Common use of MARAD Approval Clause in Contracts

MARAD Approval. All insurance certificates submitted in sections 1 and 2 to MARAD shall include the name of the Obsolete Vessel being insured. Insurance certificates shall be submitted to the COTR and approved by the Division of Marine Insurance. Insurance certificates required in Section 1 shall be due to the COTR not later than 10 days after contract award. Towers insurance required in section 2 shall be due to the COTR and shall be approved by Division of Marine Insurance not later than five (5) days prior to the departure of the Obsolete Vessel from the Reserve Fleet. Any delay or additional costs of the tow resulting from non-compliance with the required insurance requirements shall be the responsibility of the Buyer. Said certificates shall be subject to the approval of the Division of Marine Insurance, Maritime Administration, and will contain thirty (30) calendar days advance notice of cancellation (without disclaimer) or of any non-renewal which is the option of the insurer, said notice to be provided to the U.S. Department of Transportation, Maritime Administration, Office of Marine Insurance, MAR-780, 0000 Xxx Xxxxxx Xxxxxx, XX, X00-000, Xxxxxxxxxx, XX 00000.

MARAD Approval. All insurance certificates submitted in sections 1 and 2 to MARAD shall include the name of the Obsolete Vessel Vessel(s) being insured. Insurance certificates shall be submitted to the COTR and approved by the Division of Marine Insurance. Insurance certificates required in Section 1 shall be due to the COTR not later than 10 5 days after contract award. Towers insurance required in section 2 shall be due to the COTR and shall be approved by Division of Marine Insurance not later than five (5) days prior to the departure of the Obsolete Vessel Vessel(s) from the Reserve Fleet. Any delay or additional costs of the tow resulting from non-compliance with the required insurance requirements shall be the responsibility of the Buyer. Said certificates shall be subject to the approval of the Division of Marine Insurance, Maritime Administration, and will contain thirty (30) calendar days advance notice of cancellation (without disclaimer) or of any non-renewal which is the option of the insurer, said notice to be provided to the U.S. Department of Transportation, Maritime Administration, Office of Marine Insurance, MAR-780, 0000 Xxx Xxxxxx Xxxxxx, XX, X00-000, Xxxxxxxxxx, XX 00000.