Common use of Fleet cover Clause in Contracts

Fleet cover. If the Ship is insured under a fleet policy (other than under the Norwegian Marine Insurance Plan), the Borrower shall procure that the relevant insurer provides an undertaking to the Agent that it shall not set off against any claim, any premium due in respect of other vessels in the fleet policy or any premiums due for other insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels in the fleet policy or of premiums for such other insurances, and shall undertake to issue a separate policy in respect of the Ship if so requested by the Agent.

Fleet cover. If the Ship Vessel is insured under a fleet policy (other than under the Norwegian Marine Insurance Plan)policy, the Borrower shall procure that the relevant insurer provides an undertaking to the Agent Lender that it shall not set off against any claim, any premium due in respect of other vessels in the fleet policy or any premiums due for other insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels in the fleet policy or of premiums for such other insurances, and shall undertake to issue a separate policy in respect of the Ship Vessel if so requested by the AgentLender.