PROCEEDS OF INSURANCES. The Managers shall procure, with the Owners’ cooperation where required, that loss payable clauses are attached to the various policies of insurance over the Vessel so as to direct the proceeds of insurance as follows: a) In the event of actual or constructive total loss of the Vessel, the hull and machinery insurance proceeds shall be paid by the insurer directly to the Owners or their assignees; b) In the event of damage or partial loss to the Vessel, the hull and machinery insurance proceeds shall be paid by the insurer directly to the Managers or their assignees to be held and utilized in accordance with Clause 7.
Appears in 9 contracts
Samples: Ship Management Agreement (Double Hull Tankers, Inc.), Ship Management Agreement (Double Hull Tankers, Inc.), Ship Management Agreement (Double Hull Tankers, Inc.)
