Common use of LNG Vessel Insurance Clause in Contracts

LNG Vessel Insurance. Customer shall ensure that insurances are procured and maintained for each LNG Vessel in accordance with the following provisions. In all cases, such insurance shall establish insurance coverages consistent with insurances to the standards which a ship owner operating reputable LNG vessels, as a Reasonable and Prudent Operator, should observe in insuring LNG vessels of similar type, size, age and trade as such LNG Vessel. In this regard: (i) Hull and Machinery Insurance shall be placed and maintained with reputable marine underwriters; and (ii) Protection & Indemnity Insurance (“P&I Insurance”) shall be placed and maintained as an unlimited entry, if such entry is available, with, and subject to, and on the basis of, the rules of any of the reputable international P&I insurance associations experienced in providing P&I Insurance for LNG vessels.

LNG Vessel Insurance. Customer shall ensure that insurances are procured and maintained for each LNG Vessel in accordance with the following provisions. In all cases, such insurance shall establish insurance coverages consistent with insurances to the standards which a ship owner operating reputable LNG vessels, as a Reasonable and Prudent Operator, should observe in insuring LNG vessels of similar type, size, age and trade as such LNG Vessel. In this regard: (i) Hull and Machinery Insurance shall be placed and maintained with reputable marine underwriters; and (ii) Protection & Indemnity Insurance (“P&I Insurance”) shall be placed and maintained as an unlimited entry, if such entry is available, with, with and subject to, to and on the basis of, of the rules of any of the reputable international P&I insurance associations experienced in providing P&I Insurance for LNG vessels.

LNG Vessel Insurance. Customer Seller shall ensure that insurances are procured and maintained for each LNG Vessel in accordance with the following provisions. In all cases, such insurance shall establish insurance coverages consistent with insurances to the standards which a ship owner operating reputable LNG vessels, as a Reasonable and Prudent OperatorPerson, should observe in insuring LNG vessels of similar type, size, age and trade as such LNG Vessel. In this regard: (ia) Hull and Machinery Insurance shall be placed and maintained with reputable marine underwriters; and (iib) Protection & Indemnity Insurance (“P&I Insurance”) shall be placed and maintained as an unlimited entry, if such entry is available, with, and subject to, and on the basis of, the rules of any of the reputable international P&I insurance Insurance associations experienced in providing P&I Insurance for LNG vessels.