IISD Model Contract Clauses for Responsible Investment in Agriculture:

Customizable legal provisions to help implement international best practices, principles, and guidance on responsible agricultural investment

47. Insurance

 

47.1 At all times during the term of this Agreement, the Company shall obtain and maintain at its own cost insurance policies as required by any of the Applicable Permits, the Applicable Law and in accordance with Good Industry Practice, including, at a minimum, coverage for the risk and liability events and in the amounts of coverage as follows:

(a) fire – [insert amount]

(b) disease – [insert amount]

(c) hail – [insert amount]

(d) climate change event – [insert amount]

(e) theft – [insert amount]

(f) damage to property – [insert amount]

(g) personal injury – [insert amount]

(h) life and health of Workers – [insert amount]

(i) crop [insert amount]

(j) [insert other] – [insert amount]

47.2 The Company shall cause its insurers or agents to provide the Grantor [and the Authority] with certificates of insurance. At least 60 days prior to the expiration of any required insurance policy, the Company shall deliver to the [and the Authority] certificates of insurance evidencing the renewal of such policy.


For more information: See generally UNIDROIT & IFAD, 2021, Chapter 4.V.A.2 (Insurance); Aizawa & Mann, 2021, Section 4.5 (Anticipate and Manage Climate Change Risks).

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