Common use of Insurance; Damage or Loss Clause in Contracts

Insurance; Damage or Loss. (a) Grantors shall maintain or cause to be maintained, at Grantors' sole cost and expense and with financially sound and reputable insurers reasonably satisfactory to Grantee, insurance against such liabilities, casualties, risks and contingencies, and in such types as is customary in the case of independent oil companies engaged in operations of similar property, including, without limitation, insurance of the types and coverages described in Schedule 1 hereto and with limits of coverage no less than those set out in Schedule 1. Such insurance shall name Grantee as an additional insured (as to liability policies) and as a loss payee to the extent of Grantee's interest (as to property policies). Grantors shall furnish certificates of such insurance to Grantee and shall obtain endorsements to such policies providing that the insurer will notify Grantee not less than 30 days prior to the expiration or termination of such policy of insurance. (b) In the event of any damage to or loss of any platform, pipeline, well, equipment or facility on the Leases, Grantors (at no cost to Grantee) shall promptly redrill, rebuild, reconstruct, repair, restore or replace such damaged or lost property, unless to do so would not be economically feasible (without regard to the burden of the Overriding Royalty, but taking into account insurance proceeds and recoveries).

Insurance; Damage or Loss. (a) Grantors Grantor shall maintain or cause to be maintained, at Grantors' Grantor's sole cost and expense and with financially sound and reputable insurers reasonably satisfactory to Grantee, insurance against such liabilities, casualties, risks and contingencies, and in such types as is customary in the case of independent oil companies engaged in operations of similar property, including, without limitation, insurance of the types and coverages described in Schedule 1 hereto and with limits of coverage no less than those set out in Schedule 1. Such insurance shall name Grantee as an additional insured (as to liability policies) and as a loss payee to the extent of Grantee's interest (as to property policies). Grantors Grantor shall furnish certificates of such insurance to Grantee and shall obtain endorsements to such policies providing that the insurer will notify Grantee not less than 30 days prior to the expiration or termination of such policy of insurance. (b) In the event of any damage to or loss of any platform, pipeline, well, equipment or facility on the LeasesSubject Properties, Grantors Grantor (at no cost to Grantee) shall promptly 5 83 redrill, rebuild, reconstruct, repair, restore or replace such damaged or lost property, unless to do so would not be economically feasible (without regard to the burden of the Overriding RoyaltyProduction Payment, but taking into account insurance proceeds and recoveries).

Insurance; Damage or Loss. (a) Grantors Grantor shall maintain or cause to be maintained, at Grantors' Grantor's sole cost and expense and with financially sound and reputable insurers reasonably satisfactory to Grantee, insurance against such liabilities, casualties, risks and contingencies, and in such types as is customary in the case of independent oil companies engaged in operations of similar property, including, without limitation, insurance of the types and coverages described in Schedule 1 hereto and with limits of coverage no less than those set out in Schedule 1. Such insurance shall name Grantee as an additional insured (as to liability policies) and as a loss payee to the extent of Grantee's interest (as to property policies). Grantors Grantor shall furnish certificates of such insurance to Grantee and shall obtain endorsements to such policies providing that the insurer will notify Grantee not less than 30 days prior to the expiration or termination of such policy of insurance. (b) In the event of any damage to or loss of any platform, pipeline, well, equipment or facility on the LeasesSubject Properties, Grantors Grantor (at no cost to Grantee) shall promptly 5 <PAGE> 83 redrill, rebuild, reconstruct, repair, restore or replace such damaged or lost property, unless to do so would not be economically feasible (without regard to the burden of the Overriding RoyaltyProduction Payment, but taking into account insurance proceeds and recoveries).