Common use of Damages and Losses to Property Clause in Contracts

Damages and Losses to Property. 2.9.1 All costs or expenditures necessary to replace or repair damages or losses incurred by fire, flood, storm, theft, accident, or any other cause. Operator shall furnish Non-Operator written notice of damages or losses incurred in excess of US$500,000 as soon as practical after report of the same has been received by Operator. 2.9.2 Credits for settlements received from insurance carried for the benefit of the Operations and from others for losses or damages to Operators Property or Materials Each Party shall be credited with its Participating Interest share thereof except when such receipts are derived from insurance purchases by Operator for less than all parties in which event such proceeds shall be credited to those Parties for whom the insurance was purchased in the proportion of their respective contributions toward to insurance coverage. 2.9.3 Expenditures incurred in the settlement of all losses, claims, damages, judgements and other expenses for the account of Project Operations.