Insurance and Property Sample Clauses

Insurance and Property. 12.1 Title to the Vessel, to the extent completed and paid for by Owner, and (to the same extent) title to all work and material performed upon or installed in the Vessel or placed on board the Vessel, shall vest in the Owner. Title in all material at the Builder’s shipyard and all material of the Builder located elsewhere, for use in the performance of the contract work, to the extent that the Owner has paid for same, shall also be vested in the Owner. However, except as may otherwise be provided in this Contract, the risk of loss of or damage to the Vessel and/or all such work and material, along with the corresponding obligation to insure such risks pursuant to Section 12.2, shall remain with the Builder until Delivery; and the Owner shall not be deemed to have hereby waived its rights to require the Builder to replace, at Builder’s expense, defective, damaged or destroyed workmanship or material, and to deliver the Vessel with the contract work completed, all in accordance with this Contract. The Builder shall have an equity in such material and completed contract work in the Builder’s shipyard and elsewhere to the extent that it has not been paid for by the Owner and to the extent that it is not incorporated in or installed on the Vessel. In the event that any Owner Furnished Equipment item is lost or damaged and Builder is unable to replace or adequately repair such items, Owner shall be entitled to deduct the Invoice value for the relevant item from the Delivery installment. Concurrently with Delivery of the Vessel, all risks of loss and damage, as well as all insurance responsibilities in respect of the Vessel, shall pass to Owner. 12.2 The Vessel and/or such parts as shall be constructed and all materials, engines, machinery, outfit and equipment pertaining to this Contract and within the premises of the Builder’s shipyard shall immediately be marked with the Vessel’s Hull Number and shall until delivery of the Vessel be insured by the Builder at Builder’s expense, with acceptable class insurance companies or underwriters under coverage corresponding to the London Institute Builder’s risks clause including trials with the exception of war risks and in accordance with and subject to the terms of the usual construction policy for a total of not less than the amount having been paid by the Owner to the Builder of the Vessel. Builder shall cause its insurers to name Owner and Owner’s lender as additional insureds under the above insurances, but withou...