Insurance during Concession Period. The Concessionaire shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements, and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Authority as a consequence of any act or omission of the Concessionaire during the Construction Period. The Concessionaire shall procure that in each insurance policy, the Authority shall be a co- insured and that the insurer shall pay the proceeds of insurance into the Escrow Account. For the avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders‟ dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders‟ dues.
Insurance during Concession Period. The Concessionaire shall effect and maintain at its own cost, during the Concession Period, such insurances for such maximum sums as may be required under the Financing Agreements, and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Authority as a consequence of any act or omission of the Concessionaire during the Construction Period. The Concessionaire shall procure that in each insurance policy, the Authority shall be a co-insured and that the insurer shall pay the proceeds of insurance into the Escrow Account. For the avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders’ dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders’ dues. The Concessionaire shall maintain insurance for additional work(s) in Bus Terminal in accordance with Article 16. The cost of such insurance shall be borne by the Concessionaire and shall be reimbursed by the Authority within 30 (thirty) days of receipt of such demand from the Concessionaire.
Insurance during Concession Period. 29.1.1 The Concessionaire shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Authority as a consequence of any act or omission of the Concessionaire during the Construction Period. The Concessionaire shall procure that in each insurance policy, the Authority shall be a co-insured. For the avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders' dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders' dues.
29.1.2 Without prejudice to the provisions contained in Article 29.
1.1 the Concessionaire shall, during the Operation Period, procure and maintain Insurance Cover including but not limited to the following:
(a) Loss, damage or destruction of the Project Assets, including assets handed over by the Authority to the Concessionaire, at replacement value;
(b) comprehensive third party liability insurance including injury to or death of personnel of the Authority or others who may enter the Project;
(c) the Concessionaire's general liability arising out of the Concession;
(d) liability to third parties for goods or property damage;
(e) workmen's compensation insurance;
(f) any other insurance that may be necessary to protect the Concessionaire and its employees, including all Force Majeure Events that are insurable at commercially reasonable premiums and not otherwise covered in items above; and
(g) Professional Indemnity insurance as per the existing practice of the Authority.
Insurance during Concession Period. The Concessionaire shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Authority as a consequence of any act or omission of the Concessionaire during the Concession Period. The Concessionaire shall procure that in each insurance policy, the Authority shall be a co-insured. For avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders' dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders' dues.
Insurance during Concession Period. The Concessionaire shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice (the “Insurance Cover”). The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Authority as a consequence of any act or omission of the Concessionaire during the Construction Period. For the avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders‟ dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders‟ dues.
Insurance during Concession Period. 21.1.1 The Concessionaire shall effect and maintain at its own cost, during the Concession Period, such insurances for such maximum sums as may be required under the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice to cover third party claims and Non Political Event (the “Insurance Cover”). The Concessionaire shall procure that in each insurance policy, the Authority shall be a co-insured.
Insurance during Concession Period. 22.1. 1The Concessionaire shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such adequate sums as may be required under the Applicable Laws, and such insurances (including building insurance) as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on Maha-Metro as a consequence of any act or omission of the Concessionaire during the Construction Period.
Insurance during Concession Period. 29.1.1 The Concessionaire shall effect and maintain at its own cost, during the Construction Period and the Operation Period of the respective Phase, such insurances for such maximum sums as may be required under the Financing Agreements and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Authority as a consequence of any act or omission of the Concessionaire during the Construction Period. The Concessionaire shall procure that in each insurance policy, the Authority shall be a co-insured and that the insurer shall pay the proceeds of insurance into the escrow account. For avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders' dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders' dues.
29.1.2 Without prejudice to the provisions contained in Clause 29.1.1 above, the Concessionaire shall, during the Operation Period of respective Phase, procure and maintain Insurance Cover including but not limited to the following:
(a) Loss, damage or destruction of the Existing Hospital, Project Assets, including assets handed over by the Authority to the Concessionaire, at replacement value;
(b) comprehensive third party liability insurance, including injury to or death of personnel of the Authority or others who may enter the Project;
(c) the Concessionaire's general liability arising out of the Concession;
(d) liability to third parties for goods or property damage;
(e) workmen's compensation insurance;
(f) any other insurance that may be necessary to protect the Concessionaire and its employees, including all Force Majeure Events that are insurable at commercially reasonable premiums and not otherwise covered in items above; and
(g) Professional Indemnity insurance as per the existing practice of the Authority.
Insurance during Concession Period. The Concessionaire shall effect and maintain at its own cost, during the Preliminary Operation Period, the Initial Operation Period, the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements and Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Authority as a consequence of any act or omission of the Concessionaire during the Construction Period. The Concessionaire shall procure that in each insurance policy, the Authority shall be a co-insured and that the insurer shall pay the proceeds of insurance into the Escrow Account. For the avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders’ dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders’ dues.
Insurance during Concession Period. 17.1.1. The Concessionaire shall effect and maintain at its own cost, during the Concession Period, such insurance as may be required under the Financing Documents, and the Applicable Laws, and such other insurances as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks and liabilities that may devolve on the Authority as a consequence of any event, happening, any act or omission of the Concessionaire during the Concession Period.
17.1.2. Notwithstanding the requirements as per Clause 17.1.1, the Concessionaire shall at all times during the Operation Period at its own cost maintain insurance cover at {Acquisition Cost / Economic Cost}12 as declared by the Authority for each year, including for all Force Majeure events for which insurance covers are available, for the stock of Food Grains, at Capacity level as specified in Schedule B, in custody of the Concessionaire to cover for loss and damage of Food Grains. The Concessionaire shall ensure that in such insurance policy covering the stock of Food Grains, the Authority shall be the primary and sole beneficiary.
17.1.3. Notwithstanding the requirements as per Clause 17.1.1, the Concessionaire shall at its own cost maintain fidelity insurance to indemnify the Authority against all losses and damages the Authority may suffer due to the conduct of the Concessionaire. The Concessionaire shall ensure that in such insurance policy the Authority shall be the beneficiary.
