the contractor agrees to provide the customer with contractor/erection's all risks Insurance form an insurer approved by the customer in accordance with the details of insurance as set forth in Annex7, for which the customer shall be the named beneficiary of the Insurance, at the contractor's sole cost and expense. The insurance shall have a sum insured equal to the contractor price and shall take effect form the effective date and shall remain valid and in effect until the expiration of the last Warranty period under the agreement