In the PV Standard Project Deed, Project Co must procure and maintain:
• during the Development Phase, the Development Phase Insurances; and
• during the Operational Phase, the Operational Phase Insurances,
which are set out in the Insurance Schedule. The State's insurance requirements in the Insurance Schedule represent the minimum degree of cover which the State expects Project Co to maintain as part of its risk management strategy.
In addition to the requirements of the Insurance Schedule, Project Co is required to ensure that the Insurances comply with the requirements under clauses 44.3 and 44.4. In particular, the terms of the Insurance must:
• be acceptable to the State (such acceptance must not be unreasonably withheld);
• not require the State, any State Associate, any Interface Party carrying out Site Interface Works or Proximate Interface Works or any Indemnified IP Person to exhaust the indemnities given by Project Co or any Project Co Associate to them under any State Project Document, before the insurer will consider, accept or pay proceeds in respect of any claim under the Insurance;
• in the case of those Insurances where there is more than one Insured party, not impute to any Insured any knowledge or intention or a state of mind possessed or allegedly possessed by any other Insured;
• in the case of Insurances under which the State or any State Associate are also Insured, ensure that the interests of the Insured include the entire assets of the Project and waives any rights of subrogation which it may have against any Insured;
• in the case of liability Insurances, ensure to treat each Insured as a separate Insured as though a separate contract of insurance had been entered into with each of the Insureds, without increasing the applicable deductible or the overall limit of indemnity under the relevant Insurance;
• except in relation to workers' compensation insurance and compulsory third party motor vehicle insurance, ensure that no reduction in limits or coverage affecting the Project or the Project Assets will be made during the period of insurance, except under the circumstances and to the extent permitted by the Insurance Contracts Act 1984 (Cth) or other applicable law and with not less than 20 Business Days' prior notice to the State and Project Co; and
• if stipulated in the Insurance Schedule, be effected on a project specific basis.