Common use of Insurance Coverage Clause in Contracts

Insurance Coverage. There is in full force and effect one or more policies of insurance issued by insurers of recognized responsibility, insuring the Company and its properties, products and business against such losses and risks, and in such amounts, as are customary for corporations of established reputation engaged in the same or similar business and similarly situated. The Company has not been refused any insurance coverage sought or applied for, and the Company has no reason to believe that it will be unable to renew its existing insurance coverage as and when the same shall expire upon terms at least as favorable to those currently in effect, other than possible increases in premiums that do not result from any act or omission of the Company. No suit, proceeding or action or, to the best current actual knowledge of the Company, threat of suit, proceeding or action has been asserted or made against the Company within the last five years due to alleged bodily injury, disease, medical condition, death or property damage arising out of the function or malfunction of a product, procedure or service designed, manufactured, sold or distributed by the Company.

Appears in 40 contracts

Samples: Agreement of Merger And (Beacon Energy Holdings, Inc.), Agreement of Merger and Plan of Reorganization (Greenleaf Forest Products, Inc.), Agreement of Merger and Plan of Reorganization (KeyOn Communications Holdings Inc.)

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Insurance Coverage. There is in full force and effect one or more policies of insurance issued by insurers of recognized responsibility, insuring the Company and its properties, products and business against such losses and risks, and in such amounts, as are customary for corporations of established reputation engaged in the same or similar business and similarly situated. The Company has not been refused any insurance coverage sought or applied for, and the Company has no reason to believe that it will be unable to renew its existing insurance coverage as and when the same shall expire upon terms at least as favorable to those currently in effect, other than possible increases in premiums that do not result from any act or omission of the Company. No suit, proceeding or action or, to the best current actual knowledge of the Company, threat of suit, proceeding or action has been asserted or made against the Company within the last five years due to alleged bodily injury, disease, medical condition, death or property damage arising out of the function or malfunction of a product, procedure or service designed, manufactured, sold or distributed by the Company.

Appears in 2 contracts

Samples: Securities Exchange Agreement (Sustainable Projects Group Inc.), Securities Exchange Agreement (City Language Exchange Inc)

Insurance Coverage. There is in full force and effect one or more policies of insurance issued by insurers of recognized responsibility, responsibility insuring the Company Purchaser and its properties, products and business against such losses and risks, and in such amounts, as are customary for corporations of established reputation engaged in the same or similar business and similarly situated. The Company Purchaser has not been refused any insurance coverage sought or applied for, and the Company Purchaser has no reason to believe that it will be unable to renew its existing insurance coverage as and when the same shall expire upon terms at least as favorable to those currently in effect, other than possible increases in premiums that do not result from any act or omission of the CompanyPurchaser. No suit, proceeding or action or, to the best current actual knowledge of the CompanyPurchaser, threat of suit, proceeding or action has been asserted or made against the Company within the last five years Purchaser due to alleged bodily injury, disease, medical condition, death or property damage arising out of the function or malfunction of a product, procedure or service designed, manufactured, sold or distributed by the CompanyPurchaser.

Appears in 2 contracts

Samples: Share Exchange Agreement (Diamond Information Institute), Share Exchange Agreement (Alba Mineral Exploration)

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Insurance Coverage. There is The Company does not have in full force and effect any one or more policies of insurance issued by insurers of recognized responsibility, responsibility insuring the Company and its properties, products and business against such losses and risks, and in such amounts, as are customary for corporations of established reputation engaged in the same or similar business and similarly situated. The Company has not been refused any insurance coverage sought or applied for, and the Company has no reason to believe that it will be unable to renew its any existing insurance coverage as and when the same shall expire upon terms at least as favorable to those currently in effect, other than possible increases in premiums that do not result from any act or omission of the Company. No suit, proceeding or action or, to the best current actual knowledge of the Company, threat of suit, proceeding or action has been asserted or made against the Company within the last five years due to alleged bodily injury, disease, medical condition, death or property damage arising out of the function or malfunction of a product, procedure or service designed, manufactured, sold or distributed by the Company.

Appears in 1 contract

Samples: Subscription and Securities Purchase Agreement (New You, Inc.)

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