Common use of Minimum Limits of Liability Clause in Contracts

Minimum Limits of Liability. The Servicer must maintain the required insurance with a carrier rated A- or better by A. M. Best. The Servicer shall maintain at least the limits of liability as set forth below: Commercial General/Contractual Liability Insurance covering all operations required to complete the repair work and include coverage for damage to property being worked on by Servicer. $1,000,000 Each Occurrence Limit (Bodily Injury and Property Damage) $2,000,000 General Aggregate $2,000,000 Ongoing & /Completed Operations Aggregate $1,000,000 Personal and Advertising Injury Limit Business or Commercial Automobile Liability Insurance $1,000,000 combined single limit per accident Workers' Compensation and Employers' Liability Insurance $500,000 Each Accident $500,000 Each Employee for Injury by Disease $500,000 Aggregate for Injury by Disease Excess or Umbrella Liability (to overlay Employer’s Liability, Automobile Liability and Commercial Liability coverages) $1,000,000 occurrence/aggregate Bailee Insurance Coverage $250,000 minimum (If the unit is lost, fire, water damage etc.) insurers, obligors and agents, from and against any and all claims and demands of any nature whatsoever (including, without limiting the generality of the foregoing, claims for consequential damages, loss of profits and damage to property of New Leaf or their Customers), including reasonable costs, litigation expenses, counsel fees and liabilities incurred in connection therewith, arising out of injury to, or death of, any person whatsoever or damage to property of any kind caused in whole or in part by the acts or omissions of Servicer, any subcontractor, or any other person directly or indirectly employed by them while engaged in the performance of the work described in this Agreement. New Leaf along with their respective officers, agents and employees, shall be named as additional insureds for Ongoing Operations and Products/Completed Operations on the Servicer's and any Sub- Servicer's Commercial General Liability Policy, which must be primary and noncontributory with respect to the additional insureds. This insurance shall remain in effect as set forth below, in the "Continuation of Coverage" provision. It is expressly understood by the parties to this Contract that it is the intent of the parties that any insurance obtained by New Leaf is deemed excess, non-contributory and not co-primary in relation to the coverage(s) procured by the Servicer, the Sub-Servicer or any of their respective consultants, officers, agents, subcontractors, employees or anyone directly or indirectly employed by any of them, or by anyone for whose acts any of the aforementioned may be liable by operation of statute, government regulation or applicable case law. To the fullest extent permitted by applicable state law, a Waiver of Subrogation Clause shall be added to the General Liability, Automobile and Workers Compensation policies in favor of New Leaf and this clause shall apply to New Leaf and its officers, agents and employees, with respect to all repairs during the policy term. Prior to commencement of work, Servicer shall submit a Certificate of Insurance in favor of New Leaf and an Additional Insured Endorsement (in a form acceptable to New Leaf) as required hereunder. The Certificate shall provide for thirty (30) days' notice to New Leaf for cancellation or any change in coverage. Copies of insurance policies shall promptly be made available to New Leaf upon request.

Minimum Limits of Liability. The Servicer Subcontractor must maintain the required insurance with a carrier rated A- or better by A. M. Best. The Servicer Subcontractor shall maintain at least the limits of liability as set forth below: Commercial General/Contractual Liability Insurance covering all operations required to complete the repair work and include coverage for damage to property being worked on by Servicer. $1,000,000 Each Occurrence Limit (Bodily Injury and Property Damage) $2,000,000 General Aggregate $2,000,000 Ongoing & /Completed Operations Aggregate $1,000,000 Personal and Advertising Injury Limit Business or Commercial Automobile Liability Insurance $1,000,000 combined single limit per accident Workers' Compensation and Employers' Liability Insurance $500,000 100,000 Each Accident $500,000 100,000 Each Employee for Injury by Disease $500,000 Aggregate for Injury by Disease Excess or Umbrella Liability (to overlay Employer’s Liability, Automobile Liability and Commercial Liability coverages) $1,000,000 occurrence/aggregate Bailee Insurance Coverage $250,000 minimum (If Professional Liability Insurance: To the unit is lostextent that the Work involves the work of professionals, fire, water damage etc.) insurers, obligors and agents, from and against the Subcontractor shall require any and all claims and demands of such professionals employed or retained by the Subcontractor with respect to any nature whatsoever (including, without limiting the generality of the foregoing, claims for consequential damages, loss of profits and damage Subcontractor's Work to property of New Leaf or their Customers)maintain Project Specific Professional Liability Insurance with a company satisfactory to the Contractor, including reasonable costs, litigation expenses, counsel fees and liabilities incurred in connection therewith, arising out of injury to, or death of, any person whatsoever or damage to property of any kind caused in whole or in part by contractual liability insurance against the acts or omissions of Servicer, any subcontractor, or any other person directly or indirectly employed by them while engaged in the performance of the work described liability assumed in this Agreement. New Leaf along with their respective officers, agents and employees, shall be named as additional insureds including coverage for Ongoing Operations and Products/Completed Operations on the Servicer's and any Sub- Servicer's Commercial General Liability Policy, which must be primary and noncontributory with respect to the additional insureds. This insurance shall remain in effect as set forth below, in the "Continuation of Coverage" provision. It is expressly understood professional liability caused by the parties to this Contract that it is the intent of the parties that any insurance obtained by New Leaf is deemed excess, non-contributory and not co-primary in relation to the coverage(s) procured by the Servicer, the Sub-Servicer or any of their respective consultants, officersthose professional's employees, agents, subcontractors, employees or anyone directly or indirectly employed consultants. Said insurance shall have specific minimum limits as follows: Limit of $1,000,000.00 per claim; General Aggregate of $2,000,000.00 for the subcontract services rendered. The Professional Liability Insurance shall contain prior acts coverage sufficient to cover all subcontract services rendered by any of them, or by anyone for whose acts any the professional. Said insurance shall be continued in effect with an extended period covering the duration of the aforementioned may applicable statute of repose. Such insurance shall have a maximum deductible amount of $25,000.00 per occurrence. The deductible shall be liable paid by operation of statutethe Subcontractor. The Subcontractor shall require each design professional employed or retained by the Subcontractor to furnish to the Subcontractor and Contractor, government regulation or applicable case law. To the fullest extent permitted by applicable state lawprior to commencing any services, a Waiver copy of Subrogation Clause her/his professional liability policy(ies) evidencing the coverages required in this Article. No policy shall be added to the General Liability, Automobile and Workers Compensation policies in favor of New Leaf and this clause shall apply to New Leaf and its officers, agents and employees, with respect to all repairs during the policy term. Prior to commencement of work, Servicer shall submit a Certificate of Insurance in favor of New Leaf and an Additional Insured Endorsement (in a form acceptable to New Leaf) as required hereunder. The Certificate shall provide for cancelled or modified without thirty (30) days' ’ prior written notice to New Leaf for cancellation or any change in coverage. Copies of insurance policies shall promptly be made available to New Leaf upon requestthe Subcontractor and Contractor.