IRC's Insurance Clause Samples
The "IRC's Insurance" clause requires the IRC (likely a party to the contract) to obtain and maintain specific insurance coverage as stipulated in the agreement. This typically involves carrying policies such as general liability, professional liability, or property insurance, and may require providing proof of coverage to the other party. The core function of this clause is to allocate risk and ensure that the IRC has adequate financial protection in place, thereby safeguarding both parties against potential losses or liabilities arising from the contract's performance.
IRC's Insurance. IRC shall maintain, at its expense and at all times during the term of this Agreement, insurance as follows:
(a) Commercial General Liability Insurance, written on ISO form CG 00 01 (occurrence), with such limits as IRC shall reasonably determine.
(b) Workers Compensation Insurance, as required by applicable law, covering all IRC's employees, and Employer's Liability Insurance with limits of not less than $500,000 for bodily injury by accident and $500,000 for bodily injury by disease.
(c) Commercial Crime and/or Employee Dishonesty Insurance, covering the activities of all of its employees who may handle or be responsible for monies or other property of IRC, with limits of not less than $500,000.
(d) Professional Liability Insurance, covering errors and omissions of its employees, with limits of not less than $1,000,000.