Insurance and Risk of Loss definition

Insurance and Risk of Loss. All risk of loss, damage or destruction of the Equipment will at all times be on Buyer. Buyer agrees to maintain, at Buyer’s expense: (a) property insurance, or other insurance acceptable to Lender, protecting the Equipment from loss or damage by fire, theft and other customary risks for the greater of the Equipment’s replacement cost or the Indebtedness with a deductible not to exceed $2,500 per item of Equipment, naming Lender as a loss payee on a “Lender’s Loss Payable” endorsement; and (b) liability insurance in an amount not less than $1,000,000 per occurrence (collectively “Required Insurance”). Buyer must provide Lender satisfactory written evidence of Required Insurance within thirty (30) days of the commencement date of this agreement, the cancellation or expiration of such Required Insurance, or of any subsequent written request from Lender. If Buyer does not do so, Lender may obtain insurance from an insurer of Lender’s choosing in such forms and amounts as Lender deems reasonable to protect Lender’s interests (collectively, “Lender’s Insurance”). Lender’s Insurance will cover the Equipment and the Lender; it will not name Buyer as an insured and may not cover all of the Buyer’s interest in the Equipment. Buyer agrees to pay Lender periodic charges for Lender’s Insurance (collectively, “Insurance Charges”) that include: a premium that may be higher than if the Buyer maintained the Required Insurance separately; a finance charge of up to 1.5% per month on any advances made by Lender or Lender’s agents; and commissions, and billing and origination fees; any or all of which may generate a profit to Lender and Lenders agents. If Buyer fails to provide satisfactory evidence of Required Insurance by the due date, Lender may pay Insurance Charges by debiting Buyer’s account under any previously authorized automatic payment. Lender shall discontinue billing or debiting Insurance Charges upon receipt of satisfactory evidence of Required Insurance. Buyer shall immediately notify Lender of any loss or damage to Equipment which makes any item of Equipment unfit for continued or repairable use. Buyer hereby irrevocably appoints Lender as Buyer’s attorney-in-fact to execute and endorse all checks or drafts in Buyer’s name to collect under any insurance covering Equipment. Lender may apply insurance proceeds to the indebtedness or any other obligation of Buyer to Lender as Lender deems appropriate. Duty to Pay: Any warranty, service contract, Insurance policy,...
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Insurance and Risk of Loss. All risk of loss, damage or destruction of the Units will at all times be on Buyer. Buyer will keep the Units insured at Buyers expense against (i) liability for not less than $1,000,000 per occurrence, and (ii) loss or damage by fire, theft and other customary risks for the greater of the Units' full insurable value or the Indebtedness. with a deductible not to exceed $2,500 per Unit. Coverage and insurer will be subject to Seller's reasonable approval (with the insurer being rated not less than B+ by A. M. Best. with a financial class size of at least VIII, with Seller being named an additional insured and/or loss payee on the policies, as applicable. Each policy will further provide that Seller's interest can not be invalidated by any act, omissions or neglect of any party other than Seller and that the insurer will give Seller thirty days advance written notice of any policy cancellation or non-renewal, whether such cancellation or non-renewal is at the direction of Buyer or insurer. Buyer will promptly deliver a copy of each policy or insurance certificate to Seller and proof of renewal at least 30 days prior to expiration or cancellation. If Buyer fails to so insure the Units, Seller may purchase such insurance at Buyer's expense. purchase of which need not include liability or protection of Buyer's interest. Buyer hereby irrevocably appoints Seller as Buyer's attorney-in-fact to execute and endorse all documents, checks, or drafts in Buyer's name and to submit any proof of loss to collect such insurance.
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Examples of Insurance and Risk of Loss in a sentence

  • Any Claim, other than an indemnification Claim or a Claim pursuant to Section 19 (Insurance and Risk of Loss) under this Agreement, initiated by Sears’ Affiliates or by Sears’ and its Affiliates’ Subcontractors asserting rights in connection with this Agreement or any Services to be provided under this Agreement; provided, however, that this provision shall not apply to Claims brought by Sears on behalf of the other Eligible Recipients.

  • CONFIDENTIAL TREATMENT REQUESTED WITH RESPECT TO CERTAIN PORTIONS HEREOF DENOTED WITH “***” Schedule 3 Insurance and Risk of Loss Unionmet shall pay the freight for the carriage of indium ingots to the named destination which is provided in the contract, as well as the cargo insurance which insures against the customer's risk of loss and damage to the goods during the carriage.

  • CSC shall provide Sears with certificates of insurance evidencing compliance with this Section 19 (Insurance and Risk of Loss) (including evidence of renewal of insurance) signed by authorized representatives of the respective carriers for each year that this Agreement is in effect.

  • Insurance and Risk of Loss -------------------------- (a) WWWN does carry Insurance on all of the Acquired Assets.

Related to Insurance and Risk of Loss

  • Economic Risk of Loss has the meaning set forth in Treasury Regulation Section 1.752-2(a).

  • Risk of Loss The risk for loss shall remain with the Contractor until any Goods that may be required to be delivered pursuant to this Contract or the Bid Documents are delivered to the Authority in accordance with the terms hereof. Contractor shall carry on the work of furnishing and delivering the Goods at Contractor’s own risk and expense until the same is fully completed and accepted by the Authority and shall be solely liable and responsible for the safety and security thereof.

  • All Risk property insurance on a full replacement cost basis insuring CLEC’s property situated on or within any CenturyLink Premises. CLEC may elect to insure business interruption and contingent business interruption, as it is agreed that CenturyLink has no liability for loss of profit or revenues should an interruption of service occur.

  • Blanket insurance policy means a group policy covering a defined class of

  • Property Insurance is defined in Section 6.10(a).

  • operational risk means the risk of loss for the individual portfolio resulting from inadequate internal processes and failures in relation to people and systems of the investment service provider or from external events, and includes legal and documentation risk and risk resulting from the trading, settlement and valuation procedures operated on behalf of the individual portfolio;

  • Marine means pertaining to tidally influenced waters, including oceans, sounds, straits, marine channels, and estuaries, including the Pacific Ocean, Puget Sound, Straits of Georgia and Juan de Fuca, and the bays, estuaries and inlets associated therewith.

  • protection and indemnity risks means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/95) or clause 8 of the Institute Time Clauses (Hulls) (1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

  • Low risk means normal, uncomplicated prenatal course as determined by adequate prenatal care and prospects for a normal, uncomplicated birth as defined by reasonable and generally accepted criteria of maternal and fetal health.

  • Insurance producer means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities.

  • Replacement Cost means the cost to repair or rebuild the improvements owned by Lessor at the time of the occurrence to their condition existing immediately prior thereto, including demolition, debris removal and upgrading required by the operation of applicable building codes, ordinances or laws, and without deduction for depreciation.

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • windstorm means straight line winds of at least 80 miles per

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Boiler means an enclosed fossil or other fuel-fired combustion device used to produce heat and to transfer heat to recirculating water, steam, or other medium.

  • Country Risks means with respect to any Foreign Depository: (a) the financial infrastructure of the country in which it is organized, (b) such country’s prevailing custody and settlement practices, (c) nationalization, expropriation or other governmental actions, (d) such country’s regulation of the banking or securities industry, (e) currency controls, restrictions, devaluations or fluctuations, and (f) market conditions which affect the order execution of securities transactions or affect the value of securities.

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Environmental Insurance Policy means, with respect to any Mortgage Loan or the related Mortgaged Property or REO Property, any insurance policy covering pollution conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgage Loan, Mortgaged Property or REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following: