Common use of Required Policies Clause in Contracts

Required Policies. (a) During the term of this agreement, and for a period of two years thereafter in the case of policies written on a “claims made” basis, the Supplier must maintain in force, with a reputable and financially sound insurance company, at least the following insurance policies (Required Policies): (i) commercial general liability insurance in an amount of US $5 million per event; and (ii) professional indemnity insurance in an amount of US$5 million per claim. If for any reason an insurer cancels, or fails or declines to renew, a Required Policy then the Supplier must, at its own cost, immediately purchase a replacement policy containing substantially the same terms as the Required Policy.

Required Policies. (a) During the term of this agreement, and for a period of two years thereafter in the case of policies written on a “claims made” basis, the Supplier must maintain in force, with a reputable and financially sound insurance company, at least the following insurance policies (Required Policies): (i) commercial general liability insurance in an amount of US $5 million per event; and (ii) professional indemnity insurance in an amount of US$US $5 million per claim. If for any reason an insurer cancels, or fails or declines to renew, a Required Policy then the Supplier must, at its own cost, immediately purchase a replacement policy containing substantially the same terms as the Required Policy.