Common use of Insurances required Clause in Contracts

Insurances required. The Operator must, at its own cost, procure and maintain (or caused to be procured and maintained) insurance policies in relation to the Project consistent with Good Industry Practice, including the following insurances: during the Construction Period only, contract works insurance for the full replacement or reinstatement value of the Facility plus amounts sufficient to cover costs of demolition and removal of debris, including coverage for material and equipment in transit; during the Operations Period only, industrial special risks insurance for each Operations Year reflecting a combined limit of no less than the full replacement or reinstatement value of the Facility, plus amounts sufficient to cover costs of demolition and removal of debris, professional fees and an amount to cover additional costs and expenses to expedite the commencement and completion of the repair, replacement or reinstatement of the Facility; throughout the Term: public and products (completed operations) liability insurance for an amount of at least $20 million (Indexed) for each and every occurrence and in the annual aggregate regards to product liability and completion operations; workers' compensation scheme insurance and motor vehicle liability insurance as required by Law; and any other insurance required by Law. The insurances required to be procured and maintained under each of clauses 12.1(a), 12.1(b) and 12.1(c)(i) must be maintained with an insurance company that has a Required Rating.

Insurances required. The Operator must, at its own cost, procure and maintain (or caused to be procured and maintained) insurance policies in relation to the Project consistent with Good Industry Practice, including the following insurances: during the Construction Period only, contract works insurance for the full replacement or reinstatement value of the Facility plus amounts sufficient to cover costs of demolition and removal of debris, including coverage for material and equipment in transit; during the Operations Period only, industrial special risks insurance for each Operations Year reflecting a combined limit of no less than the full replacement or reinstatement value of the Facility, plus amounts sufficient to cover costs of demolition and removal of debris, professional fees and an amount to cover additional costs and expenses to expedite the commencement and completion of the repair, replacement or reinstatement of the Facility; throughout the Term: public and products productproducts (completed operations) liability insurance for an amount of at least $20 million (Indexed) for per claim;for each and every occurrence and in the annual aggregate regards to product liability and completion operations; workers' compensation scheme insurance and motor vehicle liability insurance as required by Law; and any other insurance required by Law. The insurances required to be procured and maintained under each of clauses 12.1(a13.1(a), 12.1(b13.1(b) and 12.1(c)(i13.1(c)(i) must be maintained with an insurance company that has a Required Rating.