on
behalf of the Banks.
Definition of additional insured shall include all
officers, directors, employees, agents and representatives of the additional
insured.
The coverage for additional insured shall apply on a primary basis
irrespective of any other insurance whether collectible or not (ISO Form
#CG20261185 Additional Insured - Designated Person or Organization, or
Equivalent).
G.
CARE, CUSTODY AND CONTROL LIABILITY.
BORROWERS SHALL MAINTAIN A CARE, CUSTODY AND CONTROL LIABILITY POLICY WITH A
SINGLE LIMIT OF NO LESS THAN ONE HUNDRED THOUSAND DOLLARS ($100,000.00) (EACH
HORSE)/ONE MILLION DOLLARS ($1,000,000.00) (IN THE AGGREGATE) PER OCCURRENCE FOR
ANY INJURY, DAMAGE OR DEATH TO HORSES IN THE CARE, CUSTODY AND CONTROL OF THE
BORROWERS.
THE AGENT BANK SHALL BE INCLUDED AS AN ADDITIONAL INSURED UNDER SUCH
POLICY.
H.
AUTOMOBILE.
BORROWERS SHALL MAINTAIN A
COMPREHENSIVE AUTOMOBILE LIABILITY INSURANCE POLICY WRITTEN UNDER COVERAGE
"SYMBOL 1", PROVIDING 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.
89
I.
WORKERS COMPENSATION AND EMPLOYERS
LIABILITY INSURANCE.
BORROWERS SHALL MAINTAIN A STANDARD WORKERS 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