16.1 The Company acknowledges that it is responsible for procuring and maintaining insurances which:
16.1.1 cover the risk of any and all damages, losses, claims, actions costs, expenses, proceedings, demands, charges, physical loss, theft and/or indirect loss to the Company and Company Assets; and
16.1.2 are otherwise required by Legislation in relation to risks relevant to the operation of the Academy and the provision of Educational Services at the Academy.