OBI Insurance Clause Samples
The OBI Insurance clause requires one or more parties to obtain and maintain insurance coverage related to Owner’s and Builder’s Interests (OBI) during the course of a construction project. Typically, this clause specifies the types and amounts of insurance required, such as property damage or liability coverage, and may outline responsibilities for providing proof of insurance and naming additional insureds. Its core function is to allocate risk and ensure that both the owner and builder are financially protected against potential losses or damages that may occur during the project.
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OBI Insurance. OBI will procure and maintain, at its own expense, and as primary and noncontributory, for the duration of the Agreement, and for five (5) years thereafter if written on a claim made or occurrence reported form, the types of insurance specified below with carriers rated A- VII or better with A. M. Best or like rating agencies:
(a) Workers’ Compensation accordance with applicable statutory requirements and shall provide a waiver of subrogation in favor of Hospira;
(b) Employer’s Liability with a limit of liability in an amount of not less than $500,000;
(c) Commercial General Liability including premises operations, product liability, products & completed operations, blanket contractual liability, personal injury and advertising injury including fire legal liability for bodily injury and property damage in an amount not less than $5,000,000 per occurrence and not less than $10,000,000 in the aggregate;
(d) Commercial Automobile Liability for owned, hired and non-owned motor vehicles with a combined single limit in an amount not less than $500,000 each occurrence;
(e) Commercial Crime or Fidelity Bond in an amount of not less than $500,000 per occurrence and in the aggregate including an endorsement for third party liability without the requirement of a conviction; and Hospira – Oxygen Biotherapeutics Agreement
(f) Cargo/Transit insurance covering all risks all shipments of cargo handled by OBI at a full replacement cost. Hospira shall be an additional insured with respect to such policies. Prior to commencement of services, and annually thereafter, at the request of Hospira, OBI shall furnish Hospira certificates of insurance evidencing the insurance coverages stated above and shall require at least thirty (30) days written notice to Hospira prior to any cancellation, non-renewal or material change in said coverage. In the case of cancellation, non-renewal or material change in said coverage, OBI shall promptly provide to Hospira a new certificate of insurance evidencing that the coverage meets the requirements in this Section. OBI agrees that its insurance shall act as primary and noncontributory from any other valid and collectible insurance maintained by the other party.