Provision Language
14. Insurance
14.1 SIIPL shall procure and shall maintain a general liability and product liability insurance policy with “A-rated” insurance carriers according to AM Best rating agency or equivalent (e.g. “AA” rating of S&P; “Aa” rating of Moody’s, valid for those countries where the SIIPL Products are Manufactured and Commercialized with a limit of two times 20 million EUR per claim and as an annual aggregate for personal injury, property damage and financial loss, and naming VALNEVA its Affiliates, and their respective directors, officers, employees, and agents as an additional insured party.
14.2 SIIPL shall provide, or cause to be provided, to VALNEVA written evidence of such insurance promptly upon request of VALNEVA. Notwithstanding anything to the contrary, the naming of VALNEVA as an additional insured party in SIIPL’s insurance policy shall in no way limit or otherwise affect SIIPL’s liability or obligations towards VALNEVA under this Agreement.
14.3 VALNEVA shall procure and maintain a general liability and product liability insurance policy, with “A-” rated insurance carriers according to AM Best Rating Agency or equivalent (e.g. “AA” rating of S&P; “Aa” rating of Moody’s), with a limit of two times 20 million EUR per claim and as an annual aggregate for personal injury, property damage and financial loss, and naming SIIPL and its directors, officers, employees, and agents as an additional insured party.
14.4 VALNEVA shall provide, or cause to be provided, to SIIPL written evidence of such insurance promptly upon request of SIIPL. Notwithstanding anything to the contrary, the naming of SIIPL, its directors, officers, employees, and agents as an additional insured party in VALNEVA’s insurance policy shall in no way limit or otherwise affect VALNEVA`s liability or obligations towards SIIPL under this Agreement.