Common use of Licensor Insurance Coverage Clause in Contracts

Licensor Insurance Coverage. (a) Licensor shall obtain and keep in force at all times during the Term such insurance coverages as are required of Licensor under the Master Lease. All such insurance shall be primary insurance and shall provide that any right of subrogation against Licensor or Licensee and their successors and assigns is waived. (b) There shall be no charge to Licensee for such coverage and a certificate of insurance evidencing such coverage shall be furnished to Licensee prior to the expiration of the then current policy. Said policy of insurance and endorsements shall provide that the policy of insurance cannot be canceled without thirty (30) days’ prior written notification to Licensee. Said insurance shall not restrict or limit the coverage of the foregoing additional insureds. (c) All such insurance shall be effected by valid and enforceable policies issued by insurers of responsibility, approved to do business in the State of Nevada, such responsibility and the insuring agreements to meet with the reasonable approval of Licensee. All insurance policies shall comport with the State of Nevada Department of Administration requirements. An insurer with a current A.M. Best rating of at least A (excellent) with a financial size category of at least “X” shall be deemed to be acceptable. Receipt by Licensee of a certificate of insurance, endorsement or policy of insurance which is more restrictive than the contracted for insurance shall not be construed as a waiver or modification of the agreement to modify same permissible or binding. Any agreement to amend this provision of this Agreement must be in writing signed by the Parties.

Licensor Insurance Coverage. (a) Licensor shall obtain and keep in force at all times during the Term such insurance coverages as are required of Licensor under the Master Lease. All such insurance shall be primary insurance and shall provide that any right of subrogation against Licensor or Licensee and their successors and assigns is waived. (b) There shall willshall be no charge to Licensee for such coverage and a certificate of insurance evidencing such coverage shall be furnished to Licensee prior to the expiration of the then current policy. Said policy of insurance and endorsements shall provide that the policy of insurance cannot be canceled without thirty (30) days’ prior written notification to Licensee. Said insurance shall not restrict or limit the coverage of the foregoing additional insureds. (c) All such insurance shall be effected by valid and enforceable policies issued by insurers of responsibility, approved to do business in the State of Nevada, such responsibility and the insuring agreements to meet with the reasonable approval of Licensee. All insurance policies shall comport with the State of Nevada Department of Administration requirements. An insurer with a current A.M. Best rating of at least A (excellent) with a financial size category of at least “X” shall be deemed to be acceptable. Receipt by Licensee of a certificate of insurance, endorsement or policy of insurance which is more restrictive than the contracted for insurance shall not be construed as a waiver or modification of the agreement to modify same permissible or binding. Any agreement to amend this provision of this Agreement must be in writing signed by the Parties.