A ONE
MILLION DOLLAR ($1,000,000.00) COMBINED SINGLE LIMIT FOR BODILY INJURY AND
PROPERTY DAMAGE COVERING ALL OWNED, NON-OWNED AND HIRED VEHICLES OF THE
BORROWERS.
IF THE POLICY CONTAINS A SELF INSURED RETENTION IT SHALL BE NO
GREATER THAN TEN THOUSAND DOLLARS ($10,000.00) PER OCCURRENCE WITH AN AGGREGATE
RETENTION OF NO MORE THAN TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00),
INCLUDING EXPENSES.
THE FOLLOWING ADDITIONAL COVERAGES MUST BE PURCHASED BY
BORROWERS:
(I)
GARAGE LIABILITY.
A ONE MILLION DOLLAR ($1,000,000.00) COMBINED
SINGLE LIMIT FOR BODILY AND PROPERTY DAMAGE FOR THE GARAGE OPERATION.
(II)
GARAGEKEEPERS LEGAL LIABILITY.
FIVE HUNDRED THOUSAND DOLLAR
($500,000.00) LIMIT FOR COMPREHENSIVE AND COLLISION COVERAGES FOR PHYSICAL
DAMAGE TO VEHICLES IN THE BORROWERS' CARE, CUSTODY AND CONTROL.
THE POLICY CAN
BE SUBJECT TO A DEDUCTIBLE OF NO GREATER THAN TWO THOUSAND FIVE HUNDRED DOLLARS
($2,500.00) FOR EACH AUTO AND TEN THOUSAND DOLLARS ($10,000.00) FOR EACH LOSS.
I.
WORKERS COMPENSATION AND EMPLOYERS LIABILITY INSURANCE.
BORROWERS SHALL MAINTAIN A STANDARD WORKERS
8
COMPENSATION POLICY COVERING THE STATES OF NEVADA, WEST VIRGINIA (AS WEST
VIRGINIA IS A MONOPOLISTIC STATE COVERAGE MUST BE SECURED THROUGH THE STATE
FUND) AND ANY OTHER STATE WHERE THE COMPANY IS OPERATING, INCLUDING EMPLOYERS
LIABILITY COVERAGE SUBJECT TO A LIMIT OF NO LESS THAN ONE MILLION DOLLARS
($1,000,000.00) EACH EMPLOYEE, ONE MILLION DOLLARS ($1,000,000.00) EACH
ACCIDENT, ONE MILLION DOLLARS ($1,000,000.00) POLICY LIMIT.
THE POLICY SHALL
INCLUDE ENDORSEMENTS FOR VOLUNTARY COMPENSATION, STOP GAP LIABILITY,
LONG-SHOREMAN'S AND HARBORS WORKMANS COMPENSATION ACT AND MARITIME COVERAGES (AS
APPLICABLE).
IF THE BORROWERS HAVE ELECTED TO SELF-INSURE WORKERS COMPENSATION
COVERAGE IN THE STATE OF NEVADA (OR ANY OTHER STATE), THE AGENT BANK MUST BE
FURNISHED WITH A COPY OF THE CERTIFICATE FROM THE STATE(S) PERMITTING
SELF-INSURANCE AND EVIDENCE OF A STOP LOSS EXCESS WORKERS COMPENSATION POLICY
WITH A SPECIFIC RETENTION OF NO GREATER THAN ONE HUNDRED FIFTY THOUSAND DOLLARS
($150,000.00) PER OCCURRENCE.
J.
RETENTION.
IF BORROWERS' GENERAL LIABILITY AND AUTOMOBILE
POLICIES INCLUDE A SELF-INSURED RETENTION, IT IS AGREED AND FULLY UNDERSTOOD
THAT BORROWERS ARE SOLELY RESPONSIBLE FOR PAYMENT OF ALL AMOUNTS DUE WITHIN SAID
SELF-INSURED RETENTIONS.
ANY INDEMNIFICATION/HOLD HARMLESS PROVISION IS
EXTENDED TO COVER ALL LIABILITIES ASSOCIATED WITH SAID SELF-INSURED RETENTIONS.
K.
UMBRELLA LIABILITY.
AN UMBRELLA LIABILITY POLICY SHALL BE
PURCHASED WITH A LIMIT OF NOT LESS THAN FIFTY MILLION DOLLARS ($50,000,000.00)
PROVIDING EXCESS COVERAGE OVER ALL LIMITS AND COVERAGES INDICATED IN PARAGRAPHS
(F), (H) AND (I) ABOVE.
THE LIMITS CAN BE OBTAINED BY A COMBINATION OF PRIMARY
AND EXCESS UMBRELLA POLICIES, PROVIDED THAT ALL LAYERS FOLLOW FORM WITH THE
UNDERLYING POLICIES INDICATED IN (F), (H) AND (I) ARE WRITTEN ON AN "OCCURRENCE"
FORM.
THIS POLICY SHALL BE ENDORSED TO INCLUDE THE AGENT BANK AS AN ADDITIONAL
INSURED ON BEHALF OF THE BANKS, IN THE SAME MANNER SET FORTH IN SECTION 5.09(F)
HEREINABOVE.
L.
KEY MAN LIFE INSURANCE.
THE BORROWER CONSOLIDATION SHALL
MAINTAIN KEY-MAN LIFE INSURANCE ON THE LIFE OF ARNEAULT IN AN AGGREGATE AMOUNT
OF NO LESS THAN EIGHT MILLION DOLLARS ($8,000,000.00).
EACH SUCH KEY MAN LIFE
INSURANCE POLICY OR POLICIES SHALL DESIGNATE MTRI