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Failure to Maintain Insurance
Failure to Maintain Insurance contract clause examples
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Insurance. Maintain its property in good repair and will on request provide the with evidence of insurance coverage satisfactory to the , including fire and hazard, liability, workers’ compensation and business interruption insurance and flood hazard insurance as required.

Insurance. Arcus shall procure and maintain insurance or self-insurance, including product liability insurance, adequate to enable it to cover its obligations hereunder and which are consistent with normal business practices of prudent companies similarly situated, at all times during which any Licensed Product is being clinically tested in human subjects or commercially distributed or sold by or on its behalf (including by an Affiliate or sublicensee). At a minimum, beginning from Initiation of its first Clinical Trial for a Licensed Product until the first Regulatory Approval in the Territory, Arcus shall obtain umbrella and/or general liability insurance with minimum amounts of ​ (US​) and product liability insurance with minimum amounts of ​ to enable Arcus to cover its obligations under this Agreement. After Regulatory Approval in a jurisdiction in the Territory and before (and after) the First Commercial Sale, Arcus shall obtain umbrella and/or general liability insurance with minimum amounts of ​ (US​) and product liability insurance with minimum amounts of ​ (US​) to enable Arcus to cover its obligations under this Agreement, or if Arcus is not then insured, Arcus shall require that its Affiliate, Sublicensee, or Third Party manufacturing on its behalf, carry such insurance. It is understood that such insurance or self-insurance shall not be construed to create a limit of Arcus’ liability with respect to its indemnification obligations under this Article 8. Arcus shall provide WuXi with written evidence of such insurance or self-insurance, and any revised insurance policy, within ​ days of it being obtained or revised. Arcus shall provide WuXi with written notice at least ​ days prior to the cancellation, non-renewal or material change in such insurance or self-insurance which materially adversely affects the rights of the other Party hereunder. ​.

Insurance. [[Organization B:Organization]] shall have received in form and substance reasonably satisfactory to [[Organization B:Organization]], certified copies of Loan Parties' casualty insurance policies (including flood

Insurance. Tenant shall cause the insurance policies required to be maintained pursuant to Paragraph 8 of the Lease to cover the Equipment and any Claims arising in connection with the presence, use, operation, installation, repair, maintenance, or removal of the Equipment.

Insurance. [Schedule IV] sets forth a true and complete listing of the material insurance policies maintained by Borrower and its Subsidiaries as of the Effective Date, with the amounts insured (and any deductibles) set forth therein.

Insurance. The Administrative Agent shall have received evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect and that the Administrative Agent has been named as lender's loss payee and/or additional insured, as applicable, under each insurance policy with respect thereto and all endorsements thereto have been delivered, in each case, in accordance with the terms of the Loan Documents, and the Administrative Agent is otherwise satisfied with all of the insurance arrangements of the Borrowers and their Subsidiaries.

Insurance. Trustor shall maintain insurance as required pursuant to the Credit Agreement. In the event of any loss or damage to the Property, all insurance proceeds paid to Trustor payable as a result thereof shall be payable to Beneficiary and applied to the outstanding Secured Obligations; provided, however, if no Event of Default has occurred and is continuing beyond any applicable grace or cure periods, Trustor in its reasonable discretion determines that the available insurance proceeds (together with other funds deposited by Trustor with Beneficiary) will be sufficient to restore the Property to substantially the condition as it existed prior to the casualty loss, and Trustor enters into a disbursement agreement with Beneficiary, in form and substance acceptable to Beneficiary in its sole discretion (such disbursement agreement to provide that all insurance proceeds and other funds are held by Beneficiary until disbursed), then Trustor may elect to use the insurance proceeds to restore the Property. If flood insurance coverage was not required as of the date hereof, then, within 45 days after written notice from Beneficiary to Trustor that the Property is located in a Special Flood Hazard Area designated by the Federal Emergency Management Administration, Trustor, at Trustor’s expense, shall provide and maintain flood insurance coverage sufficient to rebuild or replace the building, Equipment and Inventory, and Improvements in an amount equal to the maximum amount of coverage available under the Flood Insurance Program with a deductible not to exceed $50,000. WARNING: Unless Trustor provides Beneficiary with evidence of insurance coverage as required by the Credit Documents, Beneficiary may purchase insurance, at Trustor’s expense, to protect Beneficiary’s interest. This insurance may, but need not, also protect Trustor’s interest. If there is a loss or liability, the coverage Beneficiary purchases may not pay any claim Trustor makes or any claim made against Trustor. Trustor may later cancel this coverage by providing evidence satisfactory to Beneficiary that Trustor has obtained the required insurance elsewhere. Trustor is responsible for the cost of any insurance purchased by Beneficiary and will reimburse Beneficiary upon demand for all such costs. The effective date of coverage may be the date Trustor’s prior coverage lapsed or the date Trustor failed to provide proof of coverage. The coverage Beneficiary purchases may be considerably more expensive than insurance.

Insurance. Within thirty (30) days after the Closing Date, the Borrower will provide the Administrative Agent, in form and substance reasonably satisfactory to Administrative Agent, true and correct copies of # if requested by the Administrative Agent, insurance policies, and # insurance policy endorsements naming the Administrative Agent as lender’s loss payee (and mortgagee, as applicable) on all policies for property hazard insurance and as additional insured on all policies for liability insurance.

Insurance. Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting the requirements of the related Loan Documents and having a claims-paying or financial strength rating of at least “A-:VIII” from A.M. Best Company or “[[Unknown Identifier]]” (or the equivalent) from Moody’s

Insurance. The Company shall use its commercially reasonable efforts to maintain Directors and Officers liability insurance and term “key person” insurance on any employee requested by the Board of Directors (including a majority of the directors designated by the holders of Preferred Stock), each in an amount and on terms and conditions satisfactory to the Board of Directors (including a majority of the directors designated by the holders of Preferred Stock) until such time as the Board of Directors (including a majority of the directors designated by the holders of Preferred Stock) determines that such insurance should be discontinued. The key person policy shall name the Company as loss payee, and neither policy shall be cancelable by the Company without prior approval by the Board of Directors (including a majority of the directors designated by the holders of Preferred Stock).

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