Common use of Licensor Insurance Clause in Contracts

Licensor Insurance. Throughout the Term and for a period of three (3) years after the Term, Licensor shall, at its sole cost and expense, obtain, pay for, and maintain in full force and effect commercial general liability and professional liability (Errors and Omissions) insurance in commercially reasonable and appropriate amounts that (a) provides product liability coverage concerning versions of the Licensed Products sold by the Licensor prior to the Effective Date and contractual liability coverage for Licensor’s defense and indemnification obligations under this Agreement, and (b) in any event, provide commercial general liability limits of not less than two million US dollars ($2,000,000) and product liability insurance limits of not less than ten million US dollars ($10,000,000), in each case as an annual aggregate for all claims each policy year. To the extent any insurance coverage required under this Section 13.2 is purchased on a "claims-made" basis, such insurance must cover all prior acts of Licensor prior to the Term. Licensor shall have Licensee named in each policy as an additional insured. Upon request by Licensee, Licensor shall provide Licensee with certificates of insurance or other reasonable written evidence of all coverages described in this Section 13.2. Additionally, Licensor shall provide Licensee with written notice at least thirty (30) Business Days prior to Licensor cancelling, not renewing, or materially changing the insurance.