DIY Legal Forms

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Risk of Loss Allocated in Accordance With Parties' Insurance Coverage

Risk of Loss. The risk of loss as to the goods shall be borne by both Buyer and Seller from the time the goods are identified to the Contract until the goods are received by Buyer to the extent that either party is insured against such risk. If the combined insurance of Buyer and Seller exceeds the loss, the risk shall be shared in proportion to the respective insurance coverage of Buyer and Seller. If the combined insurance of Buyer and Seller fails to cover the loss, the loss in excess of the combined coverage shall be shared in the following manner: [method of allocating loss]. Upon receipt of the goods by Buyer, the risk of loss shall be solely that of Buyer.