Replacement of Coverage Sample Clauses
The Replacement of Coverage clause outlines the conditions and procedures under which an existing insurance policy or coverage may be substituted with a new one. Typically, this clause specifies the requirements for notifying the insurer, the timing of the replacement, and any documentation that must be provided to ensure a seamless transition. For example, it may require the policyholder to provide proof of new coverage before the old policy is canceled. The core function of this clause is to prevent gaps in insurance protection and to ensure that both parties are clear on the process for changing coverage, thereby minimizing the risk of unintended lapses.
Replacement of Coverage. In the case of the breach of any of the insurance provisions of this Agreement, the City may, at the City's option, take out and maintain at the expense of Contractor, such insurance in the name of Contractor as is required pursuant to this Agreement, and may deduct the cost of taking out and maintaining such insurance from any sums which may be found or become due to Contractor under this Agreement.
Replacement of Coverage. In the case of the breach of any of the insurance provisions of this Agreement, Lender may, at Lender’s option, take out and maintain at the expense of Borrower such insurance in the name of Borrower as is required pursuant to this Agreement, and may deduct the cost of taking out and maintaining such insurance from any sums which may be found or become due to Borrower under this Agreement.
Replacement of Coverage. In the case of the breach of any of the insurance provisions of this Agreement, the Licensor may, at the Licensor's option, take out and maintain at the expense of Contractor, such insurance in the name of Contractor as is required pursuant to this Agreement, and may deduct the cost of taking out and maintaining such insurance from any sums which may be found or become due to Contractor under this Agreement.
Replacement of Coverage. In the case of the breach of any of the insurance provisions of this Agreement, the City may, at the City’s option, take out and maintain at the expense of Developer, such insurance in the name of Developer as is required pursuant to this Agreement, and may deduct the cost of taking out and maintaining such insurance from any sums which may be found or become due to Developer under this Agreement.