Insurance Binder Clause Samples
An Insurance Binder clause serves as a temporary agreement that provides immediate insurance coverage before a formal policy is issued. This clause typically outlines the essential terms of coverage, such as the type of insurance, coverage limits, and effective dates, ensuring that the insured party is protected during the interim period. By doing so, it bridges the gap between the application for insurance and the issuance of the final policy, thereby preventing lapses in coverage and offering peace of mind to the insured.
POPULAR SAMPLE Copied 1 times
Insurance Binder. G-P agrees to use commercially reasonable efforts to obtain prior to the Closing Date the Insurance Binder. One or more Spincos shall be responsible for all obligations relating to any premiums or other costs and expenses incurred in obtaining such Insurance Binder or the insurance policy issued pursuant to such binder; provided, however, that the Spincos shall not be required to pay more than $24.25 million for such obligations.
7. AMENDMENT TO SECTION 6.01
Insurance Binder. LESSEE must provide $1,000,000.00 certificate of public liability and property damage insurance, naming Town of Rockingham as additional insured. Coverage must include theft and property damage. Certificate must be received at least 30 days prior to LESSEE’s first occupancy of the BFOH.
Insurance Binder. An insurance binder with respect to the insurance coverages required to be obtained and maintained pursuant to paragraph 9.17 hereof, and including certificates reflecting the Bank being named as loss payees or additional insured thereunder as required pursuant to paragraph 9.17 hereof.