Common use of Contractor’s Insurance Obligations Clause in Contracts

Contractor’s Insurance Obligations. 12.1 The Contractor must, at its cost, effect and maintain during the course of this Contract the following insurances: (a) all insurance required to comply with the Workers’ Compensation and Rehabilitation Act 2003; (b) Queensland Home Warranty Scheme cover, the premium for which must be collected from the Owner and paid to QBCC within 10 Business Days after the date the Contract was entered into and before the work under this Contract starts (whichever is earlier); and (c) Contract Works insurance for an amount not less than the Contract Price until 4pm on the Date of Practical Completion and Public Liability insurance for not less than 10 million dollars, until 4pm on the day of which the contractor has complied with its obligations under Condition 29, with a reputable and financially sound insurer upon usual and reasonable terms which name or include as an insured the Owner and the Contractor for their respective rights and interests. 12.2 The insurances required under Condition 12.1(c) will include cross-liability provisions by which the insurer waives all rights of subrogation or action which the insurer may have against any of the persons comprising the insured and by which each person comprising the insured is deemed to be the subject of a separate policy of insurance. 12.3 Prior to commencement of the work under this Contract, or upon request by the Owner, the Contractor must provide to the Owner written evidence that the Contract Works and Public Liability Insurances required under this Condition are current.