Common use of Insurance Period Clause in Contracts

Insurance Period. (a) If the Supplier takes out a ‘claims made’ policy, which requires all claims and any fact situation or circumstance that might result in a claim to be notified within the period of insurance, the Supplier must maintain the policy (or a policy in like terms) during the Agreement Period and for a period of 1 year on and from the expiry or the early termination of this Agreement – unless otherwise specified un- der item 13 of Schedule 1. (b) If the Supplier takes out an ‘occurrence’ policy, which requires the circumstances to which a claim relates to occur during the period of insurance whilst the notifica- tion of event can occur at any time subsequently, the Supplier must maintain the policy during the Agreement Period.