Common use of Insurers and Conditions Clause in Contracts

Insurers and Conditions. Prior to the beginning of the Petroleum Activities, the Contractor shall exhibit the corresponding insurance policies to the Agency and CNH, these shall be kept in effect during the validity of this Contract. Each insurance policy shall be obtained on terms and conditions approved by the Agency and CNH. The Contractor may insure through insurance companies with acknowledged solvency or through its Affiliates as long as they have investment grade ratings, in any case, prior approval of CNH and the Agency. Approvals shall not be unjustifiably denied.

Insurers and Conditions. Prior to the beginning of the Petroleum Activities, the Contractor shall exhibit the corresponding required insurance policies to the Agency and CNH, these CNH which shall be kept in effect remain valid during the validity of this Contract. Each insurance policy shall be obtained on under the terms and conditions approved by the Agency and CNH. The Contractor may insure through obtain insurance companies with acknowledged solvency or from recognized solvent insurers, through its Affiliates as so long as they have an investment grade ratingscredit rating subject to Agency and CNH approval. Approvals will not be denied without justification. The insurance contract shall establish that the risk inspectors from the insurance company will provide the Contractor, in any case, prior approval of CNH and the Agency. Approvals shall not be unjustifiably deniedAgency the inspection and verification reports.