Common use of Ringfencing Clause in Contracts

Ringfencing. The level of any indemnity available to an insured party under this policy in relation to any claim(s) concerning the Project shall not be affected and/or reduced by any claim(s) unrelated to the Project. Any one of the following three broker’s letters of undertaking should be used. To: [ ] Council Dear Sirs We refer to the Agreement. Unless the context otherwise requires, terms defined in the Agreement shall have the same meaning in this letter. We act as insurance broker to the Contractor in respect of the Required Insurances and in that capacity we confirm that the Required Insurances which are required to be procured pursuant to clause 65 and schedule 14 of the Agreement: where appropriate name you and such other persons as are required to be named pursuant to the Agreement for their respective interests; are, in our reasonable opinion as insurance brokers, as at today’s date, in full force and effect; all premiums due to date in respect of the Required Insurances are paid and the Required Insurances are, to the best of our knowledge and belief, placed with insurers which, as at the time of placement, are reputable and financially sound. We do not, however, make any representations regarding such insurers’ current or future solvency or ability to pay claims; and that the endorsements set out in Part 3 to Schedule 14 of the Agreement are as at today’s date in full force and effect in respect of the Required Insurances. We further confirm that the attached cover notes confirm this position. Pursuant to instructions received from the Contractor and in consideration of your approving our appointment [or continuing appointment] as brokers in connection with the Required Insurances, we hereby undertake in respect of the interests of the Authority in relation to the Required Insurances: Notification Obligations

Ringfencing. The level of any indemnity available to an insured party under this policy in relation to any claim(s) concerning the Project shall not be affected and/or reduced by any claim(s) unrelated to the Project. Any one of the following three broker’s letters of undertaking should be used. To: [ ] Council Dear Sirs . PART 4 BROKER’S LETTER OF UNDERTAKING35 We refer to the Agreement. Unless the context otherwise requires, terms defined in the Agreement shall have the same meaning in this letter. We act as insurance broker to the Contractor in respect of the Required Insurances and in that capacity we confirm that the Required Insurances which are required to be procured pursuant to clause 65 Clause 55 (Required Insurances) and schedule 14 Schedule Part 10 (Required Insurances) of the Agreement: where appropriate name you and such other persons as are required to be named pursuant to the Agreement for their respective interests; are, in our reasonable opinion as insurance brokers, as at today’s date, in full force and effecteffect in respect of all the matters specified in the Agreement; and that all premiums due to date in respect of the Required Insurances are paid and the Required Insurances are, to the best of our knowledge and belief, placed with insurers which, as at the time of placement, are reputable and financially sound. We do not, however, make any representations regarding such insurers’ ' current or future solvency or ability to pay claims; and that the endorsements set out in Part 3 (Endorsements) to Schedule 14 Part 10 (Required Insurances) of the Agreement are as at today’s 's date in full force and effect in respect of the Required Insurances. We further confirm that the attached cover notes confirm this position. Pursuant to instructions received from the Contractor and in consideration of your approving our appointment [or continuing appointment] as brokers in connection with the Required Insurances, we hereby undertake in respect of the interests of the Authority in relation to the Required Insurances: Notification Obligationsto notify you at least twenty (20) Business Days prior to the expiry of any of the Required Insurances if we have not received instructions from the Contractor to negotiate renewal and in the event of our receiving instructions to renew, to advise you promptly of the details thereof; to notify you at least twenty (20) Business Days prior to ceasing to act as brokers to the Contractor unless, due to circumstances beyond our control, we are unable to do so in which case we shall notify you as soon as practicable; and to pay into the Joint Insurance Account without set off or deduction of any kind for any reason all payments in respect of claims received by us from insurers in relation to the Required Insurances specified at Clause 55 of the Agreement.

Ringfencing. The level of any indemnity available to an insured party under this policy in relation to any claim(s) concerning the Project shall not be affected and/or reduced by any claim(s) unrelated to the Project. Any one of the following three broker’s letters of undertaking should be used. To: [ ] Council Dear Sirs BROKER’S LETTER OF UNDERTAKING117 We refer to the Agreement. Unless the context otherwise requires, terms defined in the Agreement shall have the same meaning in this letter. We act as insurance broker to the Contractor hubco in respect of the Required Insurances and in that capacity we confirm that the Required Insurances which are required to be procured pursuant to clause 65 [ ] and schedule 14 [ ] of the Agreement: where appropriate name you and such other persons as are required to be named pursuant to the Agreement for their respective interests; are, in our reasonable opinion as insurance brokers, as at today’s date, in full force and effecteffect in respect of all the matters specified in the Agreement; and that all premiums due to date in respect of the Required Insurances are paid and the Required Insurances are, to the best of our knowledge and belief, placed with insurers which, as at the time of placement, are reputable and financially sound. We do not, however, make any representations regarding such insurers’ current or future solvency or ability to pay claims; and that the endorsements set out in Section 3 (Endorsements) of Schedule Part 3 to Schedule 14 12 (Insurance Requirements) of the Agreement are as at today’s date in full force and effect in respect of the Required Insurances. We further confirm that the attached cover notes confirm this position. Pursuant to instructions received from the Contractor hubco and in consideration of your approving our appointment [or continuing appointment] as brokers in connection with the Required Insurances, we hereby undertake in respect of the interests of the Authority in relation to the Required Insurances: Notification Obligationsto notify you at least 30 (thirty) days prior to the expiry of any of the Insurances if we have not received instructions from hubco to negotiate renewal and in the event of our receiving instructions to renew, to advise you promptly of the details thereof; to notify you at least 30 (thirty) days prior to ceasing to act as brokers to hubco unless, due to circumstances beyond our control, we are unable to do so in which case we shall notify you as soon as practicable; and to pay into the Insurance Proceeds Account without set off or deduction of any kind for any reason all payments in respect of claims received by us from insurers in relation to the Insurances specified in Clauses 40.1 to 40.3 of the Agreement.