Provision Language
Annexure A: License Agreement
3. SUBLICENSE
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3.5. MPP shall cause the Sublicensees to purchase and maintain appropriate product liability insurance as per the terms of the Sublicense.
Annexure A, Schedule 3: Form of Sublicense
14. WARRANTIES AND INDEMNITIES
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14.7 Immediately upon the first administration of a Licensed Product to a human in accordance with this Agreement, and for a period of ten (10) 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 Licensed Product is 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 and Ferring upon request from either therefor and shall monitor such policy on a monthly basis to ensure that any cover is revised to take account of any currency fluctuations.