Public Liability and Property Damage Liability Insurance. Lessee, at its own expense, shall maintain in effect comprehensive third party aircraft liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, including, but not limited to, passenger legal liability, cargo liability, contractual liability and products liability insurance, during the Term in an amount not less than $500,000,000 for any one occurrence with respect to the Aircraft and Items of Equipment. Such policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsement-AVN 52C"). Any such liability insurance shall not be subject to a deductible. All such policies shall be maintained in effect with insurers and/or reinsurers of recognized reputation and responsibility, satisfactory to Lessor. Any policies of insurance carried in accordance with this Section 12.1 and any policies taken out in substitution or replacement for any of such policies shall: (1) name Lessor and its successors and assigns, and their respective directors, officers and employees as additional insureds (the "Additional Insureds"); (2) provide that in respect of the respective interests of the Additional Insureds, such policies of insurance shall insure the Additional Insureds regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee or any other Person; (3) provide that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for nonpayment of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) days after receipt by Lessor of telecopied written notice from such insurers of such cancellation, lapse or change (and with respect to war risk insurance, seven (7) days or such shorter period as shall be customary on the London market for such insurance in such area of the world, or ten (10) days in the event of nonpayment of premium); (4) provide that the Additional Insureds shall have no responsibility for any premiums, commissions, warranties or representations in connection with such insurance; (5) waive any rights of setoff, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against the Additional Insureds and their successors, assigns, agents, officers, employees and servants; and (6) provide that all payments shall be made in Dollars. Each liability policy shall (i) be primary without right of contribution from any other insurance which is carried by the Additional Insureds and (ii) expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured, without, however, increasing the aggregate limit of liability for the coverage or permitting claims recoverable under the hull policy to be recoverable as liability claims, and (iii) to the extent of any reinsurance, include a cut-through provision permitting Lessor to file claims and to obtain payment directly from the reinsurers.
Appears in 1 contract
Samples: Aircraft Lease Agreement (Frontier Airlines Inc /Co/)
Public Liability and Property Damage Liability Insurance. LesseeThe Lessee will carry, at its own expense, shall maintain in effect comprehensive third party aircraft airline liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, including, but not limited toinsurance, passenger legal liability, cargo liability, contractual liability and products liability insurance, property damage liability insurance, and public liability insurance during the Term hereof in an amount not less than $500,000,000 for any one occurrence 200,000,000 combined single limit, with respect to the Aircraft and Items of Equipmenteach Aircraft. Such liability insurance policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsementnot contain a provision for deductible or self-AVN 52C")insurance amounts. Any such liability insurance shall not be subject to a deductible. All In any event all such policies shall be (A) in amounts which are not less than the public liability and property damage insurance applicable to similar aircraft and engines which may at any time during the Term hereof comprise the Lessee's fleet on which the Lessee carries insurance; and (B) maintained in effect with insurers and/or reinsurers of recognized reputation and responsibility, satisfactory to Lessor. Any policies of insurance carried in accordance with this Section 12.1 and any policies taken out in substitution or replacement for of any of such policies shallpolicies: (1) shall name the Lessor as owner and its successors and assigns, and their respective directors, officers and employees as additional insureds insured (but without imposing upon Lessor, any obligations imposed on the "Additional Insureds"insured, including without limitation the liability to pay premiums); (2) shall provide that in respect of the respective interests interest of the Additional InsuredsLessor, such policies of insurance shall not be invalidated by any action or inaction of the Lessee and shall insure the Additional Insureds Lessor, regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee or any other Personthe Lessee; and (3) shall provide that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for nonpayment of premium, or if there is any material change in policy terms and or conditions, such cancellation, lapse or change shall not be effective until for thirty (30) days after receipt by the Lessor of telecopied written notice from by such insurers to the Lessor of such cancellation, lapse or change (and with respect to other than war risk insurance, in which case seven (7) days or such shorter period as days' notice shall be customary on the London market for such insurance in such area of the world, or ten (10given) days in the event of nonpayment of premium); (4) provide that the Additional Insureds shall have no responsibility for any premiums, commissions, warranties or representations in connection with such insurance; (5) waive any rights of setoff, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against the Additional Insureds and their successors, assigns, agents, officers, employees and servants; and (6) provide that all payments shall be made in Dollars. Each liability policy shall (i) shall be primary without right of contribution from any other insurance which is carried by the Additional Insureds and Lessor (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured, without(iii) shall waive any rights of set-off, however, increasing the aggregate limit of liability for the coverage counterclaim or permitting claims recoverable under the hull policy to be recoverable as liability claimsother deduction against each insured, and (iiiiv) shall waive any rights of subrogation the insurers have or may acquire against Lessor. The Lessee shall arrange for evidence of appropriate coverage as to each Aircraft and as to the extent satisfaction of any reinsurance, include a cut-through provision permitting the requirements set forth above in this Section 12.1 to be furnished to the reasonable satisfaction of Lessor to file claims and to obtain payment directly from on or before the reinsurers.Delivery Date for the Aircraft. 12.2
Appears in 1 contract
Public Liability and Property Damage Liability Insurance. LesseeLESSEE will carry and maintain in effect, at its own expense, shall maintain in effect comprehensive third party aircraft with Approved Insurers, public liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, (including, but not limited to, contractual liability, and passenger legal liability), cargo liability, contractual and property damage liability and products liability insurance, during the Term in an amount not less than $500,000,000 for any one occurrence insurance with respect to the Aircraft and Items Aircraft, in amounts per occurrence of Equipmentnot less than the Minimum Liability Coverage, or such greater amounts as LESSEE may carry from time to time on other similar aircraft in its fleet. Such policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsement-AVN 52C"). Any such liability insurance LESSEE shall not be subject to a deductiblediscriminate against the Aircraft in providing such insurance coverage. All such policies shall be maintained in effect with insurers and/or reinsurers of recognized reputation Each and responsibility, satisfactory to Lessor. Any policies any policy of insurance carried in accordance with this Section 12.1 Subsection (A), and each and any policies taken out policy obtained in substitution or replacement for any of such policies shall: policies, (1i) name Lessor shall designate LESSOR, Beneficiary, Lender, Lufthansa, Jetz Ventures and its successors and assignsthe party who conveys title to the - 9A's to Jetz Ventures, Beneficiary or directly to LESSOR (the "-9A Vendor"), and their respective officers, directors, officers shareholders, members, employees, agents and employees as additional insureds assigns (collectively, the "Additional Insureds"); , as additional insureds as their interests may appear (2but without imposing upon the Additional Insureds any obligation imposed upon the insured, including, without limitation, the liability to pay any premiums for any such policies, but LESSOR, Beneficiary, Lender, Jetz Ventures, the -9A Vendor and/or Lufthansa shall have the right to pay such premiums if it shall so elect), and (ii) shall expressly provide that that, in respect of the respective interests of the Additional Insureds in such policies, the insurance will not be invalidated by any action or inaction of the LESSEE, and shall insure the Additional Insureds, regardless of any breach or violation by LESSEE of any warranty, declaration or condition contained in such policies, (iii) shall provide that if such insurance is canceled by insurers for any reason whatsoever, or is adversely changed in any way by insurers with respect to the interests of the Additional Insureds, such policies of insurance shall insure the Additional Insureds regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee or any other Person; (3) provide that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for nonpayment of premium, or if there is any material change in policy terms and conditionspremiums, such cancellation, change or lapse or change shall not be effective until thirty as to the Additional Insureds for 30 days (30) days after receipt by Lessor of telecopied written notice from such insurers of such cancellation, lapse or change (and with respect to war risk insurance, seven (7) days or such shorter period as shall may be customary on the London market for such insurance in such area of the world, or ten (10) days in the event case of nonpayment any war risks and allied perils coverage), in each instance, after the issuance to LESSOR, Beneficiary, Lender, Jetz Ventures, the -9A Vendor and Lufthansa of premium); written notice by such insurer or insurers and/or brokers to LESSOR, Beneficiary, Lender and Lufthansa of such prospective cancellation, change or lapse, (4iv) shall provide that coverage on a worldwide basis, subject to such territorial exclusions as may be usual and customary in the worldwide airline insurance industry for airlines similarly situated with LESSEE, (v) shall provide that, as against the Additional Insureds Insureds, the insurer shall have no responsibility for any premiums, commissions, warranties or representations in connection with such insurance; (5) waive any rights of setoffset-off, counterclaim or any other deduction, whether by attachment or otherwise, and all rights waives any right of subrogation it may have against the Additional Insureds and their successors, assigns, agents, officers, employees and servants; and (6) provide but only to the same extent that all payments shall be made in DollarsLESSEE has waived its right of recovery against the Additional Insureds under the Lease Documents. Each liability policy shall (i) be primary without right of contribution from any other insurance which is may be carried by LESSOR, Beneficiary, Lender, Jetz Ventures, the Additional Insureds -9A Vendor, Lufthansa or their assigns, and (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, thereof shall operate in the same manner as if there were a separate policy covering each insured, without, however, increasing provided that such provisions shall not operate to increase the aggregate insurer's limit of liability. No liability policy shall permit any deductible or self-insurance provision except for baggage and cargo as is customary in the coverage London or permitting claims recoverable under U.S. aviation insurance industry and such other deductibles only with the hull policy consent of the LESSOR, which consent shall not be unreasonably withheld or delayed, which from time to be recoverable as time LESSEE can demonstrate are standard in comprehensive liability claimsinsurance and, in particular, public liability risks (including, INTER ALIA, contractual liability and (iiipassenger liability coverage) to for major international passenger air carriers in the extent of any reinsurance, include a cut-through provision permitting Lessor to file claims and to obtain payment directly from the reinsurersthen current London or U.S. aviation insurance market.
Appears in 1 contract
Samples: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Public Liability and Property Damage Liability Insurance. Lessee, at its own expense, shall maintain in effect comprehensive third party aircraft liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, including, but not limited to, passenger legal liability, cargo liabilityliability (with a sublimit of $300,000), contractual liability and products liability insurance, during the Lease Term in an amount not less than $500,000,000 30,000,000 for any one occurrence accident, or series of accidents arising out of any one occurrence, with respect to the Aircraft and Items of Equipment. Such policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsement-AVN 52C")practice. Any such liability insurance shall not policy may be subject to a deductibledeductible in an amount not to exceed the greater of $50,000 or five percent (5%) of the insured hull value per occurrence or such lesser amount as shall be equivalent to the industry standard for aircraft of the same type operated by businesses similarly situated to Lessee. All such policies shall be maintained in effect with insurers and/or reinsurers of recognized reputation and responsibility, reasonably satisfactory to LessorLessor but in no event having a rating in Best's Insurance Guide and Key Ratings of less than "A, VIII". Any policies of insurance carried in accordance with this Section 12.1 16 and any ---------- policies taken out in substitution or replacement for any of such policies shall: (1i) name Lessor (including its successors, assigns, officers, directors, agents and its employees for purposes of this Section 16) and any other Indemnified ---------- Party (each sometimes called an "additional insured" in this Section 16), ------------------- ---------- together with any of their respective successors and assigns, and their respective directors, officers and employees as additional insureds (the "Additional Insureds")insureds; (2ii) provide that in respect of the respective interests of the Additional Insureds, Lessor and any Indemnified Party such policies of insurance shall insure the Additional Insureds Lessor and such Indemnified Party regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee or any other PersonLessee; (3iii) provide that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for nonpayment of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) days after receipt by Lessor and any Indemnified Parties of telecopied written notice from such insurers of such cancellation, lapse or change (ten (10) days for non-payment of premiums and with respect to war risk insurance, such shorter period of seven (7) days or such shorter period as shall be customary on the London market for such insurance in such area of the world, or ten (10) days in the event of nonpayment of premium); (4iv) provide that the Additional Insureds any additional insured, including Lessor nor any Indemnified Party, shall have no any responsibility for any premiums, commissions, warranties commissions or representations calls in connection with such insurance; (5v) waive any rights right of the insurer to any setoff, counterclaim or other deduction, whether by attachment or otherwise, and all in respect of any liability of Lessor or any additional insured; (vi) provide that the issuer shall waive any rights of subrogation against Lessor or any other additional insured to the Additional Insureds extent that Lessee has waived its rights in this Agreement; (vii) include at a minimum the geographic limits, if any, of all territories over which the Aircraft will be operated; (viii) provide that any reinsurance policy required under this Agreement shall, to the extent applicable, contain a standard "cut through clause" for the benefit of Lessor and their successors, assigns, agents, officers, employees and servantsthe other additional insureds; and (6ix) provide that all payments shall be made in United States Dollars. Each liability policy shall (iA) be primary without right of contribution from any other insurance which is carried by the Additional Insureds Lessor and (iiB) expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured, without, however, increasing the aggregate limit of liability for the coverage or permitting claims recoverable under the hull policy to be recoverable as liability claims, and (iii) to the extent of any reinsurance, include a cut-through provision permitting Lessor to file claims and to obtain payment directly from the reinsurers.
Appears in 1 contract
Public Liability and Property Damage Liability Insurance. LesseeLESSEE will carry and maintain in effect, at its own expense, shall maintain in effect comprehensive third party aircraft with Approved Insurers, public liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, (including, but not limited to, contractual liability, and passenger legal liability), cargo liability, contractual and property damage liability and products liability insurance, during the Term in an amount not less than $500,000,000 for any one occurrence insurance with respect to the Aircraft and Items Aircraft, in amounts per occurrence of Equipmentnot less than the Minimum Liability Coverage, or such greater amounts as LESSEE may carry from time to time on other similar aircraft in its fleet. Such policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsement-AVN 52C"). Any such liability insurance LESSEE shall not be subject to a deductiblediscriminate against the Aircraft in providing such insurance coverage. All such policies shall be maintained in effect with insurers and/or reinsurers of recognized reputation Each and responsibility, satisfactory to Lessor. Any policies any policy of insurance carried in accordance with this Section 12.1 Subsection (A), and each and any policies taken out policy obtained in substitution or replacement for any of such policies shall: policies, (1i) name Lessor shall designate LESSOR, Beneficiary, Lender, Lufthansa and its successors and assignsAmtec Jet, Inc. ("Amtec"), and their respective officers, directors, officers shareholders, members, employees, agents and employees as additional insureds assigns (collectively, the "Additional Insureds"); , as additional insureds as their interests may appear (2but without imposing upon the Additional Insureds any obligation imposed upon the insured, including, without limitation, the liability to pay any premiums for any such policies, but LESSOR, Beneficiary, Lender, Amtec and/or Lufthansa shall have the right to pay such premiums if it shall so elect), and (ii) shall expressly provide that that, in respect of the respective interests of the Additional Insureds in such policies, the insurance will not be invalidated by any action or inaction of the LESSEE, and shall insure the Additional Insureds, regardless of any breach or violation by LESSEE of any warranty, declaration or condition contained in such policies, (iii) shall provide that if such insurance is canceled by insurers for any reason whatsoever, or is adversely changed in any way by insurers with respect to the interests of the Additional Insureds, such policies of insurance shall insure the Additional Insureds regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee or any other Person; (3) provide that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for nonpayment of premium, or if there is any material change in policy terms and conditionspremiums, such cancellation, change or lapse or change shall not be effective until thirty as to the Additional Insureds for 30 days (30) days after receipt by Lessor of telecopied written notice from such insurers of such cancellation, lapse or change (and with respect to war risk insurance, seven (7) days or such shorter period as shall may be customary on the London market for such insurance in such area of the world, or ten (10) days in the event case of nonpayment any war risks and allied perils coverage), in each instance, after the issuance to LESSOR, Beneficiary, Lender, Amtec and Lufthansa of premium); written notice by such insurer or insurers and/or brokers to LESSOR, Beneficiary, Lender and Lufthansa of such prospective cancellation, change or lapse, (4iv) shall provide that coverage on a worldwide basis, subject to such territorial exclusions as may be usual and customary in the worldwide airline insurance industry for airlines similarly situated with LESSEE, (v) shall provide that, as against the Additional Insureds Insureds, the insurer shall have no responsibility for any premiums, commissions, warranties or representations in connection with such insurance; (5) waive any rights of setoffset-off, counterclaim or any other deduction, whether by attachment or otherwise, and all rights waives any right of subrogation it may have against the Additional Insureds and their successors, assigns, agents, officers, employees and servants; and (6) provide but only to the same extent that all payments shall be made in DollarsLESSEE has waived its right of recovery against the Additional Insureds under the Lease Documents. Each liability policy shall (i) be primary without right of contribution from any other insurance which is may be carried by the Additional Insureds LESSOR, Beneficiary, Lender, Amtec, Lufthansa or their assigns, and (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, thereof shall operate in the same manner as if there were a separate policy covering each insured, without, however, increasing provided that such provisions shall not operate to increase the aggregate insurer's limit of liability. No liability policy shall permit any deductible or self-insurance provision except for baggage and cargo as is customary in the coverage London or permitting claims recoverable under U.S. aviation insurance industry and such other deductibles only with the hull policy consent of the LESSOR, which consent shall not be unreasonably withheld or delayed, which from time to be recoverable as time LESSEE can demonstrate are standard in comprehensive liability claimsinsurance and, in particular, public liability risks (including, INTER ALIA, contractual liability and (iiipassenger liability coverage) to for major international passenger air carriers in the extent of any reinsurance, include a cut-through provision permitting Lessor to file claims and to obtain payment directly from the reinsurersthen current London or U.S. aviation insurance market.
Appears in 1 contract
Samples: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Public Liability and Property Damage Liability Insurance. LesseeN2T, at its own expense, shall maintain in effect comprehensive third party aircraft liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, including, but not limited to, passenger legal liability, cargo liability, contractual liability and products liability insurance, during the Term in an amount not less than $500,000,000 for any one occurrence with respect or cause to the Aircraft and Items of Equipment. Such policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsement-AVN 52C"). Any such liability insurance shall not be subject to a deductible. All such policies shall be maintained in effect throughout the Term combined aircraft bodily injury, property damage liability, including passenger liability, insurance with insurers and/or reinsurers limits of recognized reputation and responsibility, satisfactory to Lessornot less than Two Hundred Million Dollars ($200,000,000.00) for each occurrence. Any policies of insurance carried in accordance with this Section 12.1 8.1 and any policies taken out in substitution or replacement for any of such policies shall: (1) name Lessor Oakley and its successors and assigns, and their respective directors, officers and employees each Timesharing Lessee as an additional insureds (the "Additional Insureds")named insured; (2) be with insurance companies with an A.M. Best rating of at least A- and a financial size classification of VII or otherwise as mutually approved by N2T and Oakley; (3) provide for not less than thirty (30) days prior written notice to be received by the certificate holders and additional named insureds before any lapse, material alteration, termination or cancellation of such insurance policy; (4) provide that in respect of the respective interests of the Additional Insureds, Oakley such policies of insurance shall insure the Additional Insureds Oakley regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee N2T or any other Personperson; (35) shall waive any rights of set off, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against Oakley or any other additional insured, and Oakley’s or such additional insured's officers, employees and servants; and (6) provide that that, if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for nonpayment non-payment of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) calendar days after receipt by Lessor Oakley of telecopied written notice from such insurers of such cancellation, lapse or change (and with respect to war risk insurance, seven (7) days or such shorter period as shall be customary on the London market for such insurance in such area of the world, or ten (10) days in the event of nonpayment of premium); (4) provide that the Additional Insureds shall have no responsibility for any premiums, commissions, warranties or representations in connection with such insurance; (5) waive any rights of setoff, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against the Additional Insureds and their successors, assigns, agents, officers, employees and servants; and (6) provide that all payments shall be made in Dollarschange. Each liability policy shall (i) be primary without right of contribution from any other insurance which is carried by the Additional Insureds Oakley or any other additional insured; and (ii) expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured, without, however, increasing the aggregate limit of liability . Oakley shall provide at its own expense worker’s compensation insurance with all-states coverage for the coverage or permitting claims recoverable under the hull policy to be recoverable as liability claims, crew and (iii) to the extent of any reinsurance, include a cut-through provision permitting Lessor to file claims and to obtain payment directly from the reinsurersmaintenance personnel.
Appears in 1 contract
Samples: Lease Agreement (Oakley Inc)
Public Liability and Property Damage Liability Insurance. LesseeLESSEE will carry and maintain in effect, at its own expense, shall maintain in effect comprehensive third party aircraft with Approved Insurers, public liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, (including, but not limited to, contractual liability, and passenger legal liability), cargo liability, contractual and property damage liability and products liability insurance, during the Term in an amount not less than $500,000,000 for any one occurrence insurance with respect to the Aircraft and Items Aircraft, in amounts per occurrence of Equipmentnot less than the Minimum Liability Coverage, or such greater amounts as LESSEE may carry from time to time on other similar aircraft in its fleet. Such policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsement-AVN 52C"). Any such liability insurance LESSEE shall not be subject to a deductiblediscriminate against the Aircraft in providing such insurance coverage. All such policies shall be maintained in effect with insurers and/or reinsurers of recognized reputation Each and responsibility, satisfactory to Lessor. Any policies any policy of insurance carried in accordance with this Section 12.1 Subsection (A), and each and any policies taken out policy obtained in substitution or replacement for any ANY of such policies shall: policies, (1i) name Lessor shall designate LESSOR, Jetz Ventures, Lufthansa and its successors and assigns, the party who conveys title to the -9A's to Jetz Ventures or directly to LESSOR (the "-9A Vendor") and their respective officers, directors, officers shareholders, members, employees, agents and employees as additional insureds assigns (collectively, the "Additional Insureds"); , as additional insureds as their interests may appear (2but without imposing upon the Additional Insureds any obligation imposed upon the insured, including, without limitation, the liability to pay any premiums for any such policies, but LESSOR, Jetz Ventures, the -9A Vendor and/or Lufthansa shall have the right to pay such premiums if it shall so elect), and (ii) shall expressly provide that that, in respect of the respective interests of the Additional Insureds in such policies, the insurance will not be invalidated by any action or inaction of the LESSEE, and shall insure the Additional Insureds, regardless of any breach or violation by LESSEE of any warranty, declaration or condition contained in such policies, (iii) shall provide that if such insurance is canceled by insurers for any reason whatsoever, or is adversely changed in any way by insurers with respect to the interests of the Additional Insureds, such policies of insurance shall insure the Additional Insureds regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee or any other Person; (3) provide that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for nonpayment of premium, or if there is any material change in policy terms and conditionspremiums, such cancellation, change or lapse or change shall not be effective until thirty as to the Additional Insureds for 30 days (30) days after receipt by Lessor of telecopied written notice from such insurers of such cancellation, lapse or change (and with respect to war risk insurance, seven (7) days or such shorter period as shall may be customary on the London market for such insurance in such area of the world, or ten (10) days in the event case of nonpayment any war risks and allied perils coverage), in each instance, after the issuance to LESSOR, Jetz Ventures, the -9A Vendor and Lufthansa of premium); written notice by such insurer or insurers and/or brokers to LESSOR, Jetz Ventures, the -9A Vendor and Lufthansa of such prospective cancellation, change or lapse, (4iv) shall provide that coverage on a worldwide basis, subject to such territorial exclusions as may be usual and customary in the worldwide airline insurance industry for airlines similarly situated with LESSEE, (v) shall provide that, as against the Additional Insureds Insureds, the insurer shall have no responsibility for any premiums, commissions, warranties or representations in connection with such insurance; (5) waive any rights of setoffset-off, counterclaim or any other deduction, whether by attachment or otherwise, and all rights waives any right of subrogation it may have against the Additional Insureds and their successors, assigns, agents, officers, employees and servants; and (6) provide but only to the same extent that all payments shall be made in DollarsLESSEE has waived its right of recovery against the Additional Insureds under the Lease Documents. Each liability policy shall (i) be primary without right of contribution from any other insurance which is may be carried by LESSOR, Jetz Ventures, the Additional Insureds -9A Vendor, Lufthansa or their assigns, and (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, thereof shall operate in the same manner as if there were a separate policy covering each insured, without, however, increasing provided that such provisions shall not operate to increase the aggregate insurer's limit of liability. No liability policy shall permit any deductible or self-insurance provision except for baggage and cargo as is customary in the coverage London or permitting claims recoverable under U.S. aviation insurance industry and such other deductibles only with the hull policy consent of the LESSOR, which consent shall not be unreasonably withheld or delayed, which from time to be recoverable as time LESSEE can demonstrate are standard in comprehensive liability claimsinsurance and, in particular, public liability risks (including, INTER ALIA, contractual liability and (iiipassenger liability coverage) to for major international passenger air carriers in the extent of any reinsurance, include a cut-through provision permitting Lessor to file claims and to obtain payment directly from the reinsurersthen current London or U.S. aviation insurance market.
Appears in 1 contract
Samples: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Public Liability and Property Damage Liability Insurance. LesseeThe Lessee will carry, at its own expense, shall maintain in effect comprehensive third party aircraft liability insurance, passenger legal liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, including, but not limited to, passenger legal liability, cargo liability, contractual liability and products liability insurance, insurance during the Term hereof in an amount not less than $500,000,000 75,000,000 for any one occurrence accident, or series of accidents arising out of any one event, with respect to the Aircraft and Items of Equipment. Such policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsement-AVN 52C")each Aircraft. Any such liability insurance policy shall not be subject to contain a deductibleprovision for deductible or self-insurance amounts. All In any event all such policies shall be (A) in amounts which are not less than the public liability and property damage insurance applicable to similar aircraft and engines which may at any time during the Term hereof comprise the Lessee's fleet on which the Lessee carries insurance; and (B) maintained in effect with insurers and/or reinsurers of recognized reputation and responsibility, reasonably satisfactory to the Lessor. Any policies of insurance carried in accordance with this Section 12.1 12.01 and any policies taken out in substitution or replacement for of any of such policies shallpolicies: (1) shall name the Lessor as owner and its successors and assigns, and their respective directors, officers and employees as additional insureds (the "Additional Insureds")insured; (2) shall provide that in respect of the respective interests interest of the Additional Insureds, Lessor such policies of insurance shall not be invalidated by any action or inaction of the Lessee and shall insure the Additional Insureds Lessor regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee or any other Personthe Lessee; and (3) shall provide that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for nonpayment of premium, or if there is any material change in policy terms and or conditions, such cancellation, lapse or change shall not be effective until for thirty (30) days after receipt by the Lessor of telecopied written notice from by such insurers to the Lessor of such cancellation, lapse or change (and with respect to war risk insurance, seven (7) days or such shorter period as shall be customary on the London market for such insurance in such area of the world, or ten (10) days in the event of nonpayment of premium); (4) provide that the Additional Insureds shall have no responsibility for any premiums, commissions, warranties or representations in connection with such insurance; (5) waive any rights of setoff, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against the Additional Insureds and their successors, assigns, agents, officers, employees and servants; and (6) provide that all payments shall be made in Dollarschange. Each liability policy shall (i) shall be primary without right of contribution from any other insurance which is carried by the Additional Insureds and Lessor, (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured, without, however, increasing the aggregate limit of liability for the coverage or permitting claims recoverable under the hull policy to be recoverable as liability claims, and (iii) shall waive any rights of set-off, counterclaim or other deduction against each named insured. The Lessee shall arrange for evidence of appropriate coverage as to each Aircraft and as to the extent satisfaction of any reinsurance, include a cut-through provision permitting the requirements set forth above in this Section 12.01 to be furnished to the Lessor to file claims and to obtain payment directly from on or before the reinsurersDelivery Date for each Aircraft by Lessee's insurance broker.
Appears in 1 contract
Public Liability and Property Damage Liability Insurance. LesseeLESSEE will carry and maintain in effect, at its own expense, shall maintain in effect comprehensive third party aircraft with Approved Insurers, public liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, (including, but not limited to, contractual liability, and passenger legal liability), cargo liability, contractual and property damage liability and products liability insurance, during the Term in an amount not less than $500,000,000 for any one occurrence insurance with respect to the Aircraft and Items Aircraft, in amounts per occurrence of Equipmentnot less than the Minimum Liability Coverage, or such greater amounts as LESSEE may carry from time to time on other similar aircraft in its fleet. Such policy shall include war and allied risks in accordance with standard market practice (currently "The Extended Coverage Endorsement-AVN 52C"). Any such liability insurance LESSEE shall not be subject to a deductiblediscriminate against the Aircraft in providing such insurance coverage. All such policies shall be maintained in effect with insurers and/or reinsurers of recognized reputation Each and responsibility, satisfactory to Lessor. Any policies any policy of insurance carried in accordance with this Section 12.1 Subsection (A), and each and any policies taken out policy obtained in substitution or replacement for any of such policies shall: policies, (1i) name Lessor shall designate LESSOR, Jetz Ventures, Lufthansa and its successors and assigns, the party who conveys title to the -9A's to Jetz Ventures or directly to LESSOR (the "-9A Vendor") and their respective officers, directors, officers shareholders, members, employees, agents and employees as additional insureds assigns (collectively, the "Additional Insureds"); , as additional insureds as their interests may appear (2but without imposing upon the Additional Insureds any obligation imposed upon the insured, including, without limitation, the liability to pay any premiums for any such policies, but LESSOR, Jetz Ventures, the -9A Vendor and/or Lufthansa shall have the right to pay such premiums if it shall so elect), and (ii) shall expressly provide that that, in respect of the respective interests of the Additional Insureds in such policies, the insurance will not be invalidated by any action or inaction of the LESSEE, and shall insure the Additional Insureds, regardless of any breach or violation by LESSEE of any warranty, declaration or condition contained in such policies, (iii) shall provide that if such insurance is canceled by insurers for any reason whatsoever, or is adversely changed in any way by insurers with respect to the interests of the Additional Insureds, such policies of insurance shall insure the Additional Insureds regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee or any other Person; (3) provide that if the insurers cancel such insurance for any reason whatever, or the same is allowed to lapse for nonpayment of premium, or if there is any material change in policy terms and conditionspremiums, such cancellation, change or lapse or change shall not be effective until thirty as to the Additional Insureds for 30 days (30) days after receipt by Lessor of telecopied written notice from such insurers of such cancellation, lapse or change (and with respect to war risk insurance, seven (7) days or such shorter period as shall may be customary on the London market for such insurance in such area of the world, or ten (10) days in the event case of nonpayment any war risks and allied perils coverage), in each instance, after the issuance to LESSOR, Jetz Ventures, the -9A Vendor and Lufthansa of premium); written notice by such insurer or insurers and/or brokers to LESSOR, Jetz Ventures, the -9A Vendor and Lufthansa of such prospective cancellation, change or lapse, (4iv) shall provide that coverage on a worldwide basis, subject to such territorial exclusions as may be usual and customary in the worldwide airline insurance industry for airlines similarly situated with LESSEE, (v) shall provide that, as against the Additional Insureds Insureds, the insurer shall have no responsibility for any premiums, commissions, warranties or representations in connection with such insurance; (5) waive any rights of setoffset-off, counterclaim or any other deduction, whether by attachment or otherwise, and all rights waives any right of subrogation it may have against the Additional Insureds and their successors, assigns, agents, officers, employees and servants; and (6) provide but only to the same extent that all payments shall be made in DollarsLESSEE has waived its right of recovery against the Additional Insureds under the Lease Documents. Each liability policy shall (i) be primary without right of contribution from any other insurance which is may be carried by LESSOR, Jetz Ventures, the Additional Insureds -9A Vendor, Lufthansa or their assigns, and (ii) shall expressly provide that all of the provisions thereof, except the limits of liability, thereof shall operate in the same manner as if there were a separate policy covering each insured, without, however, increasing provided that such provisions shall not operate to increase the aggregate insurer's limit of liability. No liability policy shall permit any deductible or self-insurance provision except for baggage and cargo as is customary in the coverage London or permitting claims recoverable under U.S. aviation insurance industry and such other deductibles only with the hull policy consent of the LESSOR, which consent shall not be unreasonably withheld or delayed, which from time to be recoverable as time LESSEE can demonstrate are standard in comprehensive liability claimsinsurance and, in particular, public liability risks (including, INTER ALIA, contractual liability and (iiipassenger liability coverage) to for major international passenger air carriers in the extent of any reinsurance, include a cut-through provision permitting Lessor to file claims and to obtain payment directly from the reinsurersthen current London or U.S. aviation insurance market.
Appears in 1 contract
Samples: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
