Joint Names Policy definition
Examples of Joint Names Policy in a sentence
The Employer, as a tenant of the Existing Structures, is unable to procure a Joint Names Policy in respect of the Existing Structures and contents and is unable therefore to procure that the Contractor’s interests are noted on the insurance policy for the Existing Structure and contents.
In the definition of Joint Names Policy, after 'Contractor', insert: 'and any one or more third persons specified in writing by the Employer to the Contractor, being persons having or acquiring an interest in or mortgage or charge over the Site or the Works'.
If the Contractor defaults in taking out or in maintaining the Joint Names Policy as required by paragraph D.4 (or fails to maintain a policy in accordance with paragraph D.6), the Employer may himself take out and maintain such a Joint Names Policy and the amount paid or payable by him in respect of premiums may be deducted by him from any sums due or to become due to the Contractor under this Contract or shall be recoverable from the Contractor as a debt.
The Employer shall effect and for the period specified in clause 6.7.2 maintain a Joint Names Policy for All Risks Insurance with cover no less than that specified in clause 6.8 for the full reinstatement value of the Works or (where applicable) Sections (plus the percentage, if any, stated in the Contract Particulars to cover professional fees).
The provisions of clause 22.3 shall apply also in respect of any Joint Names Policy taken out by the Employer under clause 22A.2.
Where the policy is a Joint Names Policy the Contractor shall authorise the insurer to pay all monies from such insurance to the Council.
After any inspection required by the insurers in respect of a claim under the Joint Names Policy referred to in clause 22A.1 or clause 22A.2 or clause 22A.3 has been completed the Contractor with due diligence shall restore work damaged, replace or repair any such Site Materials which have been lost or damaged, remove and dispose of any debris and proceed with the carrying out and completion of the Works.
The obligation to maintain the Joint Names Policy under this paragraph D.4 shall not apply in relation to any Section after the date of issue of the Sectional Completion Certificate for that Section.
The policy referred to in clause 6.7.1 shall either be a Joint Names Policy or shall include a waiver by the relevant insurers of any right of subrogation they may have against the Contractor (the waiver would exclude any claims against the Contractor for any Specified Peril arising out of the negligence, breach of statutory duty, omission or default of the Contractor or of any of the Contractor’s Persons).
The Employer shall unless otherwise stated by the Contract Particulars for clause 6.7 and this Schedule effect and for the period specified in clause 6.7.2 maintain a Joint Names Policy in respect of the Existing Structures together with the contents of them owned by him or for which he is responsible, for the full cost of reinstatement, repair or replacement of loss or damage due to any of the Specified Perils.