Provision Language
7. Warranties, Limitations & Indemnification
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7.03 Insurance
(A) Scope & Expense. (a) As of the Effective Date, Licensee will have procured and will maintain in full force and effect commercial general liability insurance policies that protect and name the Indemnitees as additional insureds with coverage amounts of no less than $1,000,000 per incident and $1,000,000 in annual aggregate but the University may in its reasonable discretion, by thirty (30) days written notice to Licensee, require greater liability coverage. (b) Prior to the earlier of: (i) the first use of a Licensed Process or Licensed Product by or on humans (including human testing) or (ii) the First Commercial Sale of any Licensed Process or Licensed Product, Licensee will, at its own expense, procure and maintain in full force and effect commercial general liability insurance policies that protect and name the Indemnitees as additional insureds with coverage amounts of no less than $5,000,000 per incident and $5,000,000 in annual aggregate, but the University may in its reasonable discretion, by thirty (30) days written notice to Licensee, require greater liability coverage. Coverage under the commercial general liability insurance will include product liability and contractual liability for Licensee’s indemnification obligations under Section 7.02. If the product liability insurance is not for occurrence liability coverage, Licensee will maintain commercial general liability insurance for not less than fifteen (15) years after it has ceased commercial distribution or use of any Licensed Product or Licensed Processes. University may in its reasonable discretion, by thirty (30) days written notice to Licensee, require greater liability coverage.
(B) Notice & Cancellation. Licensee will provide the University with written evidence of such insurance upon issuance and upon each annual renewal. Licensee will give the University at least thirty (30) days written notice prior to any cancellation, non–renewal or material change in such insurance. Notwithstanding anything to the contrary in Section 9.02(A), if Licensee does not obtain replacement insurance providing comparable coverage within such thirty (30) day period, the University may terminate this Agreement without notice or any additional cure or waiting period.