Requirements for All Insurances Clause Samples
The 'Requirements for All Insurances' clause sets out the baseline standards and conditions that all insurance policies related to the contract must meet. Typically, this includes specifications such as minimum coverage amounts, types of risks to be insured against, and the necessity for policies to be maintained throughout the contract term. For example, it may require that all insurance policies name the other party as an additional insured or mandate that proof of insurance be provided before work begins. The core function of this clause is to ensure that adequate and consistent insurance protection is in place, thereby managing risk and providing clarity on insurance obligations for all parties involved.
Requirements for All Insurances. All Insurances shall:
(a) be maintained in effect with insurers reasonably acceptable to Lessor, and, if applicable, reinsurers reasonably acceptable to Lessor, of recognised responsibility, specialising and normally participating in the international aviation insurance market and carrying and maintaining an A.M. Best rating of not less than A-, Class VII;
(b) provide that in respect of 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;
(c) provide that the Additional Insureds shall have no responsibility for any premiums, assessments, warranties or representations in connection with such insurance;
(d) include the geographic limits of all territories over which the Aircraft and any Engine will be operated;
(e) waive any rights of set off, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against the Additional Insureds and their respective successors, assigns, agents, officers, employees and servants, other than set-off for unpaid premiums in respect of the Aircraft; and
(f) 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 Lessee’s designated broker of written notice from such insurers of such cancellation, lapse or change (ten (10) days for nonpayment of premium and seven (7) days for cancellation with respect to war risk and allied perils insurance or such shorter period as shall be customary on the London market for such insurance in such area of the world). Lessee shall cause such designated broker to immediately notify the Additional Insureds of any such notice of cancellation or termination.
Requirements for All Insurances. All Insurances shall: be maintained in effect with insurers reasonably acceptable to Lessor, of recognized responsibility, specializing and normally participating in the international aviation insurance market and carrying and maintaining an A.M. Best rating of not less than A-, Class VII; provide that in respect of 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; provide that the Additional Insureds shall have no responsibility for any premiums, assessments, warranties or representations in connection with such insurance; include the geographic limits of all territories over which the Aircraft and any Engine will be operated; waive any rights of set off, counterclaim or deduction, whether by attachment or otherwise, and all rights of subrogation against the Additional Insureds and their respective successors, assigns, agents, officers, employees and servants; and 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 issuance to Lessor of written notice from such insurers of such cancellation, lapse or change (seven (7) days for cancellation with respect to war risk and allied perils insurance).
Requirements for All Insurances. All Insurances will:
4.1.1 be in accordance with normal industry practice of persons operating aircraft similar to the Aircraft in similar circumstances;
4.1.2 provide cover denominated in Dollars or in relation to liability insurance in the relevant currency of claim;
4.1.3 operate on a world-wide basis subject to such limitations and exclusions as Lessor may agree (acting reasonably in light of aviation insurance industry practices as applied to airline carriers operating aircraft similar to the Aircraft on routes similar to those of Lessee);
4.1.4 provide that, in relation to the interests of each of the additional insureds, the Insurances will not be invalidated by any act or omission (including misrepresentation and non-disclosure) of any other person which results in a breach of any term, condition or warranty of the policy, provided that the additional insured so protected has not caused, contributed to or knowingly condoned the said act or omission;
4.1.5 provide that upon payment of any loss or claim to or on behalf of any additional insured:
(a) the Insurers shall to the extent and in respect of such payment be subrogated to all legal and equitable rights of that additional insured (other than its rights against any of the other additional insureds);
(b) the Insurers shall not exercise such rights without the consent of the relevant Indemnitee, such consent not to be unreasonably withheld; and
(c) at the expense of the Insurers the relevant additional insureds shall do all things reasonably necessary to assist the Insurers to exercise the rights referred to in this paragraph 4.1.6;
4.1.6 provide that the additional insureds will have no obligation or responsibility for the payment of any premiums due and that the Insurers will not exercise any right of set-off or counter-claim in respect of any premium due against the respective interests of the additional insureds other than outstanding premiums relating to the Aircraft which is the subject of the relevant claim; and
4.1.7 provide that, except in respect of any provision for cancellation or automatic termination specified in the relevant policy or any endorsement thereof, cover provided by the Insurances may only be cancelled or materially altered in a manner adverse to the additional insureds by the giving of not less than thirty (30) days (or such lesser period as is customarily available in respect of war and allied risks) notice in writing to the Broker. Notice will be deemed to commence fro...