West Virginia Exhibit D to Operating Agreement Insurance - Form 2

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-744
• Format: Word; Rich Text

Description

This operating agreement exhibit contains insurance information including liability insurance and worker's compensation requirements.

West Virginia Exhibit D to Operating Agreement Insurance — Form 2 is a legal document commonly included as an exhibit in operating agreements for businesses operating in the state of West Virginia. This exhibit specifically pertains to insurance provisions and requirements outlined in the operating agreement. It serves as a guideline or reference for the insurance coverage needed to protect the business, its members, and any potential liabilities that may arise during the course of its operations. The content of West Virginia Exhibit D to Operating Agreement Insurance — Form 2 typically includes the following information: 1. Insurance requirements: This section outlines the specific types of insurance coverage that the business is obliged to maintain. It may include general liability insurance, property insurance, workers' compensation insurance, professional liability insurance (if applicable to the business), and any additional insurance coverage specified in the operating agreement. 2. Coverage limits: The exhibit will state the minimum coverage amounts or limits required for each type of insurance. For example, it may specify that the general liability insurance coverage must provide a minimum limit of $1 million per occurrence and $2 million aggregate, or any other amounts deemed appropriate for the specific business. 3. Additional insured: Some operating agreements may require the business to add specific parties, such as landlords, lenders, or other entities, as additional insured parties under the insurance policies. The exhibit will mention such requirements and provide instructions on how to add additional insured parties, if necessary. 4. Certificates of insurance: The exhibit may include instructions for obtaining and providing certificates of insurance to the relevant parties, such as the other members of the business, landlords, or lenders. This helps verify that the business has procured the required insurance coverage. 5. Notice of cancellation or modification: This section clarifies the process for providing written notice to all relevant parties in the event of insurance policy cancellation or modification. It ensures that all parties are aware of any changes in the insurance coverage and can take appropriate actions if necessary. It is important to note that the specific content of West Virginia Exhibit D to Operating Agreement Insurance — Form 2 may vary depending on the nature of the business, its structure, and the preferences of the parties involved. Therefore, it is recommended to consult an attorney or legal professional to ensure compliance with the laws and regulations of West Virginia and to tailor the exhibit to the specific needs of the business. Different types of West Virginia Exhibit D to Operating Agreement Insurance — Form 2 could include variations for different industries or businesses with specific insurance requirements. For example, a construction company operating in West Virginia may require additional insurance coverage for construction-related risks, while a technology startup may have unique professional liability insurance needs. The exact names or designations for such variations would depend on the specific industry or business type.