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Insurance Policies
Insurance Policies contract clause examples

Insurance. [Schedule 3.1(m)] contains a true and complete list of all of the insurance policies, binders and fidelity or surety bonds maintained by or on behalf of each Operating Acquired Company or for the benefit of any of their respective Assets or Representatives (including all directors and officers liability insurance policies). (the “Insurance Policies”). All Insurance Policies are in full force and effect and valid, binding and enforceable in accordance with their respective terms. All payments due under the Insurance Policies have been made and such Insurance Policies (or extensions, renewal or replacements thereof with comparable policies) shall be in full force and effect without interruption until the Closing Date. Neither Seller nor the Operating Acquired Companies have received any notice from the insurer under any Insurance Policy disclaiming or disputing coverage, reserving rights with respect to a particular claim or such Insurance Policy in general or cancelling or materially amending any such Insurance Policy (including the amount of premium payable in respect thereof). There are no material pending claims under the Insurance Policies and Seller does not intend to make any such claim that has not yet been filed. No Operating Acquired Company has incurred any material loss that is covered by an Insurance Policy for which the applicable Operating Acquired Company has not properly asserted a claim under such Insurance Policy. All of the Insurance Policies have been Made Available.

. [Section 4.16] of the Company Disclosure Schedule sets forth a correct and complete list of the insurance policies covering the Acquired Companies, their assets and their businesses as of the date hereof, other than any insurance policies in connection with a Benefit Plan (collectively, the “Insurance Policies”). All such policies are in full force and effect, all premiums due and payable thereon have been paid (other than retroactive or retrospective premium adjustments that are not yet due but may be required to be paid with respect to any period ending prior to the date hereof) and no notice of cancellation or termination has been received with respect to any such policy which has not been replaced on substantially similar terms prior to the date of such cancellation; provided, however, all such Insurance Policies that are claims-made policies shall cease to cover the Acquired Companies upon the Closing with respect to claims that arise after the Closing, and all such Insurance Policies that are occurrence-based policies shall cease to cover the Acquired Companies upon the Closing with respect to claims that relate to events occurring after the Closing. No Acquired Company has material claims under any of the Insurance Policies for which coverage has been denied or disputed by the applicable insurance carrier (other than a customary reservation of rights notice). There are no unpaid claims pending under any of such Insurance Policies.

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