Pre-delivery Insurance Clause Samples

Pre-delivery Insurance. (a) A certified copy of all current Pre-delivery Insurances and Permissible Delays Insurances policies in respect of the Vessel. (b) Evidence that the name of the Agent has been endorsed on the Pre-delivery Insurance policies and on the Permissible Delays Insurances policies as additional insured and loss payee. (c) A duly executed and notarised notice of assignment (and acknowledgement of the same) of the Pre-delivery Insurance and Permissible Delays Insurances in respect of the Vessel duly executed by the Borrower substantially in the form provided for in the General Assignment and the Newbuilding Assignment. (d) Fax confirmation from each broker, insurer and club concerned with the Pre-delivery Insurance and Permissible Delays Insurances of the Vessel that: (i) the relevant cover is in effect; (ii) they will accept notice of assignment of the Pre-delivery Insurance and Permissible Delays Insurances in favour of the Agent; (iii) they will restrict their lien for unpaid premiums under any fleet policy to unpaid premiums in respect of that Vessel only; (iv) they will issue a letter of undertaking in the current LIBA form (in the case of Lloyds brokers), substantially in the form provided for in the General Assignment and the Newbuilding Assignment (in the case of non-Lloyds brokers and insurers other than clubs) or in their current standard form (in the case of clubs); (v) they will accept endorsement of a loss payable clause on the policies in the form provided for in the General Assignment and the Newbuilding Assignment (in the case of brokers and insurers other than clubs) or will note the interest of the Agent in the entry for the Vessel by way of a loss payable clause in their current standard form (in the case of clubs); and (vi) they are not aware of any mortgage, charge, assignment or other encumbrance affecting the Pre-delivery Insurance and Permissible Delays Insurances with which they are concerned (other than any previously disclosed by the Borrower to the Agent in writing). (e) Confirmation from the Agent of the Banks' satisfaction with a final insurance report prepared by The ▇▇▇▇▇▇ Insurance Group.

Pre-delivery Insurance. The Borrower shall ensure that at all times during construction, the Ship is insured in accordance with the provisions of Article XIX (insurance) of the Shipbuilding Contract.