Agenda - 11-16-2004-8a - Laserfiche WebLink

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DRAFT November 11, 2004 whether the vehicle was being driven by the owner or his agent; and b. In the minimum sum of $1,000,000,00 for the loss of or damage to the property of another, including personal property, or under like circumstances in sums as may be required by the State of North Carolina or as authorized by the Grantor, i. The insurance coverage minimum limits required in subsections (a)I-a and (a)I-b of this Section shall be evaluated annually by the Orange County Office of Emergency Management in consultation with the Orange County Director of Central Services and may be revised by the Grantor as Grantor deems appropriate, at Grantor's sole discretion. In directing a change in insurance coverage, the Orange County Office of Emergency Management shall consider the risk needs protected by this insurance coverage and the availability in the marketplace of the coverage amounts to be required. II. Grantee shall at all times during the Franchise term maintain in force and effect insurance coverage, issued by an insurance company licensed to do business in North Carolina for Worker's compensation coverage for all employees with statutory limits in compliance with applicable Law. (b) Insurance coverage necessary to comply with this Section shall be approved by the Grantor, (such approval shall not be unreasonably withheld) and copies of such insurance policies (or certificates of insurance) shall be filed with the Grantor. (c) The Grantor shall be named as an additional insured as its interests may appear. Section 14. Transfer of Ownership or Control (a) Prior approval of the Grantor shall be required where ownership or control of more than ten percent of the right of control of the Grantee is acquired by a I~ 16