RISK AND INSURANCE. 12.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice.
12.2 The Borrower shall:
12.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not;
12.2.2 maintain with an insurance company approved by the Lender, in accordance with good and prudent practices of owners of such Charged Assets, fully comprehensive insurance under a standard form of “new for old” all risks policy including terrorism, third party, and business interruption for a 6 month period covering (i) loss of or damage to, the Charged Assets and against such other risks as assets of the same type as the Charged Assets are normally (or when used in the manner or for the purposes for which the Charged Assets are to be used) insured, and the new replacement value of the Charged Assets; and (ii) all liability whatsoever (including liability of the Lender) to any third party whomsoever including any employee, agent or sub-contractor of the Lender or the Borrower who may suffer damage to or loss of property or death or personal injury, whether arising directly or indirectly from the Charged Assets or their use;
12.2.3 procure that the Lender and, if the Lender so requests, any affiliates of the Lender is an additional insured and that the interest of the Lender is noted under the policy and that the Lender is loss payee;
12.2.4 upon request produce to the Lender the policy and all premium receipts;
12.2.5 promptly notify the Lender of any event which may give rise to a claim under the policy and upon request irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claim; and
12.2.6 upon request assign by way of security, or following the occurrence of an Event of Default, a complete assignment to the Lender, the Borrower’s rights under such policy and irrevocably appoint the Lender to institute any necessary proceedings.
RISK AND INSURANCE. (a) Until the VESSEL has been delivered, the BUILDER carries the risk of the accidental destruction of the VESSEL, materials, parts, machinery, boilers and equipment.
(b) The BUILDER will arrange and pay the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance of Buyer’s Supply to be paid by the BUYER. The insurance which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials and equipment which the BUILDER procure from subcontractors. Except as otherwise agreed the BUILDER is not obliged to insure transport of Buyer’s Supply. The insurance sum shall as a minimum cover the aggregate of the instalments paid by the BUYER pursuant to Article II from time to time together with interest thereon and the value of any Buyer’s Supplies. The BUYER shall receive copies of the policy main terms.
(i) The insurance policies shall be taken out in the name of the BUILDER and all losses under such policies shall be payable to the BUILDER.
(ii) In the event of partial damage which is covered by the insurance policies and provided that such damage shall not constitute a total loss of the VESSEL, the BUILDER shall apply the proceeds recovered under the insurance policies to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx
(iii) If the VESSEL before the actual delivery date sustains such heavy damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied to the reconstruction of the VESSEL, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for such reconstruction, or
(b) refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and the cost of a...
RISK AND INSURANCE. With effect from exchange of this contract, the Property is at the Buyer’s risk and the Seller is under no obligation to the Buyer to insure the Property. No damage to or destruction of the Property nor any deterioration in its condition, however caused, shall entitle the Buyer either to any reduction of the Purchase Price or to refuse to complete or to delay completion. Conditions 8.2.2, 8.2.3 and 8.2.4(b) do not apply to this contract.
RISK AND INSURANCE. 15.1 Throughout the Term, the Company will maintain an insurance policy covering the usual insurable risks of accidental loss or damage to Client Grain during the provision of the Services.
15.2 The Company bears the risk of accidental loss or damage to Client Grain to the extent covered by insurance policies taken out by the Company.
15.3 The Client bears the risk of all loss or damage events to their Grain which are not covered by the Company’s insurance policies (or where coverage for a specific claim is refused by the Company’s insurer) which commonly includes, without limitation, the risk of flood, inherent vice and contamination.
15.4 The Client must, for the entire period that Client Grain is stored at a Facility, keep Client Grain insured against the risks it bears pursuant to clause 15.3.
15.5 The Client must, and must cause any person entering a Facility for or on behalf of the Client, to hold:
(a) public liability insurance with coverage of $20 million per event and in aggregate,
(b) workers’ compensation insurance required by law, and
(c) comprehensive motor vehicle insurance.
15.6 The Company shall, upon request of the Client, provide details of insurance policies taken out by the Company under clause 15.1.
RISK AND INSURANCE. 5.1. The Equipment shall be at the risk of the Client from the time of delivery at the Venue or, if earlier, delivery to Client's carrier, until its return to CT's premises or, if earlier, possession is taken by CT's carrier.
5.2. Client shall at its own expense insure Equipment with an insurance company of repute (naming CT as a loss payee): against all loss or damage (whether or not the Client's or CT's fault) in an amount equal to its replacement cost new; and against liability for any continuing Fees under Clause 4.1 until earlier of: return of Equipment to CT in good working order and condition (fair wear and tear excepted) or (if not capable of economic repair) its replacement with equivalent new equipment; or receipt by CT of payment in full of its replacement cost new and all other sums due hereunder.
5.3. Client hereby irrevocably authorises CT in name and on behalf of Client (but at Client’s cost) to make any claims under the insurance in respect of loss of or damage to Equipment; to settle or compromise such claims; and to receive and give good discharge to insurers for any moneys payable. Client shall not do or allow to be done any act or thing whereby insurance of Equipment may be invalidated.
5.4. If Equipment is lost or damaged, Client shall notify CT forthwith, assist in making appropriate claims under such insurance and not without CT's consent settle or compromise any claim.
5.5. Client will on request at any time produce to CT the insurance policy and receipt for current premium. If Client fails to keep Equipment insured to CT's satisfaction or to produce policy or receipt or if CT so agrees in writing, CT may insure Equipment, in consideration of which Client will pay CT further sum equal to 12.5% of CT’s charges (before any discount) for relevant Equipment or Services.
5.6. CT accepts no responsibility for loss or damage to any equipment or materials of the Client or any third party, which CT may agree to store or transport, and any such equipment or materials shall at all times be at the Client's risk.
RISK AND INSURANCE. Issues and Practice; and (b) all previous print editions of The Geneva Papers on Risk and Insurance - Issues and Practice that were first published within the previous four (4) years, from the later of the Commencement Date or the most recent of any subsequent Renewal Date (both as defined herein), but in any event all editions first published since the Commencement Date, in each case as available for access on the Internet at the URL xxxx://xxx.xxxxxxxx-xxxxxxxx.xxx/gpp together with any additional material that the Licensor makes available to the Licensee.
RISK AND INSURANCE. All goods supplied hereunder will be at the risk of the Seller until the contract is totally performed. The Seller shall place property insurance including all loss marine cargo and transit insurance (or otherwise in accordance with specified delivery mode) equal to the full replacement cost of all goods, materials and equipment supplied hereunder and shall place comprehensive public liability insurance containing limits, deductibles and terms satisfactory to the Purchaser before commencing work or delivering goods, materials or equipment under this purchase order.
RISK AND INSURANCE. The WEEELABEX Auditor will consider and assess all risks when entering a (candidate) WEEELABEX Operator’s site in connection with performing the audit. All equipment brought onto the (candidate) WEEELABEX Operator’s site shall be at the WEEELABEX Auditor’s own risk unless the WEEELABEX Auditor is able to demonstrate that such loss or damage was caused or contributed to by the negligence or default of the (candidate) WEEELABEX Operator. The WEEELABEX Auditor (or his company) shall effect and maintain with a reputable insurance company a policy or policies of insurance providing an adequate level of cover in respect of all risks which may be incurred by the WEEELABEX Auditor, arising out of the audit process, including death or personal injury, loss of or damage to property or any other loss. Such policies shall include cover in respect of any financial loss arising from any advice given or omitted to be given by the WEEELABEX Auditor. Such insurance shall be maintained for a minimum of two years following the expiration or earlier termination of the listing of the WEEELABEX Auditor. The WEEELABEX Auditor (or his company) shall hold employer’s liability insurance in respect of Staff in accordance with any legal requirement for the time being in force. The WEEELABEX Auditor (or his company) shall produce to the WEEELABEX Office and/or (candidate) WEEELABEX Operator, on request, copies of all insurance policies referred to in this clause or a broker’s verification of insurance to demonstrate that the appropriate cover is in place, together with receipts or other evidence of payment of the latest premiums due under those policies. The terms of any insurance or the amount of cover shall not relieve the WEEELABEX Auditor (or his company) of any liabilities under this Agreement.
RISK AND INSURANCE. 4.1 The Commercial Redress Property will remain at the sole risk of the Crown until the Settlement Date and, from the Settlement Date, it will remain at the sole risk of the Governance Entity.
4.2 In the event that, prior to the Settlement Date, the Commercial Redress Property is destroyed or damaged and such destruction or damage has not been made good by the Settlement Date, then the following provisions apply:
4.2.1 if the Commercial Redress Property is untenantable on the Settlement Date, the Governance Entity may:
(a) complete the transfer on the condition that the Crown pay to the Governance Entity (as alternative redress) an amount equal to the amount of the diminution in the value of the Commercial Redress Property as at the Settlement Date; or
(b) cancel the transfer by giving the Crown notice in writing, in which case the Crown will promptly pay to the Governance Entity (as alternative redress) the Redress Value of the Commercial Redress Property; and
4.2.2 if the Commercial Redress Property is tenantable on the Settlement Date, the Governance Entity will complete the transfer on the condition that the Crown pay to the Governance Entity (as alternative redress) an amount equal to the amount of the diminution in the value of the Commercial Redress Property as at the Settlement Date; and
4.2.3 either Party may give the other Party notice in writing requiring that any dispute as to the application of this paragraph 4.2 be determined by an arbitrator to be appointed by the president or vice-president of the law society for the district where the Commercial Property is located, and the Party serving the notice may at any time after that refer the dispute to the arbitrator for determination under the Arbitration Act. If the dispute is not determined by the Settlement Date then the Parties‟ obligations relating to transfer and possession of the Commercial Property will be deferred until the fifth Business Day following the date on which the dispute is determined. The arbitrator may determine that the possession date will not be deferred or will be deferred to another day or days.
4.3 The Governance Entity will not be required to take over from the Crown any insurance policies in relation to the Commercial Redress Property.
RISK AND INSURANCE. 4.1 The Seller will insure the Property in accordance with its obligations as landlord under each of the Occupational Leases until Completion.
4.2 The Seller will at the Buyer's written request:
(a) permit the Buyer to inspect the policy or evidence of its terms at any reasonable time;
(b) increase the amount of cover for the Property under the terms of the Seller's insurance policy or extend the risks covered by it, subject to the insurer being willing and able to do so and subject to the Buyer paying the Seller on demand any additional premium due for the increased or extended cover; and
(c) obtain or consent to an endorsement on the Seller's insurance policy for the Property of the Buyer's interest, subject to the insurer being willing to make the endorsement and subject to the Buyer paying the Seller on demand any additional premium due for the endorsement.
4.3 The Seller will be under no obligation to seek any refund from the Tenants of any additional premium due or paid in relation to any increased cover requested by the Buyer or for any endorsement on the policy of the Buyer's interest.
4.4 No damage to or destruction of the Property nor any deterioration in its condition, however caused, will entitle the Buyer either to any reduction of the Purchase Price or to refuse to complete or to delay Completion.
4.5 If in the period between the date of this contract and Completion, the Property is damaged or destroyed by a risk against which the Seller has insured:
(a) the Seller will make a claim under its insurance policy in respect of that damage or destruction;
(b) to the extent that any insurance money in respect of the damage or destruction is paid to the Seller before Completion, and to the extent that the Seller is not under any statutory or contractual obligation to use any insurance money received by it to repair or rebuild the Property before completion, the Seller will hold the insurance money received by it on trust for the Buyer and will pay the money to the Buyer on completion to use in accordance with the terms of the Occupational Leases;
(c) to the extent that any insurance money in respect of the damage or destruction is paid to the Seller after Completion, the Seller will hold the insurance money on trust for the Buyer and will, as soon as is reasonably practicable, pay it to the Buyer to use in accordance with the terms of the Occupational Leases;
(d) to the extent that any insurance money in respect of the damage or destruction has not ...
