Common use of Uninsurable Risks Becoming Insurable Clause in Contracts

Uninsurable Risks Becoming Insurable. Where a risk that was previously an Uninsurable Risk ceases to be so and either party becomes aware or is informed by the other party that this is the case, the party responsible for obtaining the insurance under Schedule 5 [Insurance Requirements], will forthwith take out, maintain and pay for or cause to be taken out, maintained and paid for insurance in accordance with the requirements of this Agreement in respect of the risk, and in any case: (a) Sections 6.14 [Risks Becoming Uninsurable], 6.15 [Consequences of Risks Becoming Uninsurable], 6.16 [Third Party Liability Insurance as Uninsurable Risk] and 6.18 [Continuing Attempts to Insure Uninsurable Risk] will no longer apply to the risk so long as it is not an Uninsurable Risk; and (b) the Service Payments will be adjusted pursuant to Section 10.3 [Adjustments to Service Payments] by agreement of the parties acting reasonably or, failing such agreement, by the Dispute Resolution Procedure, from the date upon which the Uninsurable Risk became insurable, to reflect any increase in Project Co’s insurance cost as a result of having to insure the risk that ceased to be an Uninsurable Risk.

Uninsurable Risks Becoming Insurable. Where a risk that was previously an Uninsurable Risk ceases to be so and either party becomes aware or is informed by the other party that this is the case, the party responsible for obtaining the insurance under Schedule 5 18 [Insurance Requirements], will forthwith take out, maintain and pay for or cause to be taken out, maintained and paid for insurance in accordance with the requirements of this Agreement in respect of the risk, and in any case: (a) Sections 6.14 [Risks Becoming Uninsurable], 6.15 [Consequences of Risks Becoming Uninsurable], 6.16 [Third Party Liability Insurance as an Uninsurable Risk] and 6.18 [Continuing Attempts to Insure Uninsurable RiskRisks] will no longer apply to the risk so long as it is not an Uninsurable Risk; and (b) the Service Availability Payments will be adjusted pursuant to Section 10.3 [Adjustments to Service Availability Payments] by agreement of the parties acting reasonably or, failing such agreement, by the Dispute Resolution Procedure, from the date upon which the Uninsurable Risk became insurable, to reflect any increase in Project Co’s insurance cost as a result of having to insure the risk that ceased to be an Uninsurable Risk.

Uninsurable Risks Becoming Insurable. ‌ Where a risk that was previously an Uninsurable Risk ceases to be so and either party becomes aware or is informed by the other party that this is the case, the party responsible for obtaining the insurance under Schedule 5 [Insurance Requirements], will forthwith take out, maintain and pay for or cause to be taken out, maintained and paid for insurance in accordance with the requirements of this Agreement in respect of the risk, and in any case: (a) Sections 6.14 [Risks Becoming Uninsurable], 6.15 [Consequences of Risks Becoming Uninsurable], 6.16 [Third Party Liability Insurance as Uninsurable Risk] and 6.18 [Continuing Attempts to Insure Uninsurable Risk] will no longer apply to the risk so long as it is not an Uninsurable Risk; and (b) the Service Payments will be adjusted pursuant to Section 10.3 [Adjustments to Service Payments] by agreement of the parties acting reasonably or, failing such agreement, by the Dispute Resolution Procedure, from the date upon which the Uninsurable Risk became insurable, to reflect any increase in Project Co’s insurance cost as a result of having to insure the risk that ceased to be an Uninsurable Risk.Risk.‌

Uninsurable Risks Becoming Insurable. Where a risk that was previously an Uninsurable Risk ceases to be so and either party becomes aware or is informed by the other party that this is the caseso, the party responsible for obtaining Concessionaire shall, in the insurance under Schedule 5 [Insurance Requirements]case of any Required Insurance, will forthwith as soon as possible and in any event within 10 Business Days after the Uninsurable Risk ceases to be so, take out, maintain and pay for or cause to be taken out, maintained and paid for insurance in accordance with the requirements of this Agreement in respect of the risk, and upon the taking out of the insurance or the expiry of the 10 Business Days, whichever occurs first (or, in any case:case where an Insured Business Interruption Risk is the risk that has ceased to be Uninsurable, immediately upon such Insured Business Interruption Risk ceasing to be Uninsurable): (a) the provisions of Sections 6.14 6.20 [Risks Becoming UninsurableUninsurability], 6.15 6.21 [Consequences of Risks Becoming Uninsurable], 6.16 6.22 [Third Party Liability Insurance as an Uninsurable Risk] and 6.18 6.24 [Continuing Attempts to Insure Uninsurable RiskRisks] will shall no longer apply to the risk so long as it is not an Uninsurable Risk; and (b) the Service Payments will payments to the Province or the reduction in the Availability Payments, in either case reflecting the savings in the Concessionaire’s insurance cost referred to in Section 6.21(b), shall cease (and any portion of any such payment or reduction made for any period of time after such date shall be adjusted pursuant refunded to Section 10.3 [Adjustments to Service Payments] by agreement of the parties acting reasonably or, failing such agreement, Concessionaire by the Dispute Resolution Procedure, from the date upon which the Uninsurable Risk became insurableProvince), to reflect that there is no longer any increase saving in Project Cothe Concessionaire’s insurance cost as a result of the Concessionaire not having to insure the risk that ceased to be an Uninsurable Risk.