Owner's Liability Insurance shall be Primary. In connection with claims by third parties, as between Owner’s Liability Insurance and Manager’s Liability Insurance, Owner’s Liability Insurance shall be considered the primary coverage. No claim shall be made by Owner or its insurance company under or with respect to any insurance maintained by Manager except in the event that Owner’s Liability Insurance is exhausted or in the event such claim is caused solely by the gross negligence (except actions or policies specifically approved or required by Owner) or willful misconduct (except actions or policies specifically approved or required by Owner) on the part of Manager or Manager’s employees. Owner shall have its insurance carrier accept and endorse these coverage requirements.
Appears in 5 contracts
Samples: Management Agreement (Resource Apartment REIT III, Inc.), Form of Management Agreement (Resource Apartment REIT III, Inc.), Form of Management Agreement (Resource Apartment REIT III, Inc.)
Owner's Liability Insurance shall be Primary. In connection with claims by third parties, as between Owner’s 's Liability Insurance and Manager’s 's Liability Insurance, Owner’s 's Liability Insurance shall be considered the primary coverage. No claim shall be made by Owner or its insurance company under or with respect to any insurance maintained by Manager except in the event that Owner’s 's Liability Insurance is exhausted or in the event such claim is caused solely by the gross negligence (except actions or policies specifically approved or required by Owner) or willful misconduct (except actions or policies specifically approved or required by Owner) on the part of Manager or Manager’s 's employees. Owner shall have its insurance carrier accept and endorse these coverage requirements.
Appears in 3 contracts
Samples: Management Agreement (Resource Income Opportunity REIT, Inc.), Management Agreement (Resource Apartment REIT III, Inc.), Management Agreement (Resource Real Estate Opportunity REIT II, Inc.)
Owner's Liability Insurance shall be Primary. In connection with claims by third parties, as between Owner’s 's Liability Insurance and Manager’s 's Liability Insurance, Owner’s 's Liability Insurance shall be considered the primary coverage. No claim shall be made by Owner or its insurance company under or with respect to any insurance maintained by Manager except in the event that Owner’s 's Liability Insurance is exhausted or in the event such claim is caused solely by the gross negligence (except actions or policies specifically approved or required by Owner) or willful misconduct (except actions or policies specifically approved or required by Owner) on the part of Manager or Manager’s 's employees. The Owner shall have its insurance carrier accept and endorse these coverage requirements.
Appears in 1 contract
Samples: Management Agreement
