Provision Language
Schedule 2 – Form of Sublicense
18. INSURANCE
Immediately upon the first Regulatory Approval for a Licensed Product pursuant to this Agreement, and for a period of ten years after the expiration or earlier termination of this Agreement, the Licensee shall obtain and/or maintain, at its sole cost and expense, product liability insurance in amounts which are reasonable and customary in the pharmaceutical industry of the countries in which the Licenced Compound and Licensed Products are manufactured, distributed and sold (as relevant), subject always to a minimum limit equivalent to U.S.$10,000,000 per occurrence (or claim) and in the aggregate annually. Such product liability insurance shall insure against all liability, including product liability, personal liability, physical injury or property damage. The Licensee shall provide written proof of the existence of such insurance to the Licensor upon request from either thereof and shall monitor such policy on a monthly basis to ensure that any cover is revised to take account of any currency fluctuations.