Sample Insurance Clause in Consortium Agreement
March 12, 2011
The Parties shall endeavour to take out joint insurance wherever such is necessary or appropriate, including, without limitation, coverage of property risks at a joint construction site. If there is no joint insurance coverage, each Party shall take out and maintain individual insurance policies. The Parties shall by resolution determine the minimum insurance coverage to the extent there is no contractual or statutory obligation to insure certain risks (e.g. minimum indemnity limits for special or general liability insurance). Such individual insurance policies shall contain provisions precluding the right of recourse against the other Parties, their employees, agents and subcontractors.
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