Common use of Mortgagee’s interest insurance Clause in Contracts

Mortgagee’s interest insurance. Mortgagee’s Interest Insurance in relation to each Vessel, providing for the indemnification of the Administrator and the United States for any losses under or in connection with this Agreement which directly or indirectly result from loss of or damage to any Vessel or a liability of any Vessel or of the Shipowner, where the loss or damage is required to be covered by an obligatory insurance policy but of which there is a non-payment (or reduced payment) by the underwriters because of: (A) any act or omission on the part of the Shipowner, of any operator, charterer, manager or sub-manager of the Vessel owned by it or of any officer, employee or agent of a Shipowner, or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (B) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a Shipowner, any other person referred to in Subsection (i) above, or of any officer, employee or agent of that Shipowner, or of such a person, including either the casting away or damaging of the Vessel or the Vessel being unseaworthy; or (C) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing. The underwriters for Mortgagee’s Interest Insurance shall be the same underwriter as the Hull & Machinery and War Risk underwriters, unless otherwise approved in writing by the Administrator.

Mortgagee’s interest insurance. Mortgagee’s Interest Insurance in relation to each Vessel, providing for the indemnification of the Administrator Mortgagee and the United States for any losses under or in connection with this Agreement Mortgage which directly or indirectly result from loss of or damage to any Vessel or a liability of any Vessel or of the ShipownerMortgagor, where the loss or damage is required to be covered by an obligatory insurance policy but of which there is a non-payment (or reduced payment) by the underwriters because of: (A) any act or omission on the part of the ShipownerMortgagor, of any operator, charterer, manager or sub-manager of the Vessel owned by it or of any officer, employee or agent of a ShipownerMortgagor, or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (B) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a ShipownerMortgagor, any other person referred to in Subsection (ia) above, or of any officer, employee or agent of that ShipownerXxxxxxxxx, or of such a person, including either the casting away or damaging of the Vessel or the Vessel being unseaworthy; or (C) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing. The underwriters for Mortgagee’s Interest Insurance shall be the same underwriter as the Hull & Machinery and War Risk underwriters, unless otherwise approved in writing by the AdministratorMortgagee.

Mortgagee’s interest insurance. Mortgagee’s Interest Insurance in relation to each Vessel, providing for the indemnification of the Administrator Mortgagee and the United States for any losses under or in connection with this Agreement Mortgage which directly or indirectly result from loss of or damage to any Vessel or a liability of any Vessel or of the ShipownerMortgagor, where the loss or damage is required to be covered by an obligatory insurance policy but of which there is a non-payment (or reduced payment) by the underwriters because of: (A) any act or omission on the part of the ShipownerMortgagor, of any operator, charterer, manager or sub-manager of the Vessel owned by it or of any officer, employee or agent of a ShipownerMortgagor, or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (B) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a ShipownerMortgagor, any other person referred to in Subsection (i) above, or of any officer, employee or agent of that ShipownerMortgagor, or of such a person, including either the casting away or damaging of the Vessel or the Vessel being unseaworthy; or (C) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing. The underwriters for Mortgagee’s Interest Insurance shall be the same underwriter as the Hull & Machinery and War Risk underwriters, unless otherwise approved in writing by the AdministratorMortgagee.

Mortgagee’s interest insurance. Mortgagee’s Interest Insurance in relation to each Vessel, providing for the indemnification of the Administrator Mortgagee and the United States for any losses under or in connection with this Agreement Mortgage which directly or indirectly result from loss of or damage to any Vessel or a liability of any Vessel or of the ShipownerMortgagor, where the loss or damage is required to be covered by an obligatory insurance policy but of which there is a non-payment (or reduced payment) by the underwriters because of: (A) any act or omission on the part of the ShipownerMortgagor, of any operator, charterer, manager or sub-manager of the Vessel owned by it or of any officer, employee or agent of a ShipownerMortgagor, or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (B) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a ShipownerMortgagor, any other person referred to in Subsection (i) above, or of any officer, employee or agent of that ShipownerXxxxxxxxx, or of such a person, including either the casting away or damaging of the Vessel or the Vessel being unseaworthy; or (C) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing. The underwriters for Mortgagee’s Interest Insurance shall be the same underwriter as the Hull & Machinery and War Risk underwriters, unless otherwise approved in writing by the AdministratorMortgagee.