Agenda Package - 10-1-12 Reg. Meeting

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OED (b) All insurance policies required by this Article shall be issued by a responsible carrier authorized to do business under the laws of the State. (c) The Seller shall not be responsible for the sufficiency or adequacy of any insurance herein required and shall be fully protected in accepting payment on account of such insurance or any adjustment, compromise or settlement of any loss agreed to by the Seller. (d) In lieu of obtaining the policies of insurance required by Section 5. 1, Section 5.2 and Section 5.3, the Purchaser may adopt alternative risk management programs which the Purchaser determines to be reasonable, including, without limitation, to self - insure in whole or in part, individually or in connection with other units of local government or other institutions, to participate in programs of captive insurance companies, to participate with other units of local government or other institutions in mutual or other cooperative insurance or other risk management programs, to participate in State or federal insurance programs, to take advantage of State or federal laws now or hereafter in existence limiting liability, or to establish or participate in other alternative risk management programs, all as may be reasonable and appropriate risk management by the Purchaser. (e) The insurance coverage required under Section 5.3 may be maintained under a blanket policy covering other properties of the Purchaser. (f) The Purchaser shall cooperate fully with the Seller in tiling any proof of loss with respect to any insurance policy maintained pursuant to this Article and in the prosecution or defense of any prospective or pending condemnation proceeding with respect to the Mortgaged Property or any portion thereof.