Common use of Increased Coverage Clause in Contracts

Increased Coverage. The Department is to be notified by Contractor immediately if any aggregate insurance limit as required in this Contract is exceeded. In such event, additional coverage must be purchased to meet requirements or Contractor may elect to self-insure claims that exceed insurance limits in a policy year. If Contractor chooses to self-insure claims that exceed insurance limits in a policy year, Contractor shall provide Notice to the Department of Contractor's intention to self-insure such claims before the limit is reached and shall provide information requested by the Department regarding Contractor's plan to self-insure such claims for the remainder of the policy year.