Common use of Types and Minimum Limits Clause in Contracts

Types and Minimum Limits. The types of insurance and minimum limits shall be: (i) Worker’s Compensation with statutory limits in compliance with the Worker’s Compensation laws of the state or states or foreign jurisdictions, as applicable, in which the Party has employees and Employer’s Liability coverage with a minimum limit of […***…] Dollars ($[…***…]), or the Euro equivalent, per occurrence; (ii) General Liability Insurance with a minimum limit of […***…] Dollars ($[…***…]), or the Euro equivalent, annual aggregate during Development of Licensed Product or Licensed Compound. General Liability Insurance shall include, at a minimum, Professional Liability, Clinical Study Insurance and, beginning at least […***…] prior to First Commercial Sale of a Licensed Product, product liability insurance. The Parties shall mutually agree on liability insurance limits for product liability insurance; and (iii) In such countries where Ablynx is performing Clinical Studies as part of the Initial Development Activities, Clinical Study Insurance with a minimum limit as required by law in the country or countries where such Clinical Studies are being performed.