2.4 Automobile (Motor Vehicle) Liability Insurance. Contractor shall ensure that each subcontractor maintains automobile liability insurance for all owned, non-owned, and hired vehicles used by each subcontractor in connection with this Agreement, in compliance with all statutory requirements, with coverage for bodily injury of not less than the local currency equivalent of US$30,000 per person and US$300,000 per accident and coverage for third party property damage of not less than US$30,000 per accident.