Common use of I nsurance Clause in Contracts

I nsurance. In accordance with Section 16 of the Act, the Promoter shall obtain all such insurances as may be notified by the Government of West Bengal, subject to availability, and shall pay the premium and charges in respect of such insurances till the Common Areas & Facilities of the Luxury Zone and the Luxury portion of the Future Development of the Complex are handed over to the Association or to the Competent Authority, as the case may be. The Allottee hereby agrees to contribute (proportionately on the basis of the carpet area of his Apartment) towards the premium and charges payable for a period of 2 years from the date of receipt of Completion Certificate/ Partial Completion Certificate, as the case may be, of the Project for such insurance and the cost of such contribution has been included in the Total Price.