Common use of Collision Liability Clause in Contracts

Collision Liability. Protection & Indemnity with Samsung Fire and Marine Insurance Company or its equivalent first class Korean insurance company. The amount of such insurance shall, up to the date of Delivery of the Vessel, not be less than the aggregate amount of all payments paid by the Buyer to the Builder, plus the value of agreed Alterations at the time of launching and of the Buyer-furnished Equipment in the custody of the Shipyard. From the time of arrival to the time of launching, any losses and damages to the Buyer-furnished Equipment shall be covered, without a deductible, by the Builder’s Insurance policy against the Shipyard.