Common use of Risks and insurance Clause in Contracts

Risks and insurance. 6.1 The Provider is to ensure all risks of the New Supply Housing Project are adequately and suitably covered, whether by insurance or otherwise. M 6.2 Where any insurance policies are identified in the Key Terms, the Provider is to: E P (a) effect and maintain, or cause to be effected and maintained, the identified insurance policies: (i) for at least the minimum amount specified in the Key Terms for any one occurrence and in the aggregate; A (ii) with a reputable and financially sound insurer; L (iii) on terms which a prudent and experienced person performing work of a nature similar to the work the subject of the insurance could reasonably be expected to obtain; and E (iv) from the date of the commencement of any construction works in relation to the New Supply Housing Project until the completion of the Development Phase; (b) within 10 Business Days of a request by MSD, provide MSD with evidence that the identified insurance policies are effected and maintained; (c) except for an amount of less than $10,000.00 and where the claim is in relation to an event which does not affect the safe occupation of the New Supply Properties or delivery of the New Supply Housing Project, notify MSD of any claims under any of the identified insurance policies; and (d) subject to the terms of any Financier Direct Deed, use the proceeds of any claim under any of the identified insurance policies to reinstate the New Supply Properties, or as otherwise agreed by MSD and the Provider. 6.3 Without limiting the obligations of the Provider in clause 6.2 of this Schedule 9, the Provider is to ensure that any contractors, subcontractors, consultants, or other third parties involved with the delivery of the New Supply Housing Project effect insurance policies on terms and covering risks that a prudent and experienced person performing work of a nature similar to the work the subject of the insurance could reasonably be expected to maintain obtain.

Risks and insurance. 6.1 The Provider is to ensure all risks of the New Supply Housing Project are adequately and suitably covered, whether by insurance or otherwise. M. 6.2 Where any insurance policies are identified in the Key Terms, the Provider is to: E P: (a) effect and maintain, or cause to be effected and maintained, the identified insurance policies: (i) for at least the minimum amount specified in the Key Terms for any one occurrence and in the aggregate; A; (ii) with a reputable and financially sound insurer; L; (iii) on terms which a prudent and experienced person performing work of a nature similar to the work the subject of the insurance could reasonably be expected to obtain; and Eand (iv) from the date of the commencement of any construction works in relation to the New Supply Housing Project until the completion of the Development Phase; (b) within 10 Business Days of a request by MSDHUD, provide MSD HUD with evidence that the identified insurance policies are effected and maintained; (c) except for an amount of less than $10,000.00 and where the claim is in relation to an event which does not affect the safe occupation of the New Supply Properties or delivery of the New Supply Housing Project, notify MSD HUD of any claims under any of the identified insurance policies; and (d) subject to the terms of any Financier Direct Deed, use the proceeds of any claim under any of the identified insurance policies to reinstate the New Supply Properties, or as otherwise agreed by MSD HUD and the Provider. 6.3 Without limiting the obligations of the Provider in clause 6.2 of this Schedule 98, the Provider is to ensure that any contractors, subcontractors, consultants, or other third parties involved with the delivery of the New Supply Housing Project effect insurance policies on terms and covering risks that a prudent and experienced person performing work of a nature similar to the work the subject of the insurance could reasonably be expected to maintain obtain.

Risks and insurance. 6.1 The Provider is to ensure all risks of the New Supply Housing Project are adequately and suitably covered, whether by insurance or otherwise. M. 6.2 Where any insurance policies are identified in the Key Terms, the Provider is to: E P: (a) effect and maintain, or cause to be effected and maintained, the identified insurance policies: (i) for at least the minimum amount specified in the Key Terms for any one occurrence and in the aggregate; A; (ii) with a reputable and financially sound insurer; L; (iii) on terms which a prudent and experienced person performing work of a nature similar to the work the subject of the insurance could reasonably be expected to obtain; and E T E M P L A T E (iv) from the date of the commencement of any construction works in relation to the New Supply Housing Project until the completion of the Development Phase; (b) within 10 Business Days of a request by MSDHUD, provide MSD HUD with evidence that the identified insurance policies are effected and maintained; (c) except for an amount of less than $10,000.00 and where the claim is in relation to an event which does not affect the safe occupation of the New Supply Properties or delivery of the New Supply Housing Project, notify MSD HUD of any claims under any of the identified insurance policies; and (d) subject to the terms of any Financier Direct Deed, use the proceeds of any claim under any of the identified insurance policies to reinstate the New Supply Properties, or as otherwise agreed by MSD HUD and the Provider. 6.3 Without limiting the obligations of the Provider in clause 6.2 of this Schedule 98, the Provider is to ensure that any contractors, subcontractors, consultants, or other third parties involved with the delivery of the New Supply Housing Project effect insurance policies on terms and covering risks that a prudent and experienced person performing work of a nature similar to the work the subject of the insurance could reasonably be expected to maintain obtain.