I. OWNER’s interest in the policies of insurance described in Article 10.1.2 and/or all any rights or benefits of OWNER arising thereunder shall, if OWNER so directs be assigned, mortgaged or otherwise disposed of as security of OWNER’s obligations in relation to any finance provided for the WORK, or to any agent on their behalf.
J. In so far as OWNER or CONTRACTOR as they may consider necessary, elects to effect or maintain other insurances additional to those detailed in this Article 10.1.2. CONTRACTOR may do so at its own cost, and shall ensure that such insurances shall contain appropriate waivers of subrogation against OWNER and CONSULTANT and their respective agents, officers and employees. CONTRACTOR shall take out other insurances as required by Law or as prudent for CONTRACTOR to take out, such additional insurance coverage shall also inure to the benefit of OWNER.
K. In the event that CONTRACTOR fails to comply with conditions imposed by the insurance policies effected pursuant to the CONTRACT, CONTRACTOR shall indemnify OWNER against all losses and claims arising from such failure.
10.1.4 Evidence and Terms of Insurance
A. CONTRACTOR shall provide evidence to OWNER prior to the commencement of the WORK that the insurances required to be provided by CONTRACTOR under this CONTRACT and pursuant to Article 10.1.2 have been effected and in full force.
B. The written notice must be given to OWNER by CONTRACTOR prior to any cancellation or restrictive modification of the policies of not less than sixty (60) DAYS. OWNER reserves the right to object such change desired by CONTRACTOR.
C. CONTRACTOR shall notify the insurers of changes in the nature, extent or program for the Execution of the WORK and ensure the adequacy of the insurances at all times in accordance with the terms of this CONTRACT and shall, when required, produce to OWNER the insurance policies in force and the receipts for payment of the current premiums.
D. In the event of an accident occurring or any situations that may give rise to a claim, CONTRACTOR shall give written notice to OWNER within twenty-four (24) hours and shall take all steps to follow the Claim Procedure. In the event that CONTRACTOR fails to comply with conditions imposed by the insurance policies effected pursuant to this CONTRACT, CONTRACTOR shall indemnify OWNER against all losses and claims resulting from such failure. CONTRACTOR shall be responsible in case of repudiation of claim under the insurance policy, including any repudiation due to breach of insurance warranty.