Purchaser’s Insurance Clause Samples
The Purchaser’s Insurance clause requires the buyer in a transaction to obtain and maintain specific insurance coverage as a condition of the agreement. This typically involves the purchaser securing policies such as property, liability, or other relevant insurance types, and providing proof of coverage to the seller or other parties involved. The core function of this clause is to protect the seller and other stakeholders from potential losses or liabilities that may arise from the purchaser’s activities or ownership, ensuring that adequate financial safeguards are in place throughout the term of the agreement.
POPULAR SAMPLE Copied 1 times
Purchaser’s Insurance. Purchaser shall maintain commercial general liability insurance with coverage of at least $1,000,000 per occurrence and $2,000,000 annual aggregate.
Purchaser’s Insurance. Purchaser shall maintain commercial general liability insurance with coverage of at least the amount of Four Hundred Thousand Dollars ($400,000) per occurrence for causes of action pursuant to the Maine Tort Claims Act, and will be increased from time to time, if required to meet the maximum coverage provisions of the Maine Tort Claims Act, as it may be amended, and in at least the amount of 1 million dollars ($1,000,000) for each occurrence and 2 million dollars ($2,000,000) in the aggregate for causes of action pursuant to federal law or State law for which immunity is not provided under the Maine Tort Claims Act.
Purchaser’s Insurance. The Purchaser reserves the right to take out, on its own initiative: - a “Contractors’ All Risks” policy to cover physical damage to the structure from the arrival of the first materials on site until final acceptance,
Purchaser’s Insurance. Purchaser shall maintain commercial general liability insurance with coverage of at least _____ dollars ($______) per occurrence and _____ dollars ($______) annual aggregate.
Purchaser’s Insurance. 10.1. Purchaser shall purchase and maintain in full force and effect the following insurance while the Work is being performed:
10.1.1. Adequate Commercial General Liability insurance on an ISO standard form or its equivalent with minimum limits of US $1,000,000 for bodily injury, including death, or property damage arising out of any one occurrence or in the aggregate.
10.1.2. Business Automobile Liability Insurance with minimum limits of $1,000,000 per occurrence single limit for bodily injury and property damage combined covering all vehicles owned or operated by the Purchaser.
10.1.3. Statutory Workers Compensation Insurance in accordance with the provisions of the applicable Workers Compensation Act, if any, of the jurisdiction in which the Lift is constructed, for all of Purchaser’s employees assisting, whether directly or indirectly, in the Work.
10.1.4. If requested, Purchaser shall provide L-POA with a Certificate of Insurance evidencing the insurance policies described in this section. The Certificate of Insurance shall provide for a minimum of thirty (30) days written notice to L-POA prior to cancellation of any policy.
Purchaser’s Insurance. Purchaser shall obtain and keep in force --------------------- during the term of its indemnity obligations to Seller under this Agreement insurance policies providing the following minimum levels of coverage: general comprehensive liability insurance covering each occurrence of bodily injury and property damage in an amount of not less than One Million Dollars ($ 1,000,000.00) per occurrence with an aggregate of Two Million Dollars ($2,000,000.00) in any calendar year with the special endorsement providing coverage for Product and Completed Operations Liability in an amount of not less than Ten Million Dollars ($10,000,000.00); and an umbrella policy in an amount not less than Four Million Dollars ($4,000,000.
Purchaser’s Insurance. The Purchaser reserves the right to take out, on its own initiative: - a “Contractors’ All Risks” policy to cover physical damage to the structure from the arrival of the firstmaterials on site until final acceptance,
Purchaser’s Insurance. The Seller shall be included as an additional insured on the Purchaser’s or Owner’s All Risk/Builder's Risk Insurance Policy, which will include a waiver of rights of subrogation against the Seller. The deductible under this policy shall be for Purchaser’s account.
Purchaser’s Insurance. Purchaser shall maintain or ensure the following is maintained (a) property insurance on the System for the replacement cost thereof and be reimbursed by Seller and (b) commercial general liability insurance with coverage of at least $1,000,000 per occurrence and $2,000,000 annual aggregate.
(1) (30) days prior to the Commercial Operation Date, Seller shall provide Purchaser with the replacement cost of the System and Purchaser shall purchase and itemize the increase in insurance costs due the insurance requirements detailed in section 13.a.ii.(a). Seller shall reimburse the Purchaser within (14) business days for the insurance premium and divide this cost by the estimated kWh of the project as calculated by PVWatts or a similar satellite-based solar production software. The $/kWh insurance premium shall be added back into the Contract Price for the first year.
(2) Each additional year, (30) days prior to the anniversary of the Commercial Operation Date or Seller’s typical insurance procurement schedule, Purchaser shall itemize the increase in insurance costs due to the insurance requirements detailed in section 13.a.ii.(a). Seller shall reimburse the Purchaser within (14) business days for the insurance premium and divide this cost by the previous year’s actual kWh of the project. The $/kWh insurance premium shall be added back into the Contract Price.
Purchaser’s Insurance. Purchaser shall carry or cause to be carried the insurance required by Annex D to the applicable Existing Lease, and otherwise comply with the requirements of Annex D (other than Sections B and C of such Annex D) to the applicable Existing Lease for the two (2) year period measured from the applicable Closing Date.