Common use of Insurance during Concession Period Clause in Contracts

Insurance during Concession Period. The Concessionaire shall effect and maintain at its own cost, during the Concession Period, such insurances for such maximum sums as may be required under the Financing Agreements, and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Authority as a consequence of any act or omission of the Concessionaire during the Construction Period. The Concessionaire shall procure that in each insurance policy, the Authority shall be a co-insured and that the insurer shall pay the proceeds of insurance into the Escrow Account. For the avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders’ dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders’ dues. The Concessionaire shall maintain insurance for additional work(s) in Bus Terminal in accordance with Article 16. The cost of such insurance shall be borne by the Concessionaire and shall be reimbursed by the Authority within 30 (thirty) days of receipt of such demand from the Concessionaire.

Insurance during Concession Period. ‌ The Concessionaire shall effect and maintain at its own cost, during the Concession Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements, Agreements and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry PracticePractice the “Insurance Cover”). The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Concessioning Authority as a consequence of any act or omission of the Concessionaire during the Construction Period. The Concessionaire shall procure that in each insurance policy, the Concessioning Authority shall be a co-insured and that the insurer shall pay the proceeds of insurance into to the insurance company through Escrow AccountAccount and provide a photocopy of the receipt to the Concessioning Authority. For the avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders’ ' dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders’ ' dues. The Concessionaire shall maintain insurance for additional work(s) in Bus Terminal in accordance with Article 16. The cost of such insurance shall be borne by the Concessionaire and shall be reimbursed by the Authority within 30 (thirty) days of receipt of such demand from the Concessionaire.