NSURANCE. 16.1.1 The Operator shall, for the benefit and protection of the Parties hereto, and in accordance with the requirement of Contract and in accordance with the Good International Petroleum Industry Practices obtain such insurance with reputable insurers upon reasonable and competitive terms from the Joint Account in relation to Petroleum Operations as may be required under the Contract, applicable laws, rules and regulations together with such other insurances which the Operator may determine necessary for the Joint Operations. Such insurance policies shall include the Government as additional insured and shall waive subrogation against the Government. 16.1.2 The said insurance shall, without prejudice to the generality of foregoing, cover the following as specifically required under the Article 24.1.1 of the Contract: a) Loss or damage to all installations, equipment and other assets for so long as they are used in or in connection with Petroleum Operations provided, however, that if for any reason the Contractor fails to insure any such installations, equipment or assets, it shall replace any loss thereof or repair any damage caused thereto; b) Loss, damage or injury caused by pollution in the course of or as a result of Petroleum Operations; c) Loss of property or damage or bodily injury suffered by any third party in the course of or as a result of Petroleum Operations for which the Contractor may be liable; d) Any claim for which the Government may be liable relating to the loss of property or damage or bodily injury suffered by any third party in the course of or as a result of Petroleum Operations for which the Contractor is liable to indemnify the Government, or the State Government; e) With respect to Petroleum Operations offshore, the cost of removing wrecks and cleaning up operations following any accident in the course of or as a result of Petroleum Operations; f) The Contractor's and/or the Operator's liability to its employees engaged in Petroleum Operations. 16.1.3 The Operator shall duly file within time all claims with respect to insurance arranged and maintained by the Operator and shall take all necessary and proper steps to collect the proceeds. 16.1.4 The Operator shall at all times require its Subcontractors engaged in the Joint Operations under this Agreement to obtain and maintain all such insurances pertaining to such work as they may be required to carry by virtue of any applicable law or regulation, Contract and such other insurances as the Operator may deem advisable. 16.1.5 Each Party may for its own account and at its own expense, obtain such insurance pertaining to the Joint Operations conducted and materials acquired under this Agreement as it may deem advisable, provided, however, that obtaining of such insurance shall not in any way directly interfere with Operator's placement or insurance for the Joint Account in accordance with the terms of this Article hereof. The Operator shall use its best efforts to facilitate, in cooperation with the Non- Operator Party, the orderly settlement of claims by their respective insurers. 16.1.6 All damages, losses and liabilities incurred in the Joint Operations which are not recoverable from insurance procured for the Joint Account under this Article shall be charged to the Joint Account. 16.1.7 Operator shall supply a copy of all insurance to all the Parties and continue to supply all the relevant information in this regard to the Parties, and keep all insurance valid during the course of Petroleum Operations, provided such insurance is available and approved by the Operating Committee. In the event Operator fails to procure requisite insurance under this Article, Operator shall be liable for all risk and consequences.
Appears in 1 contract
Sources: Joint Operating Agreement
NSURANCE. 16.1.1 The Operator shall, for the benefit and protection of the Parties hereto, and in accordance with the requirement of Contract and in accordance with the Good International Petroleum Industry Practices obtain such insurance with reputable insurers upon reasonable and competitive terms from the Joint Account in relation to Petroleum Operations as may be required under the Contract, applicable laws, rules and regulations together with such other insurances which the Operator may determine necessary for the Joint Operations. Such insurance policies shall include the Government as additional insured and shall waive subrogation against the Government.
16.1.2 The said insurance shall, without prejudice to the generality of foregoing, cover the following as specifically required under the Article 24.1.1 of the Contract:
a) Loss or damage to all installations, equipment and other assets for so long as they are used in or in connection with Petroleum Operations provided, however, that if for any reason the Contractor fails to insure any such installations, equipment or assets, it shall replace any loss thereof or repair any damage caused thereto;
b) Loss, damage or injury caused by pollution in the course of or as a result of Petroleum Operations;
c) Loss of property or damage or bodily injury suffered by any third party in the course of or as a result of Petroleum Operations for which the Contractor may be liable;
d) Any claim for which the Government may be liable relating to the loss of property or damage or bodily injury suffered by any third party in the course of or as a result of Petroleum Operations for which the Contractor is liable to indemnify the Government, or the State Government;
e) With respect to Petroleum Operations offshore, the cost of removing wrecks and cleaning up operations following any accident in the course of or as a result of Petroleum Operations;
f) The Contractor's and/or the Operator's liability to its employees engaged in Petroleum Operations.
16.1.3 The Operator shall duly file within time all claims with respect to insurance arranged and maintained by the Operator and shall take all necessary and proper steps to collect the proceeds.
16.1.4 The Operator shall at all times require its Subcontractors engaged in the Joint Operations under this Agreement to obtain and maintain all such insurances pertaining to such work as they may be required to carry by virtue of any applicable law or regulation, Contract and such other insurances as the Operator may deem advisable.
16.1.5 Each Party may for its own account and at its own expense, obtain such insurance pertaining to the Joint Operations conducted and materials acquired under this Agreement as it may deem advisable, provided, however, that obtaining of such insurance shall not in any way directly interfere with Operator's placement or insurance for the Joint Account in accordance with the terms of this Article hereof. The Operator shall use its best efforts to facilitate, in cooperation with the Non- Operator Party, the orderly settlement of claims by their respective insurers.
16.1.6 All damages, losses and liabilities incurred in the Joint Operations which are not recoverable from insurance procured for the Joint Account under this Article shall be charged to the Joint Account.
16.1.7 Operator shall supply a copy of all insurance to all the Parties and continue to supply all the relevant information in this regard to the Parties, and keep all insurance valid during the course of Petroleum Operations, provided such insurance is available and approved by the Operating Committee. In the event Operator fails to procure requisite insurance under this Article, Operator shall be liable for all risk and consequences.
16.1.8 Subject to Article 4.7 of the Contract, the Contractor shall indemnify, defend and hold the Government and State Government harmless against all claims, losses, and damages of any nature whatsoever, including, without limitation, claims for loss or damage to property or injury or death to persons caused by or resulting from any Petroleum Operation conducted by or on behalf of the Contractor.
Appears in 1 contract
Sources: Joint Operating Agreement (Geoglobal Resources Inc.)