Uninsurable Risks Sample Clauses
The Uninsurable Risks clause defines how risks that cannot be covered by insurance are handled within a contract. Typically, this clause identifies specific events or circumstances—such as acts of war, nuclear incidents, or government actions—that are excluded from standard insurance policies and clarifies which party bears responsibility for losses arising from such events. By explicitly addressing these exceptions, the clause ensures that both parties understand their obligations and liabilities in situations where insurance coverage is unavailable, thereby preventing disputes and allocating risk fairly.
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Uninsurable Risks. 43.1. If a risk usually covered by the Concession Insurances in Schedule 14 (Concession Insurances) becomes Uninsurable, then the Concessionaire shall notify Transnet within 14 (fourteen) days of the risk becoming Uninsurable or the Concessionaire becoming aware that such risk shall become Uninsurable on the renewal of any Concession Insurance. Such notice shall include the Concessionaire’s proposals on what it reasonably considers appropriate to manage, mitigate and control the Uninsurable risk.
43.2. If the Parties agree, or it is determined in accordance with clause 62 (Dispute Resolution), that –
43.2.1. the risk is Uninsurable;
43.2.2. the risk being Uninsurable is not caused by the actions or omissions of the Concessionaire or a contractor of the Concessionaire; and
43.2.3. other service providers carrying on businesses similar to the Concession would cease to do so as a result of such Uninsurability, then the Parties shall meet to discuss and agree on the means by which the risk should be managed (including by way of self-insurance by either Transnet or the Concessionaire with an appropriate limit of liability). Pending determination thereof, the Uninsurable risk shall be at the risk of the Concessionaire.
43.3. The Concessionaire shall bear the onus of proving the circumstances in clauses 43.2.1 to 43.2.3 (inclusive).
43.4. If the requirements of clauses 43.1 and 43.2 are met -
43.4.1. this Agreement shall continue in force and effect;
43.4.2. on the occurrence of a Transnet owned risk (but only if that risk has continued to be Uninsurable) Transnet shall, at its election, either pay -
43.4.2.1. for the reinstatement of the damaged Concession Asset(s); or
43.4.2.2. the Termination Payment, if due, on the basis set out in clause 48 (Non Default Termination) and this Agreement will terminate as if for Force Majeure;
43.4.3. on the occurrence of a Concessionaire owned risk (but only if that risk has continued to be Uninsurable) the Concessionaire shall reinstate the damaged or destroyed assets up to an amount agreed pursuant to clause 43.2, and if that amount is insufficient to complete the reinstatement, then the Concessionaire, at its election, shall either -
43.4.3.1. make available and pay the shortfall required to complete the reinstatement balance; or
43.4.3.2. terminate this Agreement for force majeure as contemplated in clause 45 (Force Majeure), after paying to Transnet the total sum of the amount agreed to pursuant to clause 43.2, if same ha...
Uninsurable Risks. Nothing in this Part X (Insurance) shall oblige the Contractor to take out insurance in respect of a risk which is Uninsurable save where the predominant cause of the risk being Uninsurable is any act(s) or omission(s) of the Contractor or a Contractor Related Party.
Uninsurable Risks. 9.1 The provisions of this paragraph 9 apply if the Building or a substantial part of it (whether or not directly affecting the Premises) is destroyed or damaged by an Uninsurable Risk so as to make the continued use of the Premises impracticable.
9.2 If the Landlord elects to rebuild or reinstate the Building by giving notice to the Tenant to that effect:
(a) the Landlord is as soon as may reasonably be practicable to use its reasonable endeavours to rebuild or reinstate the Building providing the cost of doing so out of its own resources;
(b) paragraph 4.4 is to apply; and
(c) the provisions of paragraph 6.2,6.3 and 6.4 are to apply with effect from the date of the destruction or damage.
9.3 The Landlord may at any time before it has made an election under paragraph 9.2 decide not to rebuild or reinstate the Building and may accordingly terminate this Lease by giving notice to the Tenant to that effect to expire immediately.
9.4 If the Landlord has not made an election under paragraph 9.2 within nine months after the date of damage or destruction of the Building, the Tenant may terminate this Lease by giving to the Landlord notice to that effect at any time thereafter to expire immediately unless the Landlord has made such an election in the meantime.
9.5 During the period before the Landlord makes an election under paragraph 2.2 or terminates this Lease under paragraph 9.3 the rent and additional rent reserved by this Lease, or a fair proportion of them according to the nature and extent of the damage sustained is to be suspended and cease to be payable and paragraph 6.3 is to apply in case of dispute.
9.6 If the Landlord has not commenced rebuilding or reinstating the Building within twelve months after making the election under paragraph 9.2, the Tenant may terminate this Lease by giving to the Landlord notice to that effect at any time thereafter to expire immediately or at the end of such period as the notice specifies, unless the Landlord has commenced the works of rebuilding or reinstating the Building in the meantime.
9.7 If the Landlord has not practically completed the works of rebuilding or reinstating the Building (as evidenced by the issue of the certificate or statement of practical completion under the building contract for the works) within the period of three years after making the election under paragraph 9.2, the Tenant may terminate this Lease by giving to the Landlord not less than three months’ notice to that effect to expire at the...
Uninsurable Risks. 16.2.1 If a risk usually covered by the Project Insurances in Part [y] of Schedule 18, becomes Uninsurable, then the Facility Operator shall notify TNPA within [3 (three)] days of that risk becoming Uninsurable.
16.2.2 If both Parties agree, or it is determined in accordance with clause 56.7 (fast- track dispute resolution), that:
Uninsurable Risks. The parties agree that:
(a) If a risk usually covered by the Material Damage Policy, third party liability insurance, statutory insurances and any other Required Insurance (but, for the avoidance of doubt, excluding business interruption insurance) becomes Uninsurable then:
(i) the Service Provider shall notify the Authority within five (5) Business Days of the risk becoming Uninsurable; and
(ii) if both parties agree, or it is determined in accordance with clause 38 (Dispute Resolution) that the risk is Uninsurable and that:
(A) the risk being Uninsurable is not caused by the actions of the Service Provider or any sub-contractor of the Service Provider (of any tier); and
(B) the Service Provider has demonstrated to the Authority that the Service Provider and a prudent board of directors of a company operating the same or substantially similar PFI businesses in the United Kingdom to that operated by the Service Provider would in similar circumstances (in the absence of the type of relief envisaged by this clause 25.3) be acting reasonably and in the best interests of the company if they resolved to cease to operate such businesses as a result of that risk becoming Uninsurable, taking into account inter alia (and without limitation) the likelihood of the Uninsurable risk occurring (if it has not already occurred), the financial consequences for such company if such Uninsurable risk did occur (or has occurred) and other mitigants against such consequences which may be available to such company, the parties shall meet to discuss the means by which the risk should be managed (including considering the issue of self-insurance by either party).
(b) If the requirements of clause 25.3(a) are satisfied, but the parties cannot agree as to how to manage the risk, then:
(i) in respect of third party liability insurance only the Authority shall (at the Authority’s option) either pay to the Service Provider an amount equal to the amount set out in Section 5 of Schedule 6D (Compensation following a Force Majeure Event) and this Contract shall terminate (and the Authority shall serve on the Service Provider a Termination Notice confirming the date of termination which shall be not later than forty (40) Business Days after election by the Authority, in accordance with this clause 25.3(b)(i)), or elect to allow this Contract to continue and clause 25.3(b)(ii) shall thereafter apply in respect of such risk; and
(ii) in respect of the material damage insurance, third party li...
Uninsurable Risks. If during the Concession Period, any risk which has been previously insured becomes un- insurable due to the fact that the insurers have ceased to insure such a risk and therefore insurance cannot be maintained/ re-instated in respect of such risk, the Concessionaire shall not be deemed to be in breach of its obligations regarding insurance under this Agreement.
Uninsurable Risks. Project Co shall notify the Trust of any risk becoming an Uninsurable Risk within 5 Business Days of becoming aware of the same and, in any event, at least 30 Business Days before the expiry of any existing insurance in respect of such risk.
Uninsurable Risks. 19.3.1 If a risk usually covered by construction all risks, material damage, third party liability, business interruption (but excluding loss of profits) or delay in start up (but excluding loss of profits) or statutory insurances, in each case required under this Agreement, becomes an Uninsurable Risk then Developer shall notify the Authority as soon as reasonably practicable and in any event within fifteen (15) Business Days of the earlier of:
19.3.1.1 Developer becoming aware that the risk is likely to be an Uninsurable Risk; and
19.3.1.2 the risk becoming an Uninsurable Risk, and in any event at least 5 Business Days before expiry or cancellation of any existing insurance in respect of that risk (in each case irrespective of the reason for the same). Developer shall provide the Authority with such information as the Authority reasonably requests regarding the Uninsurable Risk.
19.3.2 If both Parties agree, or it is determined pursuant to the Dispute Resolution Procedures, that the risk is an Uninsurable Risk the Authority and Developer shall consider in good faith alternative insurance packages and programs that provide coverage as comparable to that contemplated in this Article 19 (Insurance) as is possible under then-existing insurance market conditions and other means by which the risk should be managed or shared (including considering the issue of self-insurance by either party).
19.3.3 If the Authority and Developer are not able to reach an agreement as to how to manage or share the relevant Uninsurable Risk within five (5) Business Days of the date on which Developer provides notice under Section 19.3.1, the Authority may refer the matter to a mediator acceptable to the Authority and Developer.
Uninsurable Risks. 29.12.1 If a risk covered by the insurances required under paragraphs 2 and 3 of Part 3 of Schedule 14 evidenced by the policy wordings agreed before the Franchise Commencement Date (or subsequently in accordance with this clause 29) becomes Uninsurable after the date of this Agreement then:
(a) each party will notify the other within three Business Days of it becoming aware of the risk becoming Uninsurable; and
(b) if both parties agree, or it is determined in accordance with the Dispute Resolution Procedure that the risk is Uninsurable and that the risk being Uninsurable is not caused by the actions of the Franchisee and/or its sub-contractors, then the provisions of clause 29.13 shall have effect.
Uninsurable Risks. 15.2.1. If a risk usually covered by the Project Insurances in Schedule 18 (Project Insurance) becomes Uninsurable or is Uninsurable as at the Effective Date, then the Terminal Operator shall notify TNPA within 14 (fourteen) Days of becoming aware of that risk becoming or being Uninsurable. If both Parties agree, or it is determined in accordance with clause 57.7 (fast- track dispute resolution), that:
15.2.1.1 such risk is indeed Uninsurable;
15.2.1.2 such risk being Uninsurable is not caused by the actions or omissions of the Terminal Operator or a Subcontractor; and
15.2.1.3 other service providers carrying on businesses similar to the Project would cease to operate their business as a result of such Uninsurability,
15.2.2. then the Parties shall meet to discuss the means by which such risk should be managed (including by way of self-insurance by either Party).
15.2.3. The Terminal Operator shall bear the onus of proving the circumstances in Clause 15.2.