Common use of Insurance during Construction Period Clause in Contracts

Insurance during Construction Period. The Licensee 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 by the Licensor, and Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The Licensee shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Licensor as a consequence of any act or omission of the Licensee during the Construction Period. The Licensee shall procure that in each insurance policy, the Licensor shall be a co-insured. No later than 45 (forty-five) days prior to commencement of the Construction Period, as the case may be, the Licensee shall by notice furnish to the Licensor, in reasonable detail, information in respect of the insurances that it proposes to effect and maintain in accordance with this Article 26. Within 30 (thirty) days of receipt of such notice, the Licensor may require the Licensee to effect and maintain such other insurances as may be necessary pursuant hereto, and in the event of any difference or disagreement relating to any such insurance, the Dispute Resolution Procedure shall apply.