Common use of Buyer’s Insurance Clause in Contracts

Buyer’s Insurance. Buyer shall ensure that insurances are procured and maintained for each LNG Tanker in accordance with the following provisions. In all cases, such insurance shall establish insurance coverages consistent with insurances to the standards which a ship owner operating reputable LNG vessels, as a Reasonable and Prudent Operator, should observe in insuring LNG vessels of similar type, size, age and trade as such LNG Tanker. In this regard: (a) Hull and Machinery Insurance shall be placed and maintained with reputable marine underwriters; and (b) Protection & Indemnity Insurance (“P&I Insurance”) shall be placed and maintained with fxxx X&X indemnity cover in the ordinary course from a P&I Club, and such LNG Tanker shall be entered for insurance with a P&I Club, including pollution liability standard for LNG vessel and Certificate of Financial Responsibility.

Buyer’s Insurance. Buyer shall ensure that insurances are procured and maintained for each LNG Tanker in accordance with the following provisions. In all cases, such insurance shall establish insurance coverages consistent with insurances to the standards which a ship owner operating reputable LNG vessels, as a Reasonable and Prudent Operator, should observe in insuring LNG vessels of similar type, size, age and trade as such LNG Tanker. In this regard: (a) Hull and Machinery Insurance shall be placed and maintained with reputable marine underwriters; and (b) Protection & Indemnity Insurance (“P&I Insurance”) shall be placed and maintained with fxxx xxxx X&X indemnity cover in the ordinary course from a P&I Club, and such LNG Tanker shall be entered for insurance with a P&I Club, including pollution liability standard for LNG vessel and Certificate of Financial Responsibility.

Buyer’s Insurance. Buyer shall ensure that insurances are procured and maintained for each LNG Tanker in accordance with the following provisions. In all cases, such insurance shall establish insurance coverages consistent with insurances to the standards which a ship owner operating reputable LNG vessels, as a Reasonable and Prudent Operator, 80 should observe in insuring LNG vessels of similar type, size, age and trade as such LNG Tanker. In this regard: (a) Hull and Machinery Insurance shall be placed and maintained with reputable marine underwriters; and (b) Protection & Indemnity Insurance (“P&I Insurance”) shall be placed and maintained with fxxx xxxx X&X indemnity cover in the ordinary course from a P&I Club, and such LNG Tanker shall be entered for insurance with a P&I Club, including pollution liability standard for LNG vessel and Certificate of Financial Responsibility.