required, CONTRACTOR shall seek the way to provide the insurance by themselves.
m) CONTRACTOR and SUBCONTRACTOR of any tier shall comply with and be subject to the terms, exception, conditions and limitations of the insurance affected by OWNER pursuant to this Article. OWER shall be indemnified by the CONTRACTOR should the OWNER be unable to recover under any policy as a result of a breach or similar by the CONTRACTOR/SUBCONTRACTOR.
n) CONTRACTOR shall be responsible for the management and administration of the policy on behalf of OWNER. In the event of any claims under the policy, CONTRACTOR and SUBCONTRACTOR shall comply with the Claim Procedure to be prepared by OWNER. In no event will OWNER administer any claims for which CONTRACTOR is responsible.
o) All deductibles applicable to the insurance stipulated in insurance policy whether or not advised before bid submission and whether or not specified herein shall be for the account of and be paid by CONTRACTOR.
p) All costs and incidental expenses incurred in relation to claims under the policy shall be borne by CONTRACTOR.
q) In the event that extensions to the period of insurance are due to the CONTRACTOR such an additional premium shall be to CONTRACTOR’s costs. in the event of increase of CONTRACT PRICE an an additional premium become due the additional premium shall be to CONTRACTOR’s costs.
CONTRACTOR shall provide and maintain at its own sole cost the following insurances which shall be primary and not contributing to any insurance carried by OWNER:
B. Marine Cargo Insurance
Marine Cargo and/or Air Cargo Insurance covering all material and/or equipment for incorporation into the WORK. The cover shall not less than one hundred and ten percent (110%) of the CIF value of such EQUIPMENT AND MATERIALS whilst in transit and/or shipment from outside Thailand until delivery to the SITE and whilst in storage anywhere in the world during such transit / shipment including return shipments.
Cover provided on Institute “All Risks” conditions and extensions known as:
Institute Cargo Clauses (A)
Institute War Clauses (Cargo)
Institute Strikes Riots and Civil Commotion Clauses
Institute Theft, Pilferage and Non-Delivery (Insured Value) Clauses
Institute Air Cargo Clause (All Risks)
Institute War Clause (Air)
Institute Strikes Riots and Civil Commotion Clauses (Air)
Undisclosed damage clause 90 DAYS
50 : 50 Clause