Provision Language
Definitions
“Clinical Trial Materials” means clinical testing materials, including clinical supplies of the Product inappropriate containers, for use in Clinical Trials.
13. Indemnification; Insurance
13.5. Insurance. Each Party shall procure and maintain insurance, including product liability insurance, or shall self–insure, in each case in a manner adequate to cover its obligations under this Agreement and consistent with normal business practices of prudent companies similarly situated at all times during the Term and for a period of [***] thereafter. Ocugen shall be responsible to insure the Clinical Trial Materials and the Product supplied by BBIL pursuant to Sections 7.1 and 7.2 including product liability insurance in respect thereof for the Ocugen Territory. Each Party shall procure insurance or self–insure at its own expense. It is understood that such insurance shall not be construed to create a limit of either Party’s liability with respect to its indemnification obligations under this Article XIII; provided that BBIL shall not be liable for any Claim to the extent that the Losses in respect of which the Claim is made are covered by a policy of insurance, and actually paid by the insurance company to Ocugen net of any deductible under the insurance policies and less any taxation suffered on the proceeds and any reasonable out of pocket expenses suffered or incurred by Ocugen in connection with the Claim. Each Party shall provide the other Party with written evidence of such insurance or self–insurance upon request. Each Party shall provide the other Party with written notice at least thirty (30) days prior to the cancellation, non–renewal or material change in such insurance.