Common use of Insurance 14 Clause in Contracts

Insurance 14. 1 The Contractor shall provide, in the joint names of the Employer and the Contractor, insurance cover from the Start Date to the end of the Defects Liability Period, in the amounts and deductibles stated in the Special Conditions of Contract for the following events which are due to the Contractor's risks: (a) loss of or damage to the Works, Plant, and Materials; (b) loss of or damage to Equipment; (c) loss of or damage to property (except the Works, plant, Materials, and Equipment) in connection with the Contract; and (d) Personal injury or death. 14.2 The Contractor shall deliver policies and certificates for insurance to the Project Manager for the Project Manager's approval before the Start Date. All such insurance shall provide for compensation to be payable in the types and proportions of currencies required to rectify the loss or damage incurred. 14.3 If the Contractor does not provide any of the policies and certificates required, the Employer may effect the insurance which the Contractor should have provided and recover the premiums the Employer has paid from payments otherwise due to the Contractor or, if no payment is due, the payment of the premiums shall be a debt due. 14.4 Alterations to the terms of insurance shall not be made without the approval of the Project Manager. 14.5 Both parties shall comply with any conditions of the insurance policies.