Common use of Uninsurable Risks Clause in Contracts

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. 19.3.1 (a) 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) all risks property or statutory insurances, in each case required under this AgreementPPA, becomes an Uninsurable Risk then Developer the Development Entity shall notify the Authority Department as soon as reasonably practicable and in any event within fifteen (15) Business Days of the earlier of: 19.3.1.1 Developer (i) the Development Entity becoming aware that the risk is likely to be an Uninsurable Risk; and 19.3.1.2 (ii) the risk becoming an Uninsurable Risk, and in any event at least 5 five Business Days before expiry expiration or cancellation of any existing insurance in respect of that risk (in each case irrespective of the reason for the same). Developer The Development Entity shall provide the Authority Department with such information as the Authority Department reasonably requests regarding the Uninsurable Risk. 19.3.2 (b) If both Parties agree, or it is determined pursuant to the Dispute Resolution Procedures, that the risk is an Uninsurable Risk the Authority Department and Developer the Development Entity 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 (c) If the Authority Department and Developer the Development Entity 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 the Development Entity provides notice under Section 19.3.119.3(a), the Authority Department may refer the matter to a mediator acceptable to the Authority Department and Developerthe Development Entity.