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117 Boards will be required to specify in detail the key insurances Project Co is required to procure. These requirements should be outlined in full in Part 21 of the Schedule (Insurance Requirements). Part 21 of the Schedule contains the Standard Required Insurance Schedule. Variations should be kept to a minimum but it is recognised that these may be required for project specific reasons or to reflect the availability of insurance in the market. Boards should be aware that in relation to insurances listed in Part 21 of the Schedule they may also become insurers of last resort (see Clause 36.14 etc.).