Required Policy definition

Required Policy means each policy of insurance required to be maintained by Lessee under the terms of this Agreement. Each Required Policy must be written by a company satisfactory to Lessor, but in all events by a company with an A.M. Best Company financial rating of not less than A XII (or a similar rating by a comparable service selected by Lessor should A.M. Best Company cease providing such ratings) and be licensed to do business in Texas or, if the aforesaid is not available, by a company qualified to do business as a non- admitted insurer in Texas under current Texas surplus lines requirements. Each Required Policy must be endorsed to be primary, with the policies of Lessor or any other party being excess, secondary, and noncontributing. No Required Policy may include an endorsement restricting, limiting, or excluding coverage in any manner without the prior written consent of Lessor. All Required Policies may contain a deductible of not more than $25,000. Such policies must be endorsed so as to require 30 days prior written notice to Lessor in the event of cancellation, material change or intent not to renew. Required Policies must contain a standard separation of insureds provision, when applicable and available. Lessee must deliver to Lessor a certificate of insurance and copies of any additional insured, loss payee, and waiver of subrogation endorsements for any Required Policy no later than the Effective Date. If requested, Lessee must provide to Lessor on demand a certified copy of any Required Policy and applicable endorsements. All endorsements must be in form and substance acceptable to Lessor. The required evidence of coverage must always be deposited with Lessor. If Lessee fails to do so, such failure may be treated by Lessor as a default by ▇▇▇▇▇▇ and Lessor, in addition to any other remedy under this Agreement, may purchase and maintain such Required Policy and Lessee must immediately reimburse Lessor for any premiums paid or costs incurred by Lessor in providing such insurance. Failure of Lessee to reimburse Lessor is a default by ▇▇▇▇▇▇ in the payment of Rent. At Lessor's option, Lessor may draw on the Letter of Credit to reimburse itself for any premiums paid or costs incurred by Lessor in providing such insurance. Lessee must notify Lessor immediately upon discovery of any fact or condition that may result in a claim covered by the insurance or indemnity provisions contained in this Agreement.
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Required Policy means each policy of insurance required to be maintained by GRANTEE under the terms of this agreement. Each Required Policy must be written by a company satisfactory to GRANTOR, but in all events by a company with an A.M. Best Company financial rating of not less than A - XII (or a similar rating by a comparable service selected by GRANTOR should A.M. Best Company cease providing such ratings) and be licensed to do business in Texas or, if the aforesaid is not available, by a company qualified to do business as a non-admitted insurer in Texas under current Texas surplus lines requirements. GRANTEE must deliver to GRANTOR a certificate of insurance for any Required Policy within 10 days of execution of this agreement. The required evidence of coverage must always be deposited with GRANTOR. If GRANTEE fails to do so, such failure may be treated by GRANTOR as a default by GRANTEE under this agreement and GRANTOR, in addition to any other remedy under this agreement, may purchase and maintain such Required Policy and GRANTEE must immediately reimburse GRANTOR for any premiums paid or costs incurred by GRANTOR in providing such insurance. Failure of GRANTEE to reimburse GRANTOR is a default by GRANTEE of this agreement.
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Required Policy. Required Policy shall have the meaning set forth below in Section 17.
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Examples of Required Policy in a sentence

  • If for any reason an insurer cancels, or fails or declines to renew, a Required Policy then the Supplier must, at its own cost, immediately purchase a replacement policy containing substantially the same terms as the Required Policy.

  • With respect to cancellation and non-renewal, Required Policy Period means a period of three years from the date the policy is first issued or voluntarily renewed.

  • None of the Company, any of its Subsidiaries or, to the Company's knowledge, the CSD Business, has incurred any material loss, damage, expense or liability covered by any Required Policy for which it has not asserted a claim under such Required Policy.

  • The New York Insurance Law requires that we continue your coverage during the Required Policy Period which is a period of three years from the date the policy is first issued or voluntarily renewed.

  • Landlord and the City shall be afforded all protections afforded any such Requiring Party under any such Required Policy, to the extent such protections exceed the protections afforded Landlord and the City under this Article XIII.

  • Tenant agrees to initially deliver to Landlord a duplicate original or certificate of each Required Policy upon tender of possession of the Leased Premises to Tenant and at all times during the lease term, to maintain a duplicate original or a certificate of all Required Policies on deposit with Landlord.

  • Each Required Policy shall include a provision which requires the insurer to notify Association in writing within three (3) business days after (i) Manager terminates the policy, (ii) Manager makes any material change in the policy, (iii) the insurer does not receive a premium payment when due, (iv) the policy lapses for any reason, or (v) a claim is made on the policy.

  • Each Required Policy must be written by a company satisfactory to GRANTOR, but in all events by a company with an A.M. Best Company financial rating of not less than A - XII (or a similar rating by a comparable service selected by GRANTOR should A.M. Best Company cease providing such ratings) and be licensed to do business in Texas or, if the aforesaid is not available, by a company qualified to do business as a non-admitted insurer in Texas under current Texas surplus lines requirements.

  • The phrase "Required Policy" means each policy of insurance required to be maintained by Lessee under the terms of this Lease.

  • Each Required Policy must be endorsed to require, that the insurer notify the District not less than thirty days prior to any cancellation, termination, reduction in coverage, or expiration without renewal of the Required Policy, except for cancellation due to non-payment of premium, in which case the insurer must provide such notice not less than ten days prior to cancellation.


More Definitions of Required Policy

Required Policy means each policy of insurance required to be maintained by Lessee under the terms of this Lease. Each Required Policy must be written by a company satisfactory to Lessor, but in all events Lessee will use its best efforts to obtain coverage from a company with an A.M. Best Company financial rating of not less than A-XII, if commercially available on reasonable terms, but in no event with a company rated less than A-VII (or a similar rating by a comparable service selected by Lessor should A.M. Best Company cease providing such ratings, or such other rating reasonably acceptable to Lessor should the required rating not be commercially available on reasonable terms) and be licensed to do business in Texas or by a company qualified to do business as a non-admitted insurer in Texas under current Texas surplus lines
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Required Policy means the policies of insurance required to be maintained by Tenant under the terms of this Lease. Each Required Policy shall be written by a company reasonably satisfactory to Landlord. Each Required Policy shall name Landlord and/or its designee(s) as loss payee; shall be primary and non-contributory from any other policy of insurance available to Landlord; and shall contain a waiver of subrogation provision in favor of Landlord. All Required Policies shall be endorsed so as to require thirty (30) days' prior written notice to Landlord, given in the manner set forth in Article XVIII hereof, in the event of cancellation, material change or intent not to renew. Each Required Policy (other than the worker’s compensation policies) shall name Landlord as additional insured. ▇▇▇▇▇▇ agrees to deliver to Landlord and/or Landlord's designee a certificate of insurance, in form and substance acceptable to Landlord, evidencing the required coverage for any Required Policy simultaneous with the execution of this Lease. At all times during the Lease Term (and prior thereto as applicable), Tenant shall cause the required evidence of coverage on all Required Policies to be deposited with Landlord. If Tenant fails to obtain and maintain the insurance required under this Lease, such failure may be treated by Landlord as an Event of Default by Tenant, and, if Tenant does not cure such failure or nonconformity within five
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Required Policy or “Required Policies”, as applicable, as defined in the Mortgage Loan Insurance Agreement.
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Related to Required Policy

  • Covered policy means a policy of commercial risk insurance, professional liability insurance or public entity insurance.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • NAV Error Policy means the TRP Net Asset Value Error Policy as attached hereto as Schedule II.

  • Required Permit means a Permit (a) issued or required under Laws applicable to the business of Borrower or any of its Subsidiaries or necessary in the manufacturing, importing, exporting, possession, ownership, warehousing, marketing, promoting, sale, labeling, furnishing, distribution or delivery of goods or services under Laws applicable to the business of Borrower or any of its Subsidiaries or any Drug Application (including without limitation, at any point in time, all licenses, approvals and permits issued by the FDA or any other applicable Governmental Authority necessary for the testing, manufacture, marketing or sale of any Product by any applicable Borrower(s) as such activities are being conducted by such Borrower with respect to such Product at such time), and (b) issued by any Person from which Borrower or any of their Subsidiaries have received an accreditation.

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.