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EYE » Topics » INSURANCE

This excerpt taken from the EYE 8-K filed Jul 3, 2007.

INSURANCE

29.01 Insurance.

 

  (1) Without in any way limiting or expanding IBM’s liability pursuant to Section 27.02 and/or Article XXVIII (DAMAGES), IBM, during the Term, shall maintain the following insurance and all insurance that may be required under the applicable laws, ordinances and regulations of any governmental authority with financially sound companies:

 

  (a) Workers’ Compensation and Employer’s Liability Insurance as prescribed by applicable law or otherwise, including insurance covering liability under the Longshore’s and Harbor Workers’ Act, the Jones Act and the Outer Continental Shelf Lands Act, if applicable.

 

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  (b) Commercial General Liability Insurance including the following coverages:

Product and Completed Operations Liability; and

Broad Form Property Damage Liability.

The limit of liability of such insurance shall not be less than $5 Million U.S. Dollars combined single limit per occurrence as respects bodily injury and property damage.

 

  (c) Automobile Bodily Injury and Property Damage Liability Insurance, such insurance to extend to owned, non-owned, and hired automobiles used in the performance of this Agreement. The limits of liability of such insurance shall not be less than $2 Million U.S. Dollars combined single limit per occurrence as respects bodily injury and property damage.

 

  (2) The insurance specified in this Article shall include AMO as an additional insured with respect to operations performed under this Agreement. Any cancellation or material alteration of the aforesaid shall not relieve IBM of its continuing obligation to maintain insurance coverage in accordance with this Article.

 

  (3) Pursuant to a request by AMO, IBM shall provide AMO with certificates of the insurance coverages and endorsements set forth in this Section.

 

  (4) Without in any way limiting IBM’s liability pursuant to Article 28.02, IBM make commercially reasonable efforts to ensure that Subcontractors obtain the insurance coverages and endorsements set forth in this Section, excepting that both the AMO Entities and IBM shall be named as additional insureds therein.

 

  (5) IBM shall supply evidence of Professional Liability (E&O Insurance) of not less than $5 Million U.S. Dollars.

 

  (6) IBM shall include AMO as an additional insured on its General Liability policy.

29.02 Risk of Loss.

IBM is responsible for the risk of loss of, or damage to, any property of the AMO Entities at a Designated IBM Service Location or an Additional Designated IBM Service Location, except to the extent such loss or damage was caused by the acts or omissions of the AMO Entities or an Agent of the AMO Entities. AMO is responsible for the risk of loss of, or damage to, any property of IBM at an AMO Service Location, except to the extent such loss or damage was caused by the acts or omissions of IBM or an IBM Staff.

 

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This excerpt taken from the EYE 8-K filed Apr 3, 2007.

6.10 Insurance.

The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates.

 

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EXCERPTS ON THIS PAGE:

8-K
Jul 3, 2007
8-K
Apr 3, 2007

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