Common use of Insurance during Concession Period Clause in Contracts

Insurance during Concession Period. 26.1.1 The Concessionaire shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements and 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. As a minimum, the Concessionaire shall maintain the insurances set forth below in the sums and with the deductibles and other conditions specified in the Concession Agreement. The identity of the insurers and the form of the policies shall be subject to the prior approval of the Authority who shall not unreasonably withhold such approval. No later than the Appointed Date, the Concessionaire shall submit appropriate certificates of insurance demonstrating that the Concessionaire has met its obligations pursuant to this Article 26 to the Authority.

Insurance during Concession Period. 26.1.1 The Concessionaire shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements and 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‟ 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‟ Lenders’ dues. As a minimum, the Concessionaire shall maintain the insurances set forth below in the sums and with the deductibles and other conditions specified in the Concession Agreement. The identity of the insurers and the form of the policies shall be subject to the prior approval of the Authority who shall not unreasonably withhold such approval. No later than the Appointed Date, the Concessionaire shall submit appropriate certificates of insurance demonstrating that the Concessionaire has met its obligations pursuant to this Article 26 to the Authority.