Provision Language
5. Indemnity and Insurance.
[…]
5.4. Insurance. Prior to initial human testing of any Licensed Product, Licensee will establish and maintain Comprehensive General Liability Insurance, including Clinical Trial Insurance, with a reputable and financially secure insurance carrier or through a self-insurance program acceptable to Pfizer to cover any liability of Indemnitees related to any Licensed Product, or otherwise arising from the activities of Licensee. Prior to the first commercial sale of any Licensed Product, Licensee will establish and maintain Comprehensive General Liability Insurance, including Product Liability Insurance and Contractual Liability Insurance, with a reputable and financially secure insurance carrier or through a self-insurance program reasonably acceptable to Pfizer to cover any liability of Indemnitees to third parties related to any Licensed Product, or otherwise arising from the activities of Licensee. The Comprehensive General insurance policy shall provide minimum liability coverage of $5,000,000 per claim and $10,000,000 in the aggregate, and shall include Indemnitees as additional insureds. Licensee will furnish a Certificate of Insurance or other evidence of compliance upon reasonable request. All insurance of Licensee will be primary coverage; other insurance of Indemnitees will be excess and noncontributory. Insurances to be procured by Licensee in this Section shall be maintained during the Term and until the later of: (a) three (3) years after termination or expiration of this Agreement, or (b) the date that all statutes of limitation covering claims or suits that may be instituted for personal injury based on the sale or use of the Licensed Product have expired.