Seller's Security Interest Until Payment in Full; Buyer's Insurance. In the event Buyer obtains possession of the Equipment prior to issuing full payment of all amounts owed to Seller as set forth in the Agreement, Buyer acknowledges and agrees as follows: (A) title to the Equipment shall be and remain vested in Seller (or its affiliate) unless and until Seller has received from Buyer payment of the entire purchase price plus any charges or other amounts due to Seller under the Agreement; (B) Seller shall retain a vendor's lien, and Buyer hereby grants a security interest in and to the Equipment, equal to amount of the unpaid purchase price, plus any charges or other amounts due to Seller under the Agreement; (C) Seller may take any action deemed necessary and/or appropriate to perfect and/or protect its security interest in the Equipment, Buyer consenting in all respects thereto, and agreeing to fully cooperate with Seller in connection therewith; and (D) Buyer shall procure and maintain insurance in accordance with the following requirements at all times while the Equipment is in Buyer’s care, custody and/or control until Seller receives the full purchase price and all other funds owed by Buyer pursuant to the Agreement:
- worker's compensation and employer's liability insurance, with limits of at least the statutory minimum or $1,000,000, whichever is greater;
- primary, non-contributory commercial general liability insurance on an occurrence basis, including bodily injury and property damage coverage with minimum limits of $1,000,000 per occurrence and $2,000,000 in the aggregate;
- physical damage insurance providing coverage for the Equipment against ALL RISK PERILS, INCLUDING BOOM, JIB AND OVERLOAD in an amount no less than the purchase price; and
- automobile liability and collision insurance with minimum limits of $1,000,000 per occurrence and in the aggregate.
All liability policies and insurance certificates shall name "ALL ERECTION & CRANE RENTAL CORP. AND ITS AFFILIATES" as an Additional Insured (using ISO Form CG 20 33 03 97 or equivalent). All property insurance policies and certificates shall name "ALL ERECTION & CRANE RENTAL CORP. AND ITS AFFILIATES" as a Loss Payee As Their Interests May Appear. Seller's policies shall be considered excess over all Buyer’s policies. Indemnification obligations by Buyer under this Agreement are in addition to, and not an alternative, to the insurance coverage required herein, and Buyer’s maintenance of any such insurance coverage shall not operate to waive any such indemnification obligations. Buyer shall furnish Seller with insurance certificate(s) upon request by Seller.