The Supplier agrees to conclude a product liability insurance with worldwide validity and a minimum covered sum per annum of € 10 million, for personal injury and property damage and financial losses resulting out of it.
The insurance shall include all costs and expenses for court and out-of-court legal disputes, in particular, the costs and expenditure of the legal counsel and compensation payments based on settlement or judgments.
The Supplier delivers to Viessmann an appropriate confirmation from its insurer each December for the following calendar year. The Supplier must not cancel the insurance or reduce the benefit without the prior, written authorization of Viessmann.
In case of insolvency, the supplier assigns its claims against this insurance to Viessmann by way of security. Viessmann accepts the assignment