AGREEMENTS ON INSURANCE LIABILITIES IN CONTRACT Before the commencement of the Project, the Contractor should purchase all insurances for the Project hereunder, such as, the insurance for the Project and for lives of the Contractors own emp
Before the commencement of the Project, the Contractor should purchase all insurances for the Project hereunder, such as, the insurance for the Project and for lives of the Contractor’s own employees and the personnel of any third party in the Site. All insurance fees have already been included in the Contract Price.
The Contractor shall purchase insurance for the materials to be used for the Project and the equipment to be installed which are delivered into the Site, and pay the insurance fees.
The Contractor shall purchase insurance against accidents for the employees who engage in doing dangerous jobs, and cover insurance and pay insurance fees for its own personnel on the Site for their life and properties.
The JVC shall purchase appropriate comprehensive insurance to cover various kinds of risks as would be usual for a joint venture enterprise engaged in the same type of industry and in manufacturing products similar to the Products including, without limitation, product liability covering the manufacture and supply of the Products and such insurance shall be underwritten by an insurance company registered in the PRC. The types, value and duration of insurance shall be decided by the Board of Directors after discussion with the insurance companies and Party B.
The premises, plant, machinery and equipment, raw materials, components and the Products shall be insured by JVC for adequate replacement value against fire, storm, tempest, accident, flood, theft and other risks which may destroy or diminish the value of the Products or which may render the Products unfit for consumption.
INSURANCE: To be covered by the seller for110% of invoice value against All Risks and war risks.
Insurance shall, to the extent it is available on premium and terms comparable to those abroad and as required by applicable Chinese law, be obtained in China and such policies will be denominated in Renminbi or foreign currency or both, as appropriate.
Party A may self-insure their consignment, and can also commission Party B to handle insurance issues, insurance premiums shall be borne by Party A, the costs of which are not included in the those the two sides agreed; In case Party A is not insured, Party B shall not be responsible for the damage from non-B causes.
The Company shall, at its own cost and expense, at all times during operation of the factory and other facilities and during any construction work take out and maintain full and adequate property insurance covering the buildings, contents, and other first party risks of the Company as are customarily insured against in China.
The Company shall maintain product liability insurance, third party liability insurance and other relevant insurance coverage in order to protect the Company, its employees, agents and other appropriate parties from claims.
No insurance will be effected except upon express instructions given in writing by the Customer and accepted in writing by the Company, and all insurances effected by the Company are subject to the usual exceptions and conditions of the policies of the insurers or underwriters taking the risk. Unless otherwise agreed in writing, the Company shall not be under any obligation to affect a separate insurance on the goods, but may declare it on any open or general policy held by the Company.
During the term of this Agreement, Party A shall undertake, renew and maintain for its benefit and interest, and at its own cost and expense, the following primary insurance policies:
General Public Liability Policy with Party B being named as a co-insured covering all loss, damage or liability incurred or arising from the operation of the Services including, without limitation, for bodily injury, death or property damage, for an amount not less than RMB25,000,000 per accident or occurrence;
Employer’s Liability Policy with Party B being named as a co-named in conformity with local laws and regulations and accepted practice in the PRC;
Property Damage Policy covering its premises against all risks of direct physical loss or damage from any cause, or if such a policy is not available, against the risks of fire and associated risks such as explosion, electrical damage, water damage, riots, strikes, civil commotion, terrorism, windstorms, hurricanes, cyclones, floods, burglary, theft and other similar risks;
Property Damage Policy with Party B being named as the sole beneficiary covering loss or damage to the materials, Products, Bulks Products, Equipment and other property of Party B as a result of natural disaster or negligence or omission by Party A; and Party A shall inform Party B of any change to its insurance policies listed above which would result in a reduced insurance coverage.
Any other insurance policy or policies against such other insurable risks as shall be normal and customary in the PRC for operation similar to that of Party A, in each case with Party B named in the policy or a certificate of insurance as loss payee, additional insured, or in such manner as Party B’s insurance company and Party A’s insurance company may agree.
Throughout the term of this Agreement, Consultant shall at its own expense, obtain and maintain the following insurance policies: (a) Commercial General Liability insurance, with coverage of not less than US$ 1,000,000 per occurrence and US$ 2,000,000 in the aggregate for bodily injury and property damage, (b) Motor Vehicle Liability insurance for owned, non-owned and hired vehicles, with limits of not less than US$ 1,000,000 combined single limit for bodily injury and property damage, (c) Worker’s Compensation insurance in the amount required by statue for all states in which the project or work is to be performed, and (d) Professional Liability insurance with limits of not less than US$ 1,000,000 per claim. Consultant will endeavor to notify Client in writing of any material change to its coverage as described herein. Consultant shall furnish certificates of insurance evidencing coverage or other acceptable evidence of self-insurance to Client upon request.
Insurance required under this Agreement shall be: 本协议项下要求的保险应是:
(a) Commercial General Liability insurance including bodily injury, property damage, personal injury, advertising injury and products/completed operations, with a limit of not less than US$ 1,000,000 each occurrence and US$ 2,000,000 annual aggregate.
 (b) Worker’s Compensation and Employer’s Liability insurance covering all persons whom the Contractor may employ in carrying out the services hereunder. Worker’s Compensation insurance will be in accordance with the Worker’s Compensation Law of the jurisdiction where the work is performed. Employer’s Liability shall be provided with limits of not less than US$ 500,000 each accident; US$ 500,000 each disease; and US$ 500,000 disease policy limit.
(c) Professional Liability insurance covering the negligent acts, errors or omissions committed by Consultant pursuant to rendering or failure to render professional services pursuant to the terms and conditions contained in the contract with limits of not less than US$ 5,000,000 per claim.
Prior to the commencement of services hereunder, the Contractor shall furnish Party B with Certificates of Insurance (or evidence of self-insurance) for all insurance required herein. Each insurer must be reasonably acceptable to Party B, and possess a minimum Best’s rating of ‘A-VII’ (or equivalent rating agency in the country) and licensed to conduct business in all states/countries where this Agreement shall apply.