Risk of Loss and Insurance Clause Samples

Risk of Loss and Insurance. The State shall not be liable to Contractor for any risk of Deliverable loss or damage while Deliverables are in transit, or while in the Client Agency’s possession, except when such loss or damage is due directly to the Client Agency’s negligence or intentional misconduct. Nothing in this Section is intended nor shall it be construed, in any manner, as waiving or compromising the sovereign immunity of the State. The insurance required by this Section shall be written on an occurrence basis as opposed to a “claims made” basis and shall be on such forms, and contain such endorsements and terms, as shall be acceptable to DAS. Before commencing Performance, the Contractor shall obtain and maintain at its own cost and expense for the Term of this Contract, the insurance described below. Contractor shall assume any and all deductibles in the described insurance policies. The Contractor’s insurers shall have no right of recovery or subrogation against the State and the described Contractor’s insurance shall be primary coverage. Any failure to comply with the claim reporting provisions of the policy shall not affect coverage provided to the State.

Risk of Loss and Insurance. Seller shall bear the risk of loss or damage to the improvements on the Property prior to delivery of possession, and thereafter such risk of loss shall be borne by Buyer. In the event of substantial damage or destruction to the improvements which is not repaired before delivery of possession Buyer may either rescind this Agreement, in which event the ▇▇▇▇▇▇▇ deposit shall be returned to it, or elect to complete the closing and receive an assignment of all insurance proceeds to which Seller is entitled.

Risk of Loss and Insurance. Debtor shall bear all risk of loss with respect to the Collateral. The injury to or loss of Collateral, either partial or total, shall not release Debtor from payment or other performance hereof. Debtor agrees to obtain and keep in force property insurance on the Collateral with a Lender’s Loss Payable Endorsement in favor of Bank and commercial general liability insurance naming Bank as Additional Insured and such other insurance as Bank may require from time to time. Such insurance is to be in form and amounts satisfactory to Bank and issued by reputable insurance carriers satisfactory to Bank with a Best Insurance Report Key Rating of at least “A-“. All such policies shall provide to Bank a minimum of 30 days written notice of cancellation. Debtor shall furnish to Bank such policies, or other evidence of such policies satisfactory to Bank. If Debtor fails to obtain or maintain in force such insurance or fails to furnish such evidence, Bank is authorized, but not obligated, to purchase any or all insurance or "Single Interest Insurance" protecting such interest as Bank deems appropriate against such risks and for such coverage and for such amounts, including either the loan amount or value of the Collateral, all at its discretion, and at Debtor's expense. In such event, Debtor agrees to reimburse Bank for the cost of such insurance and Bank may add such cost to the Secured Obligations. Debtor shall bear the risk of loss to the extent of any deficiency in the effective insurance coverage with respect to loss or damage to any of the Collateral. Debtor hereby assigns to Bank the proceeds of all property insurance covering the Collateral up to the amount of the Secured Obligations and directs any insurer to make payments directly to Bank. Debtor hereby appoints Bank its attorney-in-fact, which appointment shall be irrevocable and coupled with an interest for so long as Secured Obligations are unpaid, to file proof of loss and/or any other forms required to collect from any insurer any amount due from any damage or destruction of Collateral, to agree to and bind Debtor as to the amount of said recovery, to designate payee(s) of such recovery, to grant releases to insurer, to grant subrogation rights to any insurer, and to endorse any settlement check or draft. Debtor agrees not to exercise any of the foregoing powers granted to Bank without Bank's prior written consent.

Risk of Loss and Insurance. SELLERS shall bear the risk of loss or damage to the Property prior to closing or possession, whichever first occurs.

Risk of Loss and Insurance. SELLER shall bear the risk of loss or damage to the Property prior to closing or possession, whichever first occurs, provided SELLER shall have the right but not the obligation to repair such damage. In the event the Property is damaged prior to closing or possession this Agreement shall continue in force and effect until either party rescinds the Agreement after giving thirty (30) days written notice to the other party.

Risk of Loss and Insurance. The City shall bear the risk of loss or damage to the Property prior to Closing. The City shall maintain any existing insurance carried by the City on the Property until Closing. Buyer may, at its election, seek additional insurance on the Property. In the event of substantial damage or destruction to the Property prior to closing, this Agreement shall be null and void; provided, however, Buyer shall have the option to complete the Closing and receive the insurance proceeds payable under City’s and Buyer’s insurance policies regardless of the extent of damages. The Property shall be deemed substantially damaged or destroyed if it cannot be restored to its present condition on or before the Closing Date.

Risk of Loss and Insurance. Risk of loss shall pass to the Purchaser upon delivery of the materials on Purchaser’s site. Until the Total Sale Price has been paid in full, Purchaser shall insure the Equipment against fire and extended coverage perils in an amount equal to the full Total Sale Price, with loss first payable to Seller as its interest may appear. Purchaser’s obligations hereunder may be covered by Purchaser’s “blanket coverage” insurance policies. If Purchaser fails to maintain such insurance, Seller may obtain the same at Purchaser’s expense.

Risk of Loss and Insurance. The State shall not be liable to Contractor for any risk of Deliverable loss or damage while Deliverables are in transit, or while in the Agency’s possession, except when such loss or damage is due directly to the Agency’s negligence or intentional misconduct. Nothing in this Section is intended nor shall it be construed, in any manner, as waiving or compromising the sovereign immunity of the State. The insurance required by this Section shall be written on an occurrence basis as opposed to a “claims made” basis and shall be on such forms, and contain such endorsements and terms, as shall be acceptable to the Agency. Before commencing Performance, the Contractor shall obtain and maintain at its own cost and expense for the Term of this Contract, the insurance described below. Contractor shall assume any and all deductibles in the described insurance policies. The Contractor’s insurers shall have no right of recovery or subrogation against the State and the described Contractor’s insurance shall be primary coverage. Any failure to comply with the claim reporting provisions of the policy shall not affect coverage provided to the State. INSURANCE PROVISIONS TO BE SELECTED BASED ON TRANSACTION NEED, CONTACT SIRMB WITH ANY QUESTIONS ON APPLICABILITY AND REQUIRED COVERAGE LEVELS—DELETE THIS TEXT AND INSURANCE TYPES THAT ARE NOT APPLICABLE BEFORE FINALIZING. Commercial General Liability Throughout the Term and during the time that any provisions survive the Term, Contractor shall maintain, at Contractor’s sole cost and expense, a policy or policies of commercial general liability insurance, including contractual liability coverage, in an amount not less than $1,000,000 for all damages arising out of bodily injuries to, or death of, all persons and injuries to or destruction of property, in any one accident or occurrence, and, subject to that limit per accident, a total (or aggregate) limit of $2,000,000 per occurrence for all damages arising out of bodily injuries to, or death of, all persons and injuries to or destruction of property per policy period. The Contractor shall cause the State and its officers, agents and employees to be named as an additional insured on the policy and shall provide (1) a certificate of insurance (2) the declaration page and (3) the additional insured endorsement to the policy to the Agency all in an electronic format acceptable to the Agency prior to the Effective Date evidencing such coverage. The Contractor shall not begin Perform...

Risk of Loss and Insurance. Throughout the rental term, unless otherwise indicated in the relevant Equipment Schedule, the Lessee shall insure and at all times keep the Equipment insured with reputable insurers. Lessor and Lessee agree as follows: a) Effective upon delivery of the Equipment to Lessee and until the Equipment is returned to Lessor, Lessee relieves Lessor of responsibility for all risks of physical damage to or loss or destruction of the Equipment, howsoever caused. During the continuance of the relevant Equipment Schedule, Lessee shall, at its own expense, cause to be carried and maintained casualty insurance with respect to each item of Equipment designated in this Equipment Schedule in an amount at least equal at all times to the greater of (i) the replacement value of the Equipment, or (ii) the aggregate unpaid Rent with respect to the Equipment for the unexpired Initial Term. Lessee shall carry public liability insurance, in each case in amounts and against risks customarily insured against by the Lessee on similar equipment and, in any event, in amounts and against risks comparable to those insured against by the Lessee on equipment owned by it. All policies with respect to such insurance shall name the Lessor as additional assured and (together with any Beneficiary) as loss payee, and shall provide for at least 30 days' prior written notice by the underwriter or insurance company to the Lessor in the event of cancellation or expiration. Lessee shall furnish appropriate evidence of such insurance; b) If any item of Equipment is lost or rendered unusable as a result of any physical damage or destruction of such item of Equipment, Lessee shall give to Lessor prompt notice thereof and the Agreement and the relevant Equipment Schedule shall continue in effect without any abatement of Rent. Lessee shall determine, within fifteen (15) days after the date of occurrence of such loss, damage or destruction, whether such item of Equipment can be repaired. If Lessee determines that such item of Equipment can be repaired, Lessee, at its expense, shall cause such item of Equipment to be promptly repaired. If Lessee determines that such item of Equipment is lost or cannot be repaired, Lessee shall promptly notify Lessor and such Equipment shall be deemed to have suffered a "Casualty Loss" for purposes of this Section as of the date of occurrence of such loss. Within said 15 days, Lessee shall notify Lessor of the Equipment which has suffered a Casualty Loss and Lessee shall, at...