Laserfiche WebLink
(c) Provide automobile liability insurance for owned, non - owned, and hired <br />vehicles, as applicable to, or for any use related to, the Work, in an amount not <br />less than One Million Dollars ($1,000,000) combined single limit, with excess <br />insurance coverage to bring the total amount of automobile liability insurance <br />coverage to an amount not less than Two Million Dollars ($2,000,000) per <br />accident for bodily injury and property damage; <br />7.3.2. Optionee shall notify Optionor not less than thirty (30) days before any <br />expiration, cancellation, or non - renewal of such policy or policies; and <br />7.3.3. Optionee shall famish certificates of insurance and endorsements to <br />Optionor prior to entry onto the Property pursuant to this Section. <br />7.3.4. Optionee shall comply with Sections 3700 and 3800 of the Labor Code by <br />securing, paying for and maintaining in full force and effect during the Term, and <br />continuing prior to entry onto the Property pursuant to this Section, with the <br />earlier to occur of expiration of the Term complete workers' compensation <br />insurance, to statutory limits, with employer's liability limits not less than One <br />Million Dollars ($1,000,000) per occurrence, and shall furnish a Certificate of <br />Insurance to Optionor prior to entry onto the Property pursuant to this Section, <br />before the commencement of Work. All Additional Insureds shall not be <br />responsible for any claims in law or equity occasioned by the failure of Optionee <br />to comply with this section. Every workers' compensation insurance policy shall <br />bear an endorsement or shall have attached a rider providing that, in the event of <br />expiration or proposed cancellation of such policy for any reason whatsoever, <br />Optionor shall be notified, giving Optionee a sufficient time to comply with <br />applicable law, but in no event less than thirty (30) days before such expiration, <br />cancellation, or reduction in coverage is effective or in the event of nonpayment <br />of premium. <br />7.3.5. Should any of the required insurance coverage required be written with an <br />annual aggregate such aggregate shall be disclosed in writing to Optionor. <br />7.3.6. If Optionee fails or refuses to produce or maintain the insurance required <br />by this section or fails or refuses to furnish Optionor with required proof that <br />insurance has been procured and is in force and paid for, Optionor shall have the <br />right, at its election, to forthwith tenninate this the right of entry provided in this <br />Section. <br />7.3.7. Notwithstanding any requirements contained in this Section, Optionee <br />shall have the right to satisfy its insurance obligations under this Agreement by <br />means of self-insurance. Self- insurance shall mean that Optionee itself is acting <br />as though it were the third -party insurer providing the insurance required under <br />the provisions of this Agreement, and Optionee shall pay any amounts due in lieu <br />of insurance proceeds because of self-insurance, which amounts shall be treated <br />as insurance proceeds for all purposes under this Agreement. To the extent <br />Optionee chooses to provide any required insurance by self - insurance, the <br />protection afforded Optionor and the applicable properties shall be the same as if <br />provided by a third -party insurer under the coverages required by this Agreement. <br />In the event that Optionee elects to self- insure and an event or claim occurs for <br />7 <br />51528687.8 25A-9 <br />