Adjustments in Coverage Amounts. 1. At least once every [two] years during the Term (commencing initially on the Substantial Completion Date), the Department and Developer shall review and adjust, as appropriate, the per occurrence and aggregate limits for the Insurance Policies that have stated dollar amounts set forth in Appendix 8. 2. In determining adjustments, Developer and the Department shall take into account (a) claims and loss experience for the Project, (b) the condition of the Project, (c) the Safety Compliance and Noncompliance Points record for the Project, and (d) then prevailing Best Management Practice for insuring comparable transportation projects. 3. Any Dispute regarding insurance limit adjustments shall be resolved according to the Dispute Resolution Procedures.
Appears in 2 contracts
Sources: Concession Agreement, Concession Agreement