Where it is provided for in the Special Administrative Clauses, a contract holder shall be bound to take out, upon notification of the contract, an insurance policy from one or more approved insurance companies to cover risks related to the provision of services under his contract.
In any case, the policy must cover all bodily, material and immaterial damage caused to third parties or facilities immediately after its subscription right up to final acceptance of services or after 10 years, as appropriate.
Except by express waiver granted by the Minister in charge of insurance, it shall be forbidden to take out a direct risk insurance concerning a person, property or liability located in Cameroon from a foreign insurance company which does not conform to the prescriptions of the CIMA Insurance Code.
Any contract holder of foreign nationality or governed by foreign law who takes out in his country of origin an insurance policy against export risks shall be bound to forward the said insurance policy to the Project Owner or the Delegated Project Owner and to the Autonomous Sinking Fund, as appropriate, within 2 (two) months from the date of notification of the contract.
He shall be bound to inform the authorities and body referred to above of any potential claim.
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