LOSS PAYABLE CLAUSES AND CANCELLATION CLAUSE. 4.1 The Loss Payable Clauses to be attached to the relevant Insurances should be substantially in the following form:
LOSS PAYABLE CLAUSES AND CANCELLATION CLAUSE. The Loss Payable Clauses to be attached to the relevant Insurances should be substantially in the following form:
(A) Hull and Machinery (Marine and War Risks)
(a) all claims hereunder in respect of an actual or constructive or compromised or arranged total loss, and all claims in respect of a major casualty (that is to say any casualty the claim in respect of which exceeds the Major Casualty Amount inclusive of any deductible shall be paid in full to the Mortgagee or to its order; and
(b) all other claims hereunder shall be paid in full to the Owner or to its order, unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or to its order.
(B) Protection and Indemnity Risks
LOSS PAYABLE CLAUSES AND CANCELLATION CLAUSE. The Loss Payable Clauses to be attached to the relevant Insurances should be substantially in the following form:
(A) HULL AND MACHINERY (MARINE AND WAR RISKS) It is noted that by a Deed of General Assignment and a first preferred/priority ______________ ship Mortgage and a Deed of covenant supplemental thereto, both dated ______________, 2005 granted by ______________, of ______________ (the "Owner") in favour of EFG EUROBANK ERGASIAS S.A., acting through its office at 75 Akti Miaouli, Piraeus, Greece (the "Mortgagee") all the Owner'x xxxxxx, xxxxx xxx xxxxxxxx xx xxx to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner including all claims of whatsoever nature and return or premia in respect of the ______________ flag m/v "______________" and accordingly:
(A) all claims hereunder in respect of an actual or constructive or compromised or arranged total loss, and all claims in respect of a major casualty (that is to say any casualty the claim in respect of which exceeds $100,000 inclusive of any deductible) shall be paid in full to the Mortgagee or to its order; and
(B) all other claims hereunder shall be paid in full to the Owner or to its order, unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or to its order.
(B) PROTECTION AND INDEMNITY RISKS Payment of any recovery which ______________, of ______________ (the "Owner") is entitled to make out of the funds of the Association in respect of any liability, costs or expenses incurred by the Owner, shall be made to the Owner or to its order, unless and until the Association receives notice to the contrary from EFG EUROBANK ERGASIAS S.A., acting through its office at 75 Akti Miaouli, Piraeus, Greece (the "Mortgagee") in which event all xxxxxxxxxx xxxxx xxxxxxxxxr be paid to the Mortgagee or to its order; provided that no liability whatsoever shall attach to the Association, its managers or its agents for failure to comply with the latter obligation until the expiry of two clear business days from the receipt of such notice.
LOSS PAYABLE CLAUSES AND CANCELLATION CLAUSE. A. The Loss Payable Clauses to be attached to the relevant Insurances should be substantially in the following form:
a) HULL AND MACHINERY (MARINE AND WAR RISKS) It is noted that by an Insurance Assignment and a Mortgage granted by ……………………………….. (the "Owner") in favour of CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK acting through its office at ………………….., Paris, France (the "Mortgagee") all the Owner's rights, title and interest in and to all policies and contracts of insurance from time to time taken out or entered into by or for the benefit of the Owner including all claims of whatsoever nature and return of premia in respect of " ………….." have been assigned and accordingly:
(a) all claims hereunder in respect of an actual or constructive or compromised or arranged total loss, and all claims in respect of a major casualty (that is to say any casualty the claim in respect of which exceeds United States Dollars 750,000 inclusive of any deductible) shall be paid in full to the Mortgagee or to its order; and
(b) all other claims hereunder shall be paid in full to the Owner or to its order, unless and until the Mortgagee shall have notified the insurers hereunder to the contrary, whereupon all such claims shall be paid to the Mortgagee or to its order.
LOSS PAYABLE CLAUSES AND CANCELLATION CLAUSE. 4.1 The Loss Payable Clauses to be attached to the relevant Insurances should be substantially in the following form:
(A) Hull and Machinery (Marine and War Risks)
