40.3  Nature of the Insurances

With the exception of any insurances required by Legislation, the Required Insurances shall:

(a)  subject to 40.3(f) name the Service Provider as co-insured with any other party maintaining the insurance;

(b)  [provide for non-vitiation protection in respect of any claim made by the Authority as co-insured in accordance with Endorsement [2] in Part 3 of Schedule 18 (Insurance Matters)];

(c)  contain a clause waiving the insurers' subrogation rights against the Authority and its employees and agents, in accordance with Endorsement 2 of Part 2 of Schedule 18 (Insurance Matters);

(d)  provide for twenty (20) Business Days prior written notice of their cancellation, non-renewal or amendment to be given to the Authority in accordance with Endorsement [1] in Part 3 of Schedule 18 (Insurance Matters);

(e)  in respect of the Physical Damage Policies provide for payment of any proceeds received by the Service Provider to be applied in accordance with clause 40.16;

(f)  wherever possible, name the Authority as a co-insured for its separate interest; and

(g)  be effected with insurers approved by the Authority, such approval not to be unreasonably withheld or delayed.