Glossary

Insurance

Last updated 28 June 2007

Description

Obligation to maintain a level of insurance to ensure the party is able to meet its indemnification and other commitments.

Examples

Clause:

7.2 Insurance.

At the time of Launch and continuing through the Term of this Agreement, ACCESS shall maintain the following kinds of insurance with the minimum limits set forth below.

Kind of Insurance

Commercial General Liability, including Contractual, Completed Operations and Product Liability Minimum Limits: $2,000,000 Per Occurrence, and $5,000,000 Aggregate

Workers Compensation: Statutory with Employer's Liability of not less than $1,000,000 Per Accident/Disease

Automobile Bodily Injury Liability (including hired automobile and non- ownership Liability): $1,000,000 Each Accident/Combined Single Limit

Upon request, ACCESS shall furnish insurance certificates as directed by WYETH, satisfactory in form and substance to WYETH, showing the above coverages, and providing for at least thirty (30) days' prior written notice to WYETH by the insurance company of cancellation or modification. WYETH shall be named as an additional insured on the ACCESS's policies. Coverage shall be procured with carriers having an A.M. Best rating of A-VII or better.

-- License and Supply agreement between Access and Wyeth, January 2004