47.3.  Nature of the Insurance

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

47.3.1.  contain a clause waiving the insurer's subrogation rights against the Authority, its employees and agents;

47.3.2.  have the interest of the Authority noted thereon or at the election of the Authority shall name the Authority as co-insured with any other party maintaining the insurance;

47.3.3.  provide for [thirty (30)] Business Days' prior written notice of their cancellation, non-renewal or amendment to be given to the Authority;

47.3.4.  contain a clause whereby the insurance shall apply to each of the insureds as if a separate policy had been issued to each of them, other than in the event of exhaustion of the sum insured; and

47.3.5.  for Professional Indemnity cover such insurance shall be maintained until 6 years after the Expiry Date or Termination Date whichever is the earlier.