Insured Costs. Producer shall promptly notify Completion Guarantor of the occurrence of any event which Producer believes in good faith (in the exercise of reasonable prudence and diligence) would qualify for coverage under any insurance policy obtained pursuant hereto and, if instructed to do so by Completion Guarantor, Producer shall immediately file a claim concerning such event as soon as practical. Producer shall be responsible for paying and shall immediately cause to be deposited into the Production Account the amount of any costs incurred as a result of Producer's failure to comply with the provisions hereof that otherwise would have been recovered by any insurance coverage if Producer had not failed to comply with the provisions hereof.
Insured Costs. Producer shall promptly notify Completion Guarantor of the occurrence of any event which Producer believes in good-faith (in the exercise of reasonable prudence and diligence) would qualify for coverage under any insurance policy obtained pursuant hereto and, if instructed to do so by Completion Guarantor, Producer shall immediately file a claim concerning such event as soon as practical. Producer shall be responsible for paying and shall immediately cause to be deposited into the Production Account the amount of any costs incurred as a result of PSC's failure to comply with the provisions hereof that otherwise would have been recovered by any insurance coverage if PSC had not failed to comply with the provisions hereof.
