SECTION FOUR INSURANCE Clause Samples
The Insurance clause requires one or both parties to obtain and maintain specific types and amounts of insurance coverage during the term of the agreement. Typically, this includes coverage such as general liability, property, or professional indemnity insurance, and may require providing proof of insurance to the other party. The core function of this clause is to allocate risk and ensure that adequate financial protection is in place in case of accidents, damages, or other unforeseen events related to the contract.
SECTION FOUR INSURANCE. The Services Provider shall procure and maintain, and shall cause each subcontractor to procure and maintain at all times during the performance of the Project and for one year thereafter, at its own expense, the following insurances:
SECTION FOUR INSURANCE. At all times during the term of this Lease, Lessee shall cause to be carried and maintained, at Lessee's cost and expense, physical damage insurance with respect to the Aircraft in the amount set forth below: Aircraft Physical Damage $12,900,000.00 (No Deductible While In Motion or Not In Motion) At all times during the term of this Lease, Lessee shall also cause to be carried and maintained, at Lessee's cost and expense, third party aircraft liability insurance, passenger legal liability insurance, property damage liability insurance, and medical expense insurance in the amounts set forth below: Combined Liability Coverage for Bodily Injury and Property Damage Including Passengers - Each Occurrence $100,000,000.00 Medical Expense Coverage - Each Person $5,000.00 Lessee shall also bear the cost of paying any deductible amount on any policy of insurance in the event of a claim or loss. Any policies of insurance carried in accordance with this Lease: (i) shall name Lessor as an additional insured; and (ii) shall contain a waiver by the underwriter thereof of any right of subrogation against Lessor; and (iii) shall provide that in respect of the interests of Lessor, such policies of insurance shall not be invalidated by any action or inaction of Lessee or any other person and shall insure Lessor (subject to the limits of liability and war risk exclusion set forth in such policies) regardless of any breach or any violation of any warranty, declarations or conditions contained in such policies by Lessee or any other person; and (iv) shall provide that if the insurers cancel insurance for any reason whatsoever, or the same is allowed to lapse for non-payment of premium, or if there is any material change in policy terms and conditions, such a cancellation, lapse or change shall not be effective as to Lessor, except upon thirty (30) days prior written notice. Each liability policy shall be primary without right of contribution from any other insurance which is carried by Lessee or Lessor and shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured. Lessee shall submit this Lease for approval to the insurance carrier for each policy of insurance on the Aircraft. Lessee shall arrange for a Certificate of Insurance evidencing appropriate coverage as to the Aircraft and the satisfaction of the requirements set forth above to be given by its ins...
SECTION FOUR INSURANCE. At all times during the term of this Lease, Lessor shall cause to be carried and maintained, at Lessee's cost and expense, as set forth in Section One, physical damage insurance with respect to the Aircraft in the amount set forth below: Aircraft Physical Damage $10,500,000.00 (No Deductible While In Motion or Not in Motion) At all times during the term of this Lease, Lessor shall also cause to be carried and maintained, at Lessee's cost and expense, as set forth in Section One, third party aircraft liability insurance, passenger legal liability insurance, property damage liability insurance, and medical expense insurance in the amounts set forth below: Combined Liability Coverage for Bodily Injury and Property Damage Including Passengers - Each Occurrence $100,000,000.00 Medical Expense Coverage - Each Person $5,000.00 Lessee shall also bear the cost of paying any deductible amount on any policy of insurance in the event of a claim or loss. Any policies of insurance carried in accordance with this Lease: (i) shall name Lessor as an additional insured; and (ii) shall contain a waiver by the underwriter thereof of any right of subrogation against Lessor. Each liability policy shall be primary without right of contribution from any other insurance which is carried by Lessee or Lessor and shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured. Lessor shall submit this Lease for approval to the insurance carrier for each policy of insurance on the Aircraft. Lessor shall arrange for a Certificate of Insurance evidencing appropriate coverage as to the Aircraft and the satisfaction of the requirements set forth above to be given by its insurance carriers to Lessee.