Commercial Unavailability of Required Coverage. If, through no fault of Contractor, any of the coverage required in this Article 36 (or any of the required terms of such coverage, including policy limits) become unavailable or are available only with commercially unreasonable premiums, Authority will consider in good faith alternative insurance packages and programs proposed by Contractor, with the goal of reaching agreement on a package providing coverage equivalent to that specified herein. Contractor must demonstrate to Authority’s satisfaction that it has used diligent efforts in the global insurance markets to place the required insurance coverages, and shall advise Authority of the specific results of those efforts. Contractor shall not be entitled to any increase in the Contract Amount for increased costs resulting from the unavailability of coverage and the requirement to provide acceptable alternatives. Authority shall be entitled to a reduction in the Contract Amount if Authority, in its sole discretion, agrees to accept alternative policies providing less than equivalent coverage.
Commercial Unavailability of Required Coverage. If, through no fault of the Contractor, any of the coverage required in this “Insurance” clause (or any of the required terms of such coverage, including policy limits) become unavailable or are available only with commercially unreasonable premiums, the Authority will consider in good faith alternative insurance packages and programs proposed by the Contractor, with the goal of Book 2, Part A, Subpart 2 - Special Provisions EXECUTION VERSION reaching agreement on a package providing coverage equivalent to that specified herein. The Contractor must demonstrate to the Authority’s satisfaction that it has used diligent efforts in the global insurance markets to place the required insurance coverages, and shall advise the Authority of the specific results of those efforts. The Contractor shall not be entitled to any increase in the Contract Price for increased costs resulting from the unavailability of coverage and the requirement to provide acceptable alternatives. The Authority shall be entitled to a reduction in the Contract Price if the Authority, in its sole discretion, agrees to accept alternative policies providing less than equivalent coverage.
Commercial Unavailability of Required Coverage. Contractor may propose alternative insurance packages and programs if, through no fault of Contractor, any of the coverages required in this Article 10 of these General Terms and Conditions (or any of the required terms of such coverages, including policy limits) become unavailable. VPRA may approve Contractor’s proposal if VPRA determines, in its sole discretion, that the proposed alternative provides coverage equivalent to that specified in this Article 10 of these General Terms and Conditions. Contractor shall demonstrate and document, to VPRA’s reasonable satisfaction, that Contractor used diligent efforts in the global insurance markets to place the required insurance coverages. Contractor shall not be entitled to any increase in the Contract Price for increased costs resulting from the unavailability of coverage and the requirement to provide acceptable alternatives. VPRA will be entitled to a reduction in the Contract Price if it agrees to accept alternative policies providing less than equivalent coverage, with the amount to be determined by extrapolation using the insurance quotes included in the CCPDs (or based on other evidence of insurance premiums as of the Final Binding GMP Proposal if the CCPDs do not provide adequate information).
