53.1 Project Co shall, at its own cost, procure that the insurances, details of which are set out in Section 1 (Policies to be taken out by Project Co and maintained during the Design and Construction Phase) of Schedule Part 15 (Insurance Requirements), are taken out prior to the commencement of the Works and are maintained for the periods specified in Section 1 (Policies to be taken out by Project Co and maintained during the Design and Construction Phase) of Schedule Part 15 (Insurance Requirements).
53.2 Project Co shall, at its own cost, procure that the insurances, details of which are set out in Section 2 (Policies to be taken out by Project Co and maintained from the Actual Completion Date)) of Schedule Part 15 (Insurance Requirements), are taken out prior to the Actual Completion Date and are maintained for the periods specified in Section 2 (Policies to be taken out by Project Co and maintained from the Actual Completion Date) of Schedule Part 15 (Insurance Requirements).
53.3 Without prejudice to the other provisions of this Clause 53 (Insurance), Project Co shall, at all relevant times, at its own cost, effect and maintain in full force those insurances which it is required to effect by any applicable Law.
53.4 All Insurances referred to in Clauses 53.1 and 53.2 shall:
53.4.1 be maintained in the names of the parties specified in Schedule Part 15 (Insurance Requirements) and shall be composite policies of insurance (and not joint) unless stated otherwise in Schedule Part 15 (Insurance Requirements));
53.4.2 be placed with insurers who are acceptable to the Authority (such acceptance not to be unreasonably withheld or delayed);
53.4.3 in so far as they relate to damage to assets (including the Facilities), cover the same for the full reinstatement value;
53.4.4 comply with the relevant provisions of Section 1 (Policies to be taken out by Project Co and maintained during the Design and Construction Phase) and Section 2 (Policies to be taken out by Project Co and maintained from the Actual Completion Date) of Schedule Part 15 (Insurance Requirements).
53.4.5 provide for 30 days prior written notice of their cancellation, non-renewal or amendment to be given to the Authority in accordance with Endorsement 1 in Section 3 (Endorsement) of Schedule Part 15 (Insurance Requirements);
53.4.6 in respect of the Physical Damage Policies provide for payment of any proceeds received by Project Co to be applied in accordance with Clause 53.22 (Reinstatement);
53.4.7 in the case of the Operational Insurances only, be taken out and maintained in accordance with Section 4 of Schedule Part 15 (Insurance Requirements).
53.5 Project Co shall ensure that its brokers give the Authority a letter of undertaking substantially in the form set out in Section 5 (Broker's Letter of Undertaking) of Schedule Part 15 (Insurance Requirements) at Financial Close and subsequently on the renewal of each of the Insurances.