Common use of Port Risk Insurance Clause in Contracts

Port Risk Insurance. While any Vessel is laid up, at the Mortgagor’s option and in lieu of the above-mentioned marine and war risk hull insurance or marine and war risk hull and increased value insurance, port risk insurance with war risk endorsement under the latest (at the time of issue of the policies in question) forms of American Institute of Marine Underwriters' policies approved by the Mortgagee and/or policies issued by or for the Maritime Administration (or under such other forms of policies as the Mortgagee may approve in writing) insuring such Vessel against the usual risks covered by such forms.

Port Risk Insurance. While any Vessel is laid up, at the MortgagorShipowner’s option and in lieu of the above-mentioned marine and war risk hull insurance or marine and war risk hull and increased value insurance, port risk insurance with war risk endorsement under the latest (at the time of issue of the policies in question) forms of American Institute of Marine Underwriters' policies approved by the Mortgagee Administrator and/or policy forms which provide materially equivalent coverage afforded under latest American Institute of Marine Underwriter policies and/or policies issued by or for the Maritime Administration (or under such other forms of policies as the Mortgagee Administrator may approve in writing) insuring such Vessel against the usual risks covered by such forms.

Port Risk Insurance. While any Vessel is laid up, at the MortgagorShipowner’s option and in lieu of the above-mentioned marine and war risk hull insurance or marine and war risk hull and increased value insurance, port risk insurance with war risk endorsement under the latest (at the time of issue of the policies in question) forms of American Institute of Marine Underwriters' policies approved by the Mortgagee Administrator and/or policies issued by or for the Maritime Administration (or under such other forms of policies as the Mortgagee Administrator may approve in writing) insuring such Vessel against the usual risks covered by such forms.