s creditors.
Comparable Coverage. Upon execution of this Agreement, the Company shall maintain the Policy in full force and effect and in no event shall the Company amend, terminate or otherwise abrogate the Executive's interest in the Policy, unless the Company replaces the Policy with a comparable insurance policy to cover the benefit provided under this Agreement and the Company and the Executive execute a new Split Dollar Policy Endorsement for said comparable insurance policy. The Policy or any comparable policy shall be subject to the claims of the Company's creditors.
Comparable Coverage. The Bank may replace the Policy with a comparable insurance policy to cover the benefit provided under this Agreement, in which case the Bank and the Executive shall execute a new Split Dollar Policy Endorsement for the comparable insurance policy.
Comparable Coverage. Upon Termination of Employment after the Executive’s Normal Retirement Age, the Company shall maintain the Policy in full force and effect and in no event shall the Company amend, terminate or otherwise abrogate the Executive’s interest in the Policy, unless the Company replaces the Policy with a comparable insurance policy to cover the benefit provided under this Agreement. The Policy or any comparable policy shall be subject to the claims of the Company’s creditors.
Comparable Coverage. The County agrees to continue to make available through the term of this Agreement for each eligible employee and his/her dependents, through a carrier(s) of the County's choice, the same or comparable medical and vision insurance benefits as found in Module 2 of the Pacific Source medical and vision plan, and the same or comparable dental benefits as found in the ODS dental plan, that were in effect on July 1, 2009.
Comparable Coverage. The County agrees to continue to make available through the term of this Agreement for each eligible employee and his/her dependents, through a carrier(s) of the County's choice, the same or comparable medical and dental insurance benefits as found in the OEBB plan, that was in effect on July 1, 2015.
Comparable Coverage. Nothing herein negates the Company's right to amend or terminate this Plan under Article 7. The Company is not obligated to provide any additional resources to maintain the Policy in full force and effect. In addition, the Company may replace each Policy with a comparable insurance policy to cover the benefit provided under this Plan and the Company and the Executive shall execute a new Split-Dollar Policy Endorsement for each new Policy. The cash surrender value and any additional death proceeds exclusive of those designated in Section 2.2 above for each new Policy or any comparable policy shall be subject to the claims of the Company's creditors. In the event that the Company decides to maintain the Policy after the Executive's Termination of Participation in the Plan, the Company shall be the direct beneficiary of the entire death proceeds of the Policy.
Comparable Coverage. Upon execution of this Split Dollar Agreement, the Bank shall maintain the Policy in full force and effect, and the Bank shall not amend, terminate, or otherwise abrogate the Executive's interest in the Policy unless the Bank (a) replaces the Policy with a comparable insurance policy to cover the benefit provided under this Split Dollar Agreement and (b) executes a new Split Dollar Agreement and Endorsement for the comparable insurance policy. The Policy or any comparable policy shall be subject to the claims of the Bank's creditors.
Comparable Coverage. Upon adoption and subject to the terms of this Agreement, the Company shall maintain the Policy in full force and effect and in no event shall the Company amend, terminate, or otherwise abrogate the Director's interest in the Policy, unless the Company replaces the Policy with a comparable insurance policy to cover the benefit provided under this Agreement, amends the Split Dollar Agreement and executes a new Endorsement for said comparable insurance policy. The Director agrees to provide the required medical information to the Insurers for the implementation of this Agreement and agrees to participate with the Company if the Company desires to obtain a comparable insurance policy with another carrier, whether prior to or after Normal Retirement Age. The Policy or any comparable policy shall be subject to the claims of the Company's creditors.
Comparable Coverage. The Bank may provide the benefit under this Agreement (as defined in Section 2.2) through comparable insurance coverage of the Executive’s life by whatever means the Bank deems appropriate. If the Executive forfeits his right to such benefit pursuant to Section 2.3 or otherwise waives such right, the Bank may choose to cancel the Policy or Policies on the Executive, or may continue such coverage and become the direct beneficiary of the entire death proceeds.