Common use of Extent of Insurance Coverage Clause in Contracts

Extent of Insurance Coverage. From the time of launching of the Vessel until the same is completed, delivered to and accepted by the Buyer, the Builder shall, at its own cost and expense, insure the Vessel and all machinery and equipment, appurtenances and outfits, including the Buyer’s supplies, built into or installed in or upon the Vessel, against all risks under the “Institute Clauses for Builder’s Risks” with first class insurance company or underwriters in Korea. The amount of such insurance coverage shall not be less than the aggregated amount of all instalments paid by the Buyer to the Builder plus the value of the Buyer’s supplies in the custody of the Shipyard. The Builder will supply the Buyer with copies of the insurance documents and all renewals thereof.