Marine Insurance. .1 If carrying out any ocean, coastal and inland waterway shipments, the Contractor shall ensure a marine insurance policy is in place to fully insure the full replacement value of the shipment, insurance, and freight plus 10% and should cover the cargo on an "All Risks" basis from the point of origin of shipment until delivery, including the risk of unloading at the delivery point. .2 The Contractor shall maintain or cause to be maintained, if applicable, hull and machinery insurance with limits to no less than the market value of the watercraft subject to conditions limited to no less than American Institute Hull Clauses (June 2, 1977) for all barges, scows and other watercraft owned, rented or leased by the Contractor or any Subcontractor or Sub-subcontractor.
Appears in 4 contracts
Samples: Construction Agreement, Construction Agreement, Construction Agreement
