Servicer Insurance Requirement Sample Clauses

Servicer Insurance Requirement. In the event that the Servicer shall obtain and maintain a block buildings insurance policy in respect of the Real Estate Assets with a reputable insurer to the extent that such policy provides no less coverage in scope than the insurance required to be maintained by the Servicer under clause 4.1 above the Servicer shall conclusively be deemed to have satisfied its obligations as set forth in clause 4.1. If the amount of the deductible under that policy is greater than it would have been under a policy effected under clause 4.1 the Servicer shall pay the difference into a custodial account prior to the date on which the fund due to the Company under the policy are required to be distributed to the Company. In accordance with its obligations under this Agreement the Servicer agrees to make any claim under any such block buildings insurance policy on behalf of itself and the Company. --------------------------------------------------------------------------------
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Servicer Insurance Requirement. The Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and errors and omissions insurance policy covering the Servicer's officers and employees acting on behalf of the Servicer in connection with its activities under this Agreement. The amount of such coverage shall meet the servicing requirements of prudential institutional commercial or residential mortgage loan servicers for the relevant market. In the event that such bond or policy ceases to be in effect, the Servicer shall obtain a comparable replacement bond or policy. Coverage of the Servicer under a policy or bond obtained by an affiliate of the Servicer and providing the coverage required by this section shall satisfy the requirements of this clause.
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Servicer Insurance Requirement. In the event that the Servicer shall obtain and maintain a blanket policy insuring against losses on mortgage loans serviced for the Company with a qualified insurer, to the extent such policy provides no less coverage in scope and amount with respect to each Real Estate Assets than the insurance required to be maintained by the Servicer pursuant to Section 5.1, the Servicer shall conclusively be deemed to have satisfied its obligations as set forth in Section 5.1, it being understood and agreed that such policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on any mortgage loan a policy complying with Section 5.1 and there shall have been a loss which would have been covered by such policy, pay to the Company the amount not otherwise payable under the blanket policy because of such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the mortgage loan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with accepted servicing practices. In connection with its activities as administrator and servicer of the mortgage loans, the Servicer agrees to present, on behalf of itself and the Company, claims under any such blanket policy.
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Related to Servicer Insurance Requirement

  • Insurance Requirement A. General Provisions Applying to All Policies

  • Contractor Insurance Requirements When performing Work on property in the care, custody, or control of the Judicial Council, the Contractor shall maintain all commercial general liability insurance, workers’ compensation insurance, and any other insurance the Judicial Council deems appropriate under the Agreement. Upon request from the Judicial Council, the Contractor shall furnish an insurance certificate evidencing required insurance coverage acceptable to the Judicial Council. The Contractor may also be required to have the Judicial Council shown as an additional insured on selected policies.

  • Review of insurance requirements The Security Trustee shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the opinion of the Majority Lenders, significant and capable of affecting the Owners or the Ships and their insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Owners may be subject), and may appoint insurance consultants in relation to this review at the cost of the Borrower.

  • INSURANCE REQUIREMENT REVIEW Grantee agrees to periodic review of insurance requirements by Agency under this Agreement and to provide updated requirements as mutually agreed upon by Grantee and Agency.

  • Insurance Requirements Vendor agrees to maintain the following minimum insurance requirements for the duration of this Agreement. All policies held by Vendor to adhere to this term shall be written by a carrier with a financial size category of VII and at least a rating of “A‐” by A.M. Best Key Rating Guide. The coverages and limits are to be considered minimum requirements and in no way limit the liability of the Vendor(s). Any immunity available to TIPS or TIPS Members shall not be used as a defense by the contractor's insurance policy. Only deductibles applicable to property damage are acceptable, unless proof of retention funds to cover said deductibles is provided. "Claims made" policies will not be accepted. Vendor’s required minimum coverage shall not be suspended, voided, cancelled, non‐renewed or reduced in coverage or in limits unless replaced by a policy that provides the minimum required coverage except after thirty (30) days prior written notice by certified mail, return receipt requested has been given to TIPS or the TIPS Member if a project or pending delivery of an order is ongoing. Upon request, certified copies of all insurance policies shall be furnished to the TIPS or the TIPS Member. Vendor agrees that when Vendor or its subcontractors are liable for any damages or claims, Vendor’s policy, shall be primary over any other valid and collectible insurance carried by the Member or TIPS. General Liability: $1,000,000 each Occurrence/Aggregate Automobile Liability: $300,000 Includes owned, hired & non‐owned Workers' Compensation: Statutory limits for the jurisdiction in which the Vendor performs under this Agreement. If Vendor performs in multiple jurisdictions, Vendor shall maintain the statutory limits for the jurisdiction with the greatest dollar policy limit requirement. Umbrella Liability: $1,000,000 each Occurrence/Aggregate

  • Insurance Required The Engineer shall secure the insurance specified below. The insurance shall be issued by insurance company(s) acceptable to the City and may be in a policy or policies of insurance, primary or excess. Certificates of all required insurance including any policy endorsements shall be provided to the City prior to or upon the execution of this Agreement.

  • Other Insurance Requirements (a) Thirty (30) days’ advance written notice shall be provided to the City of cancellation, intended non-renewal, or reduction in coverages, except for non-payment for which no less than ten (10) days’ notice shall be provided to City. Notices shall be sent to the City address set forth in Section 11.1 entitled “Notices to the Parties.”

  • Minimum Insurance Requirements The Engineer shall maintain the following or equivalent insurance policies at no less than the limits shown below and cause its sub consultants to maintain similar insurance with limits acceptable to the University: COVERAGE Professional Liability General Liability Worker’s Compensation Employer’s liability LIMITS $250,000 per claim, $500,000 aggregate $1 million per occurrence, $2 million aggregate Statutory $ 500,000 The policies above shall contain the following conditions:

  • Maintenance of Mortgage Impairment Insurance Policy In the event that the Servicer shall obtain and maintain a blanket policy issued by an insurer that has a general policy rating of B:VI or better in Best's Key Rating Guide insuring against hazard losses on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 3.10 and otherwise complies with all other requirements of Section 3.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 3.10, it being understood and agreed that such policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with Section 3.10, and there shall have been a loss which would have been covered by such policy, deliver to the Trustee for deposit in the Distribution Account the amount not otherwise payable under the blanket policy because of such deductible clause, which amount shall not be reimbursable to the Servicer from the Trust Fund. In connection with its activities as servicer of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf of the Trustee, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy. Upon request of the Trustee, the Servicer shall cause to be delivered to the Trustee a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without thirty days prior written notice to the Trustee.

  • Additional Insurance Requirements The policies shall include, or be endorsed to include, the following provisions:

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