Common use of Insurance and Claims Clause in Contracts

Insurance and Claims. Petroleum Operations Costs will include premiums paid for required and approved insurance in accordance with the Contract. All expenses incurred and paid by the Contractor for any insurance claim, minus any costs recovered by the Contractor by means of insurance claims, will be included and recoverable as Petroleum Operations Costs. These Petroleum Operations Costs will be recoverable and deductible as tax expenses provided the Contractor has duly withheld withholding tax at source.

Insurance and Claims. Petroleum Operations Costs will shall include premiums paid for insurance required [and approved insurance approved] in accordance with the Contract. All expenses incurred and paid by the Contractor for in respect of any insurance claim, minus less any costs recovered by the Contractor by means of insurance claims, will shall be included and recoverable as Petroleum Operations Costs. These Petroleum Operations Costs will , provided these expenses are not incurred as a consequence of their being not recoverable under a policy of insurance of the Contractor, in which case they shall not be recoverable and deductible as tax expenses provided the Contractor has duly withheld withholding tax at sourcerecoverable.

Insurance and Claims. Petroleum Operations Costs will shall include premiums paid for insurance required [and approved insurance approved] in accordance with the Contract. All expenses incurred and paid by the Contractor for in respect of any insurance claim, minus less any costs recovered by the Contractor by means of insurance claims, will shall be included and recoverable as Petroleum Operations Costs. These Petroleum Operations Costs will , provided these expenses are not incurred as a consequence of their being not recoverable under a policy of insurance of the Contractor, in which case they shall not be recoverable and deductible as tax expenses recoverable, provided the Contractor has duly withheld applied the corresponding withholding tax at sourcein accordance with the Tax Law.