A WHITE & YELLOW CAB, INC 1 - 2005

Home Browse Search

of this Agreement, or asserting that personal injury, damages, just compensation, restitution, judicial or equitable relief due to personal or property rights arises by reason of the terms of, or effects arising from this Agreement. Licensor may make all reasonable decisions with respect to its representation in any legal proceeding. Section 4.02 Insurance In addition to the Licensee's covenant to indemnify and hold harmless Licensor, Licensee shall obtain and furnish to Licensor, a policy of general public liability insurance, commercial general liability insurance including motor vehicle coverage covering the License Area and Licensee's Facilities. The policy shall indemnify Licensee and Licensor, their officers, agents and employees, while acting within the scope of their duties, against any and all claims arising out of or in connection with the License Area and Licensee's Facilities, and shall provide coverage in not less than the following amount: combined single limit bodily injury, personal injury and property damage, liability, of $3,000,000 per occurrence. The City also requires an Additional Insured Endorsement, as attached and incorporated herein as Exhibit C. The policy shall name Licensor, its agents, officers, employees and volunteers as Additional Insureds, and shall specifically provide that any insurance coverage which may be applicable to the License Area and Licensee's Facilities shall be deemed excess coverage and that Licensee's insurance shall be primary. Under no circumstances shall the above - mentioned insurance contain a "deductible" or any other similar form of limitation on the required coverage. Licensee is required to give the Licensor no less than forty five (45) days notice of cancellation or reduction in coverage. No cancellation provision in any insurance policy shall be construed in derogation of the continuous duty of Licensee to furnish insurance during the term of this Agreement. Section 4.03 Property Insurance Licensee shall provide to Licensor, before entering the License Area, and shall maintain in force during the entire term of this Agreement, property insurance with extended coverage endorsements thereon, on the License Area in an amount equal to the full replacement cost and/or value thereof; this policy shall contain a replacement cost endorsement naming Licensee as the insured and shall not contain a co- insurance penalty provision. The policy shall contain a special endorsement that such proceeds shall be used to repair or rebuild any such improvements so damaged or destroyed; and if not so used, such proceeds shall be paid to Licensor. The proceeds of any such insurance payable to Licensor shall be used for rebuilding or repair as necessary to restore the License Area at the discretion of Licensor. The policy shall name Licensor as an Additional Insured. The policy or policies shall also contain the following endorsements: The insurer will not cancel or reduce the insured's coverage without thirty (30) days prior written notice to Licensor; and 2. Licensor will not be responsible for premiums or assessments on the policy. A complete and signed certificate of insurance with all endorsements required by this Section shall be filed with Licensor prior to the execution of this Agreement. At least thirty (30) days prior to the expiration of any such policy, a signed and complete certification of insurance showing that coverage has been renewed, shall be filed with Licensor.