Common use of Terms of Insurance Policies Clause in Contracts

Terms of Insurance Policies. In the case of the insurances specified in clauses 41.1(b) and (c), the policies must, where permitted by Law: (a) identify the respective rights and interests of the Shipper and the Service Providers; and (b) contain a cross liability clause where the insurance policy covers the interest of more than one party, any act, negligence or omission or breach of a policy condition by an individual party will not prejudice the rights of the remaining party/parties; provided the remaining party/parties shall, upon becoming aware of any act, negligence or omission as a result of which the risk of legal liability to that party/parties has increased due to a breach of a policy condition, give notice to the insurers.

Terms of Insurance Policies. In the case of the insurances specified in clauses 41.1(b) and (c), the policies must, where permitted by Law: (a) identify the respective rights and interests of the Shipper and the Service ProvidersProvider; and (b) contain a cross liability clause where the insurance policy covers the interest of more than one party, any act, negligence or omission or breach of a policy condition by an individual party will not prejudice the rights of the remaining party/parties; provided the remaining party/parties shall, upon becoming aware of any act, negligence or omission as a result of which the risk of legal liability to that party/parties has increased due to a breach of a policy condition, give notice to the insurers.

Terms of Insurance Policies. In the case of the insurances specified in clauses 41.1(b39.1(b) and (c), the policies must, where permitted by Law: (a) identify the respective rights and interests of the Shipper and the Service Providers; and (b) contain a cross liability clause where the insurance policy covers the interest of more than one party, any act, negligence or omission or breach of a policy condition by an individual party will not prejudice the rights of the remaining party/parties; provided the remaining party/parties shall, upon becoming aware of any act, negligence or omission as a result of which the risk of legal liability to that party/parties has increased due to a breach of a policy condition, give notice to the insurers.