Master Alliance Provisions Guide (MAPGuide)

Population Council – TherapeuticsMD, Nestorone Contraceptive Ring, License Agreement

  • Liability | Insurance


13.3 Insurance.  In addition to its duty to indemnify, beginning on the date of the first commercial sale of a Licensed Product and during the Term and for a period of [***], LICENSEE will, at its expense, maintain with insurers rated A-7 or higher by A.M. Best a comprehensive general liability insurance policy or policies, including coverage exclusively for the Licensed Product for product liability of least [***], provided that LICENSEE will, on no less than an annual basis have the applicable policies reviewed by a reputable licensed insurance broker in the applicable market with reference to Licensed Product sales in the prior period, projected sales and other relevant factors to determine an appropriate level of insurance for the Licensed Product, will increase the foregoing exclusive coverage as so advised by such broker, and will promptly notify the Council in writing regarding any such increased coverage. Such insurance policy or policies will name Council as an additional insured and will provide that at least 30 days’ prior written notice of cancellation or material change in coverage under such policy or policies will be given to Council. LICENSEE will furnish copies of such policy or policies to Council as promptly as reasonably practicable after the Effective Date, and will provide documentation evidencing that such policy or a similar policy is in force each year during the Term.