10.1 Insurance Requirements. If required under Applicable Law, CONTRACTOR agrees to procure and maintain at its expense during the term of this Contract insurance of the types and with limits of liability not less than those set out below:(a) Insurance that CONTRACTOR is obliged to carry under all applicable social, Worker's Compensation and Occupational Disease laws covering all of CONTRACTOR's employees performing the Services under this Contract including, without limitation, coverage under applicable maritime law.(b) Employer's Liability Insurance, including coverage for marine operations if applicable, as set out and required by local law in area of operation or area in which the CONTRACTOR may become legally obliged to pay benefits. (c) General Public Liability Insurance, including contractual liability coverage, with a combined bodily injury and property damage limit of not less than U.S. $1,000,000 per occurrence. (d) Hull and Machinery Insurance in an amount not less than the “agreed” value of the Vessel(s). (e) Protection and Indemnity Insurance in an amount equal to the “agreed” value of the Vessel or U.S. $10,000,000, whichever is greater. If such insurance contains an “as owner” clause or other language purporting to limit coverage to liability of an insured “as owner of the vessel” such limitation of coverage shall not apply to COMPANY in its capacity as an additional insured under the policy. (f) The policies under Sub-articles 10.1(d) and 10.1(e) above shall, in combination, include coverage for collision liability, removal of debris, towing liability and admiralty benefits in an amount not less than U.S. $10,000,000 per occurrence or the "agreed" value of the Vessel, whichever is greater, while showing appropriate navigational limits. (g) Such other insurance as CONTRACTOR deems necessary or as is required by applicable law.The above-stated minimum requirements are not intended to indicate the amounts and types of insur¬ance that CONTRACTOR needs or may ultimately need.10.2 Waiver of Subrogation and Additional Insured. The policies under Sub-articles 10.1(b) through 10.1(e) shall be endorsed to show Company as additional assured and waiving subrogation , however only to the extent of liabilities assumed by CONTRACTOR under this Contract. 10.3 Certificates of Insurance. Upon COMPANY’s request, before mobilization date CONTRACTOR shall furnish to COMPANY certificates of insurance demonstrating that CONTRACTOR has obtained the insurance coverage set out above and containing a statement that the said insurance will not be materially changed or cancelled without at least thirty (30) days prior written notice to COMPANY. 10.4 Failure to Comply. Neither failure to comply nor full compliance with the insurance provisions of this Contract shall limit or relieve CONTRACTOR from its liability and indemnity obligations as provided for in this Contract. 10.5 Subcontracting. CONTRACTOR shall be responsible for ensuring that each subcontractor used by it in the performance of this Contract shall carry Worker's Compensation, Occupational Disease and such other insur¬ance of the types and in the amounts required by law, together with such other insurance as CONTRACTOR may deem necessary.10.6 Insurance by CompanyCompany shall provide a copy of their proposed CAR insurance for CONTRACTOR's review and consideration. COMPANY shall procure and maintain Construction All-Risks insurance for the term of the Charter Hire Period COMPANY’s liabilities with respect to the materials and construction activities being undertaken by the CONTRACTOR (or its subcontractors’). The CAR Insurance will include Contractor as additional insured for respective rights and interests which shall apply on a primary basis Any deductible to CAR insurance shall be at CONTRACTOR account to the extent the incident is caused by Contractor default. With Scope of Service for this Contract, CONTRACTOR shall be liable up to the value of USD 1,000,000 per loss or damage.The CAR Insurance shall include a severability of interest or cross liability clause so that COMPANY and CONTRACTOR are regarded as third parties to each other and shall be valid anywhere in the world.
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