6  Professional indemnity insurance

6.1  You warrant that you have professional indemnity insurance covering your liabilities for negligence under this Appointment with a limit of indemnity of not less than £[10,000,000.00] and an excess of a level commensurate with that which would normally be expected for an entity the size and nature of the surveyor for any occurrence or series of occurrences arising out of each and every event.   You undertake to maintain such insurance at all times with an insurer of good repute until 12 years after the completion of the Stock Condition Survey (or, if earlier, until 12 years after the termination of your employment under this Appointment), provided such insurance is available on commercially reasonable terms having regard (inter alia) to premiums required and the policy terms obtainable.  Any increase in premiums due to your adverse claims record shall (for the purposes of this Appointment) be ignored for the purposes of determining whether or not insurance is available on commercially reasonable terms.

6.2  If for any period such insurance is not obtainable on commercially reasonable terms, you shall forthwith inform the Council and shall obtain in respect of that period such reduced cover (if any) as is available and as would be fair and reasonable in the circumstances for you to obtain.

6.3  When reasonably requested by the Council you shall provide documentary evidence that the insurance required hereunder is being maintained.

6.4  Should you fail to comply with Clause 6.1 or 6.2 or 6.3, you shall pay us on demand any money we reasonably expend to effect insurance against any risk or amount with respect to which such default shall have occurred.