10.1.3 General Requirements
A. Insurance referred to in Article 10.1.2 above shall be issued by a first class and reputable local insurance company, and if it is the case, shall be reinsured to other first class reputable reinsurance companies.
B. If any insurance required pursuant to Article 10.1.2 lapse or are vitiated by any breach, misrepresentation, act or omission by CONTRACTOR or any of its SUBCONTRACTOR or VENDOR, CONTRACTOR shall indemnify OWNER in respect of all costs, losses, expenses, liabilities and damages which arise or result from such vitiation and failure.
10.1.3 General RequirementsA. Insurance referred to in Article 10.1.2 above shall be issued by a first class and reputable local insurance company, and if it is the case, shall be reinsured to other first class reputable reinsurance companies.B. If any insurance required pursuant to Article 10.1.2 lapse or are vitiated by any breach, misrepresentation, act or omission by CONTRACTOR or any of its SUBCONTRACTOR or VENDOR, CONTRACTOR shall indemnify OWNER in respect of all costs, losses, expenses, liabilities and damages which arise or result from such vitiation and failure.
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