Insurance Coverage and Terms Sample Clauses

Insurance Coverage and Terms. The following are the types and amounts of insurance coverage that must be maintained by the Consultant during the term of this Work Order. The Consultant must provide acceptable evidence of such coverage prior to beginning work under this Work Order. Consultant shall maintain the following insurance coverage for the duration of the Work Order and for one (1) year after final completion.

Insurance Coverage and Terms. (a) Until payment of the Bonds shall be made, the Borrower will at a minimum, maintain general comprehensive liability insurance against claims for bodily injury, death or property damage occurring on, in or about the Project or the Project site (such coverage to include provisions waiving subrogation against the Authority) in amounts not less than $1,000,000 with respect to bodily injury to any one person, $1,000,000 with respect to bodily injury to two or more persons in any one accident and, $1,000,000 with respect to property damage resulting from any one occurrence and naming the Authority as an additional insured. (b) Each insurance policy obtained in satisfaction of the requirement of this Section: (i) shall be by such insurer (or insurers) as shall be financially responsible, qualified to do business in the State and of recognized standing; (ii) shall be in such form and have such provisions as are generally considered standard provisions for the type of insurance involved; (iii) shall prohibit cancellation or substantial modification, termination or lapse in coverage by the insurer without at least 30 days prior written notice to the Authority. Without limiting the generality of the foregoing, policies carried on the Project and the Project site shall name the Authority as an additional insured. Prior to expiration of any such policy, the Borrower shall furnish the Authority with evidence satisfactory to the Authority that the policy or certificates has been renewed or replaced in compliance with this Agreement. (c) In the event the Borrower shall fail to maintain the insurance coverage required by this Agreement, the Authority or the Agent may (but shall be under no obligation to), after ten (10) days prior written notice to the Borrower, unless cured within such ten (10) days, contract for the required policies of insurance and pay the premiums on the same and the Borrower agrees to reimburse the Authority or the Agent to the extent of the amounts so advanced with interest thereon at the maximum rate permitted by law.

Insurance Coverage and Terms. 47 7.2. Damage, Destruction and Condemnation; Application of Insurance Proceeds and Condemnation Awards.......................47