Provision Language
14. INDEMNIFICATION; INSURANCE; NO WARRANTIES
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14.2 During the TERM, LICENSEE shall purchase and maintain in effect and shall require its SUBLICENSEES, except for those SUBLICENSEES whose market value is in excess of [***] and which have instituted a policy of self–insurance, to purchase and maintain in effect a policy of commercial, general liability insurance to protect YALE upon the earlier of (a) the date of FIRST SALE of any LICENSED PRODUCT or LICENSED METHOD or (b) the date any LICENSED PRODUCT, or LICENSED METHOD is tested or used on humans. Such insurance shall:
(a) list “YALE, its trustees, directors, officers, employees and agents” as additional insureds under the policy, and provide that YALE shall receive thirty (30) days’ written notice prior to any cancellation or material change;
(b) provide that such policy is primary and not excess or contributory with regard to other insurance YALE may have;
(c) be endorsed to include product liability coverage in amounts no less than [***]; and
(d) be endorsed to include contractual liability coverage for LICENSEE’s indemnification under Article 14.1; and
(e) by virtue of the minimum amount of insurance coverage required under Article 14.2(c), not be construed to create a limit of LICENSEE’s liability with respect to its indemnification under Article 14.1.
14.3 Upon YALE’s request, LICENSEE shall furnish a Certificate of insurance and a copy of the current Insurance Policy to YALE.