Protection and Indemnity insurance against protection and indemnity risks for the full value and tonnage of the vessel insured (as approved in writing by the Bank) according to the relevant rules and deductibles provided thereof for all risks including Pollution (and if the vessel is passenger ship including liability towards third parties which is not covered by the War Risk Insurance) insured by P+I Clubs, members of the International Group of Protection and Indemnity Associations. If any risks are excluded or the deductibles as provided by the rules have been altered, the written consent of the Bank shall have to be previously required. In case that crew liabilities (including without limitation loss of life, injury or illness) have been entirely excluded from the association cover or insured on a deductible excess basis, (always subject to the prior written consent of the Bank) such liabilities shall have to be further insured separately with other underwriters acceptable to the Bank and upon such terms as shall from time to time be approved in writing by the Bank; and
Protection and Indemnity. Insurance against Protection and Indemnity Risks for the full value and tonnage of the Vessel insured (as approved in writing by the Bank) in accordance with the relevant Rules/Protection and Indemnity Institute Clauses and deductibles provided thereof and/or agreed for all risks including Pollution with Excess Liability insured by P&I Club(s) and/or underwriter(s) and/or insurance company(ies) approved in writing by the Bank. No risks will be excluded and no deductibles provided for in the rules and/or agreed will be altered, without the written consent of the Bank having been previously obtained. If crew liabilities (inductively, loss of life, injury or illness) have been excluded from the insurance cover or insured on a deductible excess basis, such liabilities shall be further insured separately with other underwriters, always acceptable to the Bank and upon such terms as shall from time to time be approved in writing by the Bank;
Protection and Indemnity. RCCL shall, at its own expense, obtain and ------------------------ maintain protection and indemnity insurance with first-class Marine Underwriters which shall provide coverage to RCCL and SEAVISION. In the event that SEAVISION or its employees cause any loss or damage covered by this insurance, or which would have been covered by this insurance but for any deductible, SEAVISION agrees to reimburse owners for the deductible applicable to such loss or damage; provided however such reimbursement shall not exceed [Redacted - confidential treatment requested].
Protection and Indemnity. Payment of any recovery the R&B Falcon Corporation (the "Owner") or any affiliate of the Owner is entitled to receive out of the funds of the Association in respect of any liability, costs or expenses incurred by the Owner or any affiliate of the Owner with respect to the X. X. XXXXX; the X. X. XXXXXXX; the XXXXXXXX XXXX; the X.X. XXXXXX; and/or the XXXXXX X. XXXXXXXX (collectively the Collateral and Vessels and individually a Collateral Vessel) shall be made to the Owner or to its order unless and until the Association receives notice from Christiania Bank og Kreditkasse ASA, New York Branch, as collateral agent (the "Collateral Agent") that an Event of Default has occurred under any Mortgage (as such term is defined in that certain Letter of Credit and Reimbursement Agreement, dated as of August 31, 2000 (as modified, amended or supplemented from time to time, the "Credit Agreement"), among (i) the Owner, (ii) the financial institutions listed from time to time on Schedule II to the Credit Agreement, (iii) Credit Agricole Indosuez, (iv) Credit Lyonnais New York Branch, as Syndication Agents; and (v) Christiania Bank og Kreditkasse ASA, New York Branch, as Administrative Agent), in which event all recoveries shall thereafter be paid to the Collateral Agent, or its order, provided always that no liability whatsoever shall attach to the Association, its Managers or their Agents for failure to comply with the later obligation until after the expiry of two clear business days from the receipt of such notice. The Association shall, unless it receives from the Collateral Agent notice to the contrary, be at liberty at the request of the Owner to provide bail or other security to prevent the arrest or obtain the release of any Vessel without liability to the Collateral Agent.
Protection and Indemnity. 1.1 The Underwriters agree to indemnify the Assured for any sum or sums paid by the Assured to any other person or persons by reason of the Assured becoming legally liable, as owner of the Vessel, for any claim, demand, damages and/or expenses, where such liability is in consequence of any of the following matters or things and arises from an accident or occurrence during the period of this insurance:
1.1.1 loss of or damage to any fixed or movable object
1.1.2 any attempted or actual raising, removal or destruction of any fixed or movable object
1.1.3 loss of life, personal injury, illness or payments made for life salvage
1.2 The Underwriters agree to indemnify the Assured for any of the following arising from an accident or occurrence during the period of this insurance:
1.2.1 the additional cost of fuel, insurance, wages, stores, provisions and port charges reasonably incurred solely for the purpose of landing from the Vessel sick or injured persons or stowaways, refugees, or persons saved at sea
1.2.2 additional expenses brought about by the outbreak of infectious disease on board the Vessel or ashore
1.2.3 the expenses of the removal of the wreck of the Vessel from any place owned, leased or occupied by the Assured
1.2.4 legal costs incurred by the Assured, or which the Assured may be compelled to pay, in avoiding, minimising or contesting liability with the prior written consent of the Underwriters.
Protection and Indemnity. Payment of any recovery the member is entitled to make out of the funds of the club in respect of any liabilities incurred by him shall be made to the member or his order unless and until the club receives notice from ABN AMRO CAPITAL USA LLC as security trustee and as mortgagee, 100 Xxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, XX 00000, to the contrary, in which event all recoveries shall thereafter be paid to ABN AMRO CAPITAL USA LLC, 100 Xxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, XX 00000, or their order, provided always that no liability whatsoever shall attach to the club, its managers or their agents for failure to comply with the latter obligation until after the expiry of two clear business days from the receipt of such notice. THIS MASTER AGREEMENT ASSIGNMENT, dated [●], 2014 (this “Assignment”), is made by EAGLE BULK SHIPPING INC., a Mxxxxxxx Island corporation (the “Assignor”), to and in favor of ABN AMRO CAPITAL USA LLC in its capacity as Security Trustee under the Loan Agreement described below (the “Assignee”). Capitalized terms used but not defined herein shall have the meaning assigned such terms in the Loan Agreement (as defined below).
Protection and Indemnity. The insurance shall be concluded on the basis of the Institute Protection and Indemnity Clauses Hulls - Time 1/1/95 with the following amendments:
2.3.1. This insurance shall be extended to cover excess collision liability and liability for damage to fixed, floating and movable objects not belonging to or carried on board the ship (in accordance with Clause 8 of the ITC Hulls) over the sum insured under the H&M policy of the insured vessel, up to the limit of liability in accordance with the MC Art. 97 §1 and Art. 101.
2.3.2. The scope of cover is extended to the costs of emergency medical treatment abroad and repatriation of crew members of the above mentioned vessels and other persons on board.
2.3.3. The scope of insurance shall be extended to cover damage caused to crew members and other persons who are not members of the crew but are staying on the Ordering Party's vessels. The limit of liability is PLN 250,000 per person.
2.3.4. In the case of KAPITAN XXXXX (item 8 of Appendix No. 1), the scope of insurance covers claims arising from the Maritime Labour Convention 2006, in accordance with Regulation A2.5. Paragraph 2 and Regulation A4.2. Paragraph 1 (b).
2.3.5. Insurance coverage shall be extended to environmental damage based on the conditions of Pollution Endorsement 1/5/71 with the cancellation of points a and d, which shall include the coverage of claims in respect of personal injury and disturbance in health and the cost of penalties and fines imposed on the vessel for caused pollution of waters and bodies of water. Clause 1.3.10 of the conditions of the Institute Protection and Indemnity Clauses Hulls - Time 1/1/95 is deleted.
2.3.6. In the case of KAPITAN XXXXX (item 8 of Appendix 1), the scope of insurance shall be extended to damage caused by bunker oil pollution according to the provisions of the International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001.
2.3.7. In the case of KAPITAN XXXXX (item 8 of Appendix 1), coverage shall be extended by the clause Institute Protection and Indemnity War and Strikes Clauses Hulls-Time 1/11/95 in accordance with the requirements of the International Convention on the Removal of Wrecks from Nairobi, 2007.
2.3.8. In this insurance, the deductible shall not apply.
Protection and Indemnity. Protection and Indemnity coverage will be written with a One Million Dollar ($1,000,000.00) combined single limit for bodily injury and property damage, including all standard policy form extensions and be supplemented by Bumbershoot Liability coverage as described in Paragraph l below. The policy shall be written on an occurrence form. The Agent Bank and Banks will be included as additional insureds under the policy.
Protection and Indemnity. Insurance against protection and indemnity risks for the full value and tonnage of the Ship insured (as approved in writing by the Mortgagee) according to the relevant rules and deductibles provided thereof for all risks including Pollution insured by P+I Clubs, members of the International Group of Protection and Indemnity Associations. If any risks are excluded or the deductibles as provided by the rules have been altered, the written consent of the Mortgagee shall have to be previously required. In case that crew liabilities (including without limitation loss of life, injury or illness) have been entirely excluded from the association cover or insured on a deductible excess basis, (always subject to the prior written consent of the Mortgagee) such liabilities shall have to be further insured separately with other underwriters acceptable to the Mortgagee and upon such terms as shall from time to time be approved in writing by the Mortgagee; and
Protection and Indemnity. (a) TRANSACTIONS WITH THE CORPORATION
(i) Subject to the Act and compliance therewith, including the declaration of any interest or abstinence from voting as required by law, no director or officer shall be disqualified, by virtue of being a director, or by holding any other office of, or place of profit under, the Corporation or any body corporate in which the Corporation is a shareholder or is otherwise interested, from entering into, or from being concerned or interested in any manner in, any contract, transaction or arrangement made, or proposed to be made, with the Corporation or any body corporate in which the Corporation is interested and no such contract, transaction or arrangement shall be void or voidable for any such reason; and
(ii) no director or officer shall be liable to account to the Corporation for any profit arising from any such office or place of profit or realized in respect of any such contract, transaction or arrangement. SF-4 217
