This excerpt taken from the LNG 10-Q filed May 5, 2006.
OWNER ACQUIRED INSURANCE
1.
Insurance Coverage Required of Owner.
(a)
Policies. Owner shall provide and maintain in full force and effect at all times commencing on the later of (i) the first date any of the Work is performed at the Site
or (ii) May 1, 2006, and ending upon the completion of all Work under this Agreement, with coverage at levels not less than the minimums indicated and shall provide to Contractor certificates evidencing such coverages, or, if requested by
Contractor, copies of applicable policies:
(1)
Automobile liability insurance covering owned, non-owned and hired automobiles for a limit of $1,000,000 combined single limit per accident for bodily injury and property damage.
(2)
(i) Workers’ compensation insurance covering permanent and temporary employees with statutory limits, (ii) employer’s liability insurance with limits of not less
than $1,000,000 per occurrence and (iii) to the extent that exposure exists, US Longshoremen’s and Harbor Workers Act and Jones Act (maritime) coverage or under laws, regulations and statutes applicable to maritime employees, coverage
shall be included for such injuries or claims.
(3)
Pollution legal liability insurance with a limit of $10,000,000 each occurrence and $10,000,000 aggregate.
(b)
Endorsements. The insurance policies required in Section 1(a) above shall be endorsed to provide that:
(1)
For the insurance required in clauses (1) and (3) of Section 1(a) above, Contractor Group (as such term is defined this Agreement) are named as an additional
insured but only to the extent of Owner’s indemnification obligations to Contractor under this Agreement, with such coverage being primary to any insurance carried by the additional insured; and
(2)
There is a waiver of subrogation clause on each of the policies described in clauses (1) and (3) of Section 1(a) above in favor of Contractor Group to the
extent of Owner’s indemnity obligations under this Agreement.
(c)
Miscellaneous. Owner shall do nothing to void or make voidable any of the insurance policies purchased and maintained by Owner hereunder. Owner shall promptly give Contractor
notice in writing of the occurrence of any casualty, claim, event, circumstance, or occurrence that may give rise to a claim under an insurance policy under this Schedule L-2 and arising out of or relating to the performance of the Work;
provided, however, in no event shall such notice be more than three (3) Days after Owner has received notice of a claim or intent to file a claim. In addition, Owner shall ensure that Contractor is kept fully informed of any
subsequent action and developments concerning the same.
L-7
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