Common use of Innocent Owners Insurances Clause in Contracts

Innocent Owners Insurances. The Owners shall be at liberty to effect, maintain and renew innocent owners insurances and owners' additional perils (pollution) insurance (and, if required by the Mortgagee, mortgagee's interest insurance and mortgagee's additional perils (pollution) insurance) in relation to the Vessel in each case in an amount on an agreed value basis of at least the greater of (i) the then current Market Value or (ii) 120% of the Charterhire Principal Balance, on such terms, through such insurers and generally in such manner as the Owners may from time to time reasonably consider appropriate, and the Charterers shall upon demand fully indemnify the Owners in respect of all premiums and other expenses which are reasonably incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.

Innocent Owners Insurances. The Owners shall be at liberty to effect, maintain and renew innocent owners insurances and owners' ’ additional perils (pollution) insurance (and, if required by the Mortgagee, mortgagee's ’s interest insurance and mortgagee's ’s additional perils (pollution) insurance) in relation to the Vessel in each case in an amount on an agreed value basis of at least the greater of (i) the then current Market Value or (ii) 120% of the Charterhire Principal Balance, on such terms, through such insurers and generally in such manner as the Owners may from time to time reasonably consider appropriate, and the Charterers shall upon demand fully indemnify the Owners in respect of all premiums and other expenses which are reasonably incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.