Common use of Physical Damage Clause in Contracts

Physical Damage. Contractor shall maintain comprehensive (fire, theft and collision) physical damage insurance covering the vehicles and equipment used in providing service to City under this Agreement, with a deductible or self-insured retention not greater than Fifty Thousand Dollars ($50,000). Notwithstanding the foregoing, Contractor shall be allowed to self-insure for physical damage to its vehicles provided Contractor provides adequate audited financial information to City and City is reasonably satisfied that Contractor has the financial net worth to cover any losses.

Physical Damage. Contractor shall maintain comprehensive (fire, theft and collision) physical damage insurance covering the City vehicles or City Collector vehicles and equipment used in providing service delivery of Solid Waste to City the Approved Solid Waste Processing Facility under this Agreement, with a deductible or self-insured retention not greater than Fifty Thousand Dollars ($50,000100,000). Notwithstanding the foregoing, Contractor shall be allowed to self-insure for physical damage to its vehicles provided Contractor provides adequate audited financial information to City and City is reasonably satisfied that Contractor has the financial net worth to cover any losses.