Common use of Insurance; Guaranties Clause in Contracts

Insurance; Guaranties. The Government shall cause all assets acquired with Grant funding to be insured (including, without limitation, through self-insurance) and shall arrange such other appropriate insurance to cover against risks or liabilities associated with the Activities and the transactions contemplated thereby, including by requiring Service Providers to obtain adequate insurance and to post adequate bonds or other guaranties as relevant. In the event of loss or damage to any assets acquired with Grant funding, if the insurance acquired by the Government is insufficient to fully replace the asset, the Government shall be liable to cover any additional costs. With MCC’s prior consent, Grant funding may be used to pay the costs of obtaining such insurance. The Permitted Designee shall be named as the payee on any such insurance and the beneficiary of any such guaranty or bonds. If not already named as an insured party, the Government or its applicable Permitted Designee and MCC (if it so requests) shall be named as additional insureds on any such insurance. The Government shall ensure that any proceeds from claims paid under such insurance or guaranty shall be used to replace or repair any lost, stolen or damaged assets acquired with Grant funding; provided that at MCC’s election, such proceeds shall be deposited in an account as designated by or as otherwise directed by MCC.

Insurance; Guaranties. The Government shall cause all assets acquired with Grant funding to be insured (including, without limitation, through self-insurance) and shall arrange such other appropriate insurance to cover against risks or liabilities associated with the Activities and the transactions contemplated thereby, including by requiring Service Providers to obtain adequate insurance and to post adequate bonds or other guaranties as relevant. In the event of loss or damage to any assets acquired with Grant funding, if the insurance acquired by the Government is insufficient to fully replace the asset, the Government shall be liable to cover any additional costs. With MCC’s prior consent, Grant funding may be used to pay the costs of obtaining such insurance. The Permitted Designee shall be named as the payee on any such insurance and the beneficiary of any such guaranty or bonds. If not already named as an insured party, the Government or its Government, any applicable Permitted Designee Designee, and MCC (if it so requests) shall be named as additional insureds on any such insurance. The Government shall ensure that any proceeds from claims paid under such insurance or guaranty shall be used to replace or repair any lost, stolen or damaged assets acquired with Grant funding; provided that at MCC’s election, such proceeds shall be deposited in an account as designated by or as otherwise directed by MCC.

Insurance; Guaranties. The Government shall will cause all assets acquired with Grant funding to be insured (including, without limitation, through self-insurance) and shall will arrange such other appropriate insurance to cover against risks or liabilities associated with the Activities and the transactions contemplated thereby, including by requiring Service Providers to obtain adequate insurance and to post adequate bonds or other guaranties as relevant. In the event of loss or damage to any assets acquired with Grant funding, if the insurance acquired by the Government is insufficient to fully replace the asset, the Government shall be liable to cover any additional costs. With MCC’s prior consent, Grant funding may be used to pay the costs of obtaining such insurance. The Permitted Designee shall will be named as the payee on any such insurance and the beneficiary of any such guaranty or bonds. If not already named as an insured party, the Government or its applicable Permitted Designee and MCC (if it so requests) shall will be named as additional insureds on any such insurance. The Government shall will ensure that any proceeds from claims paid under such insurance or guaranty shall will be used to replace or repair any lost, stolen or damaged assets acquired with Grant funding; provided that at MCC’s election, such proceeds shall will be deposited in an account as designated by or as otherwise directed by MCC.

Insurance; Guaranties. The Government shall cause all assets acquired with Grant funding to be insured (including, without limitation, through self-insurance) and shall arrange such other appropriate insurance to cover against risks or liabilities associated with the Activities and the transactions contemplated thereby, including by requiring Service Providers to obtain adequate insurance and to post adequate bonds or other guaranties as relevant. In the event of loss or damage to any assets acquired with Grant funding, if the insurance acquired by the Government is insufficient to fully replace the asset, the Government shall be liable to cover any additional costs. With MCC’s prior consent, Grant funding may be used to pay the costs of obtaining such insurance. The Permitted Designee shall be named as the payee on any such insurance and the beneficiary of any such guaranty or bonds. If not already named as an insured party, the Government or its applicable Permitted Designee and MCC (if it so requests) shall be named as additional insureds on any such insurance. The Government shall ensure that any proceeds from claims paid under such insurance or guaranty shall be used to replace or repair any lost, stolen or damaged assets acquired with Grant funding; provided that at MCC’s election, such proceeds shall be deposited in an account as designated by or as otherwise directed by MCC.