36.1 Project Co shall, at its own cost, procure that the insurances, details of which are set out in Section 1 of Part 21 of the Schedule (Insurance Requirements), are taken out prior to the commencement of the Works and are maintained for the periods specified in Section 1 of Part 21 of the Schedule (Insurance Requirements).
36.2 Project Co shall, at its own cost, procure that the insurances, details of which are set out in Section 2 of Part 21 of the Schedule (Insurance Requirements), are taken out prior to the Actual Completion Date and are maintained for the periods specified in Section 2 of Part 21 of the Schedule (Insurance Requirements).
36.3 Without prejudice to the other provisions of this Clause 36, 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.
36.4 All Insurances shall:
(a) be maintained in the names of the parties specified in Part 21 of the Schedule (Insurance Requirements) and shall be composite policies of insurance (and not joint) unless stated otherwise in Part 21 of the Schedule (Insurance Requirements));
(b) be placed with insurers who are acceptable to the Board (such acceptance not to be unreasonably withheld or delayed);
(c) in so far as they relate to damage to assets (including the Facilities), cover the same for the full reinstatement value;
(d) comply with the relevant provisions of Sections 1 and 2 of Part 21 of the Schedule (Insurance Requirements).
(e) provide for 30 days prior written notice of their cancellation, non-renewal or amendment to be given to the Board in accordance with Endorsement 1 in Section 3 of Part 21 of the Schedule (Insurance Requirements); and
(f) in respect of the Physical Damage Policies provide for payment of any proceeds received by Project Co to be applied in accordance with Clause 36.22 (Reinstatement).
36.5 Project Co shall ensure that its brokers give the Board a letter of undertaking in the form set out in Section 5 of Part 21 of the Schedule (Insurance Requirements);