Hull & Machinery Insurance Sample Clauses

Hull & Machinery Insurance. Hull & Machinery Insurance insuring the vessel’s market value where applicable.
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Hull & Machinery Insurance. At its own expense, Mortgagor will maintain or cause to be maintained with financially sound and reputable insurers (all risk equivalent) marine hull and machinery insurance (and, if necessary to satisfy the proviso of this subparagraph, policies of increased value insurance) and war risk hull & machinery insurance covering confiscation, appropriation, nationalization and seizure for vessels operating outside the United States coastal waters on an agreed value basis on the Vessel against loss, damage, fire and hurricane loss or damage and such other perils and in such amounts as are usually maintained on vessels engaged in the same or a similar business under blanket fleet policies with respect to vessels of like size, character and marine activity; provided, however, that in no event shall the amount of such insurance at any time be less than full replacement value. Such insurance shall be effective on the date hereof and shall name the Mortgagor, Mortgagee and other interested persons as insureds as their respective interests may appear, but (subject only to Section 2.18(b) hereof) shall be payable solely to Mortgagee for further disbursement by it to the other insureds as their interests may appear and shall be applied as set forth in Section 2.18(b). With respect to policies required under this Section 2.18(a)(i), the deductible for such policies shall not exceed $100,000.00 per incident.
Sample 1
Hull & Machinery Insurance. (a) Owner shall take out and maintain Hull & Machinery Insurance with first class marine underwriters for such amount as Owner may require but not less than the market value of the FSRU or the amount required by Owner’s financiers. Unless otherwise agreed, the minimum insured value of the FSRU shall be the Accepted Insured Value; provided that at no time during the Lease Period shall the minimum insured value be less than the amount, if any, established under applicable limitation or liability conventions with respect to the FSRU. Coverage, if any, obtained pursuant to paragraph 5(b) hereof shall be included within insured value and shall result in a corresponding reduction in the level of Hull & Machinery Insurance coverage. (b) The Hull & Machinery insurance shall be placed on terms equivalent to the Norwegian Marine Insurance Plan of 1996 Version 2010 or later amended versions (“NMIP”), or the standard London Institute Hull Clauses in common usage at the date of original issue and the date of each renewal, respectively, or their European, Japanese or American equivalents. (c) Unless placed on Norwegian conditions as per NMIP, the Hull & Machinery insurance shall include specifically: Additional Perils clause (LNG vessel), or the (London) Institute Additional Perils clause Hulls (Clause 294 if 1.10.83 clauses are used - or equivalent if subsequent clauses are used) or the American Hull Syndicate Liner Negligence clause or its equivalents. The Hull & Machinery Insurance may include four-fourths Running Down clause (“RDC”) and liability for Fixed and Floating Objects (“FFO”) cover unless Owner at his sole discretion opts to take out RDC and FFO liability cover by means of Protection & Indemnity insurance placed with one of the leading P&I associations which are members of the International Group of P&I Clubs (the “Approved Clubs”). (d) Owner shall arrange for a deductible on Hull & Machinery Insurance which results in the most economical premiums recognising conditions or restrictions within the Approved Security Interest and the standards which prudent SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****). shipowners operating first class LNG or floating storage and regasification vessels should observe in insuring vess...
Sample 1

Related to Hull & Machinery Insurance

  • Boiler and Machinery Insurance The Owner shall have the option of purchasing and maintaining boiler and machinery insurance required by the Contract Documents or by law, which shall specifically cover such insured objects during installation and until final acceptance by the Owner. If purchased this insurance shall include interests of the Owner, Contractor, Subcontractors and Sub-subcontrators in the Work.

  • Primary Insurance Contractor's insurance coverage shall be primary insurance with respect to the Department, its officers, officials, employees, and volunteers and shall apply separately to each project or location. Any insurance or self-insurance maintained by the Department, its officers, officials, employees, or volunteers shall be excess of Contractor's insurance and shall not contribute with it.

  • Umbrella Insurance During the term of this Contract, Supplier will maintain umbrella coverage over Employer’s Liability, Commercial General Liability, and Commercial Automobile. Minimum Limits: $2,000,000

  • Aircraft Liability Insurance (i) Except as provided in clause (ii) of this Section 7.06(a), and subject to the rights of Company to establish and maintain self-insurance in the manner and to the extent specified in Section 7.06(d), Company will carry, or cause to be carried, at no expense to Loan Trustee, aircraft liability insurance (including, but not limited to, passenger, contractual, bodily injury, personal injury, property damage, and products liability (exclusive of manufacturer’s product liability insurance and war risk, hijacking and allied perils insurance)) with respect to the Aircraft that is of the type as from time to time applicable to aircraft operated by Company (or, if a Lease in respect of the Aircraft is then in effect, by Permitted Lessee) of the same type as the Aircraft (A) in amounts that are not less than the aircraft liability insurance applicable to similar aircraft and engines in Company’s (or Permitted Lessee’s) fleet on which Company (or Permitted Lessee) carries insurance and operated by Company (or Permitted Lessee) on the same or similar routes as operated by the Aircraft; provided that such liability insurance shall not be less than the amount (the “Minimum Insurance Amount”) certified in the insurance report delivered to Loan Trustee and each Liquidity Provider on the Closing Date, and (B) that is maintained in effect with insurers of recognized responsibility. Any policies of insurance carried in accordance with this Section 7.06(a) and any policies taken out in substitution or replacement for any of such policies shall: (1) name Loan Trustee, Subordination Agent, each Pass Through Trustee and each Liquidity Provider as their Interests (defined below in this Section 7.06) may appear, as additional insureds (the “Additional Insureds”), (2) subject to the conditions of clause (3) below, provide that, in respect of the interest of each Additional Insured in such policies, the insurance shall not be invalidated by any action or inaction of Company, any Permitted Lessee, or any other insured (other than such Additional Insured) and shall insure each Additional Insured’s Interests as they appear, regardless of any breach or violation of any warranty, declaration or condition contained in such policies by Company, any Permitted Lessee or any other insured (other than such Additional Insured), (3) provide that, if such insurance is canceled for any reason, or if any change is made in the insurance that materially reduces the amount of insurance or the coverage certified in the insurance report delivered on the Closing Date to Loan Trustee and each Liquidity Provider, or if such insurance is canceled for nonpayment of premium, such cancellation or change shall not be effective as to any Additional Insured for 30 days after

  • Group Insurance All employees covered by this Agreement shall receive the same group insurance benefits as provided to other County employees in accordance with the County Benefit Program.

  • Casualty Insurance The Lessor ☐ The Lessee ☐ The Parties (jointly) shall be responsible for obtaining and maintaining casualty insurance for the Premises for losses against fire.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Comprehensive General Liability Insurance The Lessee shall procure and maintain a valid Comprehensive General Liability Insurance indemnifying the Lessor with minimum coverage of $ for personal injury and $ for damage to property.

  • Travel Insurance The Employer shall provide and pay the full cost for travel insurance to cover all members of the bargaining unit for all modes of travel, in the amount of $200,000.00. The travel insurance policy shall also cover employees while on union business.

  • Business Automobile Liability Insurance Such insurance shall cover liability arising out of any automobile used in connection with performance under the Contract, including owned, leased, hired and non-owned automobiles bearing or, under the circumstances under which they are being used, required by the Motor Vehicles Laws of the State of New York to bear, license plates.

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