JCOM » Topics » 5.5 Insurance

This excerpt taken from the JCOM 8-K filed Jan 9, 2009.
5.5  Insurance.  Each of Borrower and its Subsidiaries shall keep all of its insurable property, whether real, personal or mixed, insured by good and responsible companies selected by Borrower and its Subsidiaries and having an A.M. Best Rating of "A" or better, or otherwise approved by Bank, against fire and such other risks as are customarily insured against by companies conducting similar business with respect to like properties.  Borrower has furnished to Bank a statement of its insurance coverage currently in place and Bank confirms that it is satisfied that the insurance and insurers so disclosed currently meet the requirements of this Section 5.5.  Each of Borrower and its Subsidiaries shall maintain adequate worker's compensation insurance and adequate insurance against liability for damage to persons or property.  Each policy shall require ten (10) days’ written notice to Bank before such policy may be altered or cancelled.

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