Common use of Right to Procure Insurance Clause in Contracts

Right to Procure Insurance. In the event the Charterers fail to procure or maintain, or the insurance coverage required by this Clause 49, the Owners, upon 30 days' prior notice (unless such insurance coverage would lapse within such period, in which event notice shall be give as soon as reasonably possible) to the Owners of any such failure, may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts so advanced for such purpose by the Owners and shall become an additional obligation of the Charterers to the Owners, and the Charterers shall forthwith pay such amounts to the Owners together with interest accrued thereon in accordance with Clause 38.7 from the date so advanced.

Right to Procure Insurance. In the event the Charterers fail to procure or maintain, or the insurance coverage required by this Clause 49, the Owners, upon 30 days' ’ prior notice (unless such insurance coverage would lapse within such period, in which event notice shall shan be give as soon as reasonably possible) to the Owners of any such failure, may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All An amounts so advanced for such purpose by the Owners and shall become an additional obligation of the Charterers to the Owners, and the Charterers shall shan forthwith pay such amounts to the Owners together with interest accrued thereon in accordance with Clause 38.7 from the date so advanced.