Common use of Independent report Clause in Contracts

Independent report. the Lessor shall be entitled to request the Lessee (at the cost of the Lessee), to furnish the Lessor with a detailed report signed by an independent firm of insurance brokers appointed by the Lessor dealing with the insurances maintained on the Ship and stating the opinion of such firm as to the adequacy thereof. The Lessor shall be entitled to request the furnishing of a report under this clause at the time of Delivery and thereafter if the insurance advisors of the Lessor recommend that a report be obtained following the annual audit of the shipping insurance portfolio of the Lessor Group or, if earlier, at the time of any material change in the Insurances or in the identity of the Approved Brokers or the protection and indemnity and/or war risks association responsible for such Insurances or if the Lessor reasonably believes that there has been a material change in insurance market practice in respect of vessels of similar type to the Ship;