Vermont § 1618 - Indemnification for breach

§ 1618. Indemnification for breach

• (a) If a claim is made or action commenced arising out of an event described in subsection 1617(a) of this title relating to confidential information possessed by the Administrator’s agent, the
  Administrator’s agent shall indemnify, defend, and hold harmless a holder and the
  holder’s affiliates, officers, directors, employees, and agents as to: (1) any claim or action; and (2) a liability, obligation, loss, damage, cost, fee, penalty, fine, settlement, charge,
  or other expense, including reasonable attorney’s fees and costs, established by the
  claim or action. (b) The Administrator shall require an Administrator’s agent that will receive confidential
  information required under this chapter to maintain adequate insurance for indemnification
  obligations of the Administrator’s agent under subsection (a) of this section. The
  agent required to maintain the insurance shall provide evidence of the insurance to: (1) the Administrator not less frequently than annually; and (2) the holder on commencement of an examination and annually thereafter until all confidential
  information is returned or destroyed under subsection 1406(e) of this title. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)