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AGREEMENT TO PROVIDE INSURANCE

Insurance Agreement

AGREEMENT TO PROVIDE INSURANCE | Document Parties: PREMIER POWER RENEWABLE ENERGY, INC. | INSURANCE REQUIREMENTS PREMIER POWER RENEWABLE ENERGY, INC You are currently viewing:
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PREMIER POWER RENEWABLE ENERGY, INC. | INSURANCE REQUIREMENTS PREMIER POWER RENEWABLE ENERGY, INC

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Title: AGREEMENT TO PROVIDE INSURANCE
Date: 7/13/2009

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Exhibit 10.11

 

AGREEMENT TO PROVIDE INSURANCE

(Commercial-Non Real Estate)

(Inventory/Equipment/Contents)

 

 

Borrower: PREMIER POWER RENEWABLE ENERGY, INC.

                     4961 Windplay Drive, #100

                  El Dorado Hill, CA 95762

Lender:   UMPQUA BANK

                     2998 Douglas Blvd., Suite 100

                 Roseville, CA 95661

 

 

 

INSURANCE REQUIREMENTS . PREMIER POWER RENEWABLE ENERGY, INC., a Delaware corporation (" Grantor "), understands that insurance coverage is required in connection with the Loan, pursuant to the Loan Agreement dated July 13, 2009, by and between Grantor and UMPQUA BANK, an Oregon corporation (“ Lender ”). These requirements are set forth in the security documents for the loan. The following minimum insurance coverages must be provided on the following described collateral (the " Collateral "):

 

 

Collateral :

Described in Exhibit A attached hereto.

 

Type :

 

1.

Hazard : Hazard coverage for perils of fire, extended coverage, special extended coverage (including theft coverage if loan is covering inventory/equipment) on a replacement cost basis, in an amount within at least 80% of replacement of property. Policy should include Agreed Amount Clause. Maximum deductible of $10,000.00. Policy should include Agreed Amount Clause. Policy shall show Lender as loss payee .

 

 

2.

Flood : Flood coverage, if covered property, whether equipment, inventory, contents, etc., is located in “A” or ”V” Zone. Policy shall show Lender as loss payee .

 

 

3.

Wind Coverage : Wind coverage including any named windstorm restrictions, exclusions, specific deductibles or sublimits must be indicated on certificate or evidence of property form along with builder’s risk or hazard insurance.

 

 

4.

General Liability : Minimum coverage of $1,000,000.00. Include coverage for liability the Grantor assumes under contract or agreement and coverage for independent contractors. Policy shall provide an Additional Insured endorsement in favor of Lender. Policy shall provide a Waiver of Subrogation endorsement in favor of Lender.

 

 

4.

Business Auto : Minimum coverage of $1,000,000.00. Coverage to include hired and non-owned liability. Policy shall provide an Additional Insured endorsement in favor of Lender. Policy shall provide a Waiver of Subrogation endorsement in favor of Lender.

 

 

5.

Workers Compensation : Statutory/Employer’s Liability coverage of $500,000.Coverage for all employees and independent contractors. Policy shall provide a Waiver of Subrogation endorsement in favor of Lender.

 

 

6.

Excess Liability : Policy should be excess over all liability policies and include Defense costs. Policy shall provide an Additional Insured endorsement in favor of Lender. Policy shall provide a Waiver of Subrogation endorsement in favor of Lender.

 

Endorsements . 438 BFU (Lender’s Loss Payable Endorsement) must be attached to all policies and binders. All policies and binders shall expressly provide by written endorsement that the insurance shall not be cancelled, surrendered, non-renewed or modified, unless thirty (30) days advance written notice is given to Lender.

 

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