Common use of Placing of cover Clause in Contracts

Placing of cover. The insurance coverage required by clause 24.2 (Coverage required) shall be: (a) in the name of the Ship’s Owner and (in the case of the Ship’s hull cover) no other person (other than the Security Agent if required by it) (unless such other person, if so required by the Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent requires); (b) if the Agent so requests, in the joint names of the Ship’s Owner and the Security Agent (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums or calls); (c) in dollars or another approved currency; (d) arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and (e) on approved terms and with approved insurers or approved associations.

Placing of cover. The insurance coverage required by clause 24.2 (Coverage required) shall be: (a) in the name of the Ship’s Owner and (in the case of the Ship’s hull cover) no other person (other than the Security Agent if required by it) (unless such other person, if so required by the Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent requires); (b) if the Agent so requests, in the joint names of the Ship’s Owner and the Security Agent (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums or calls); (c) in dollars or another approved currency; (d) arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and (e) on approved terms and with approved insurers or approved associations.

Placing of cover. The insurance coverage required by clause 24.2 (Coverage required) shall be: (a) in the name of the Ship’s Owner and (in the case of the Ship’s hull cover) no other person (other than the Security Agent if required by it) (unless such other personperson is approved and, if so required by the Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent requires); (b) if the Agent so requests, in the joint names of the Ship’s Owner and the Security Agent (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums or calls); (c) in dollars or another approved currency; (d) arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and (e) on approved terms and with approved insurers or approved associations.

Placing of cover. The insurance coverage required by clause 24.2 (Coverage required) shall be: (a) in the name of the Ship’s Owner and (in the case of the Ship’s hull cover) no other person (other than the Security Agent if required by it) (unless such other person, if so required by the Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent requires); (b) if the Agent so requests, in the joint names of the Ship’s Owner and the Security Agent (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums or calls); (c) in dollars or another approved currency; (d) arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and (e) on approved terms and with approved insurers or approved associations.