(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.
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,
88
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,