Common use of Terms of Liability Insurance Clause in Contracts

Terms of Liability Insurance. All required liability insurances will: (a) cover at least such risks as are customarily insured against in the airline industry and names the additional assured as additional named insured for their respective rights and interest; (b) be in form and substance in accordance with sound international airline practice (having regard to the type of aircraft or engines involved); (c) provide that upon payment of any loss or claim by the insurers in accordance with the endorsement relating to the relevant policy naming the additional assured as additional assureds, the insurers shall to the extent and in respect of such payment be thereupon subrogated to all legal and equitable rights of the additional assured indemnified under such endorsement relating to the Insurances (but not against any additional assured) and further provides that the insurers shall not exercise such rights without the consent of those additional assured such consent not to be unreasonably withheld and at the expense of the insurers such additional assured shall do all things reasonably necessary to assist the insurers to exercise the said rights; (d) provide that except in respect of any provision for automatic termination or cancellation specified in the policy or any endorsement thereof, cover for the interests added by the endorsement relating to the relevant policy may only be canceled or materially altered in a manner adverse to the additional assured by the giving of not less than thirty (30) days (but seven (7) days or such lesser period as may be customarily available in respect of War risks) notice in writing to the insurance brokers and that notice shall be deemed to commence from the date such notice is given by the insurers and that such notice will not be given at the normal expiry date of the policy or any endorsement; (e) is primary without right of contribution from any other insurance which may be available to the additional assured; (f) subject to the provisions naming the additional assured as additional assured, operates in all respects as if a separate policy had been issued covering each additional assured; (g) provides that none of the additional assured shall be responsible for any premiums in respect thereof, and that the insurers shall waive any right of set-off or counterclaim against the additional assured (except in respect of any outstanding premiums in respect of the Aircraft); (h) provides that the insurance thereunder shall not be invalidated by any act or omission, including misrepresentation and non-disclosure, of any other person which results in breach of any term, condition or warranty of the relevant policy provided that the additional assured so protected has not caused or contributed to or knowingly condoned the said act or omission; (i) has a deductible in respect of passenger baggage and cargo of an amount which, at any time, is customary in the international aviation market at the time for Boeing 737-200 aircraft in each case in respect of any one claim; (j) contains a provision insuring (to the extent of the risks covered by the policy) the indemnity provisions of security document entered into in favor of the Lender; and (k) specifically refers to any security document entered into in favor of the Lender or any loan agreement.

Terms of Liability Insurance. All required liability insurances will: (a) cover at least such risks as are customarily insured against in the airline industry and names the additional assured as additional named insured for their respective rights and interest; (b) be in form and substance in accordance with sound international airline practice (having regard to the type of aircraft or engines involved); (c) provide that upon payment of any loss or claim by the insurers in accordance with the endorsement relating to the relevant policy naming the additional assured as additional assureds, the insurers shall to the extent and in respect of such payment be thereupon subrogated to all legal and equitable rights of the additional assured indemnified under such endorsement relating to the Insurances (but not against any additional assured) and further provides that the insurers shall not exercise such rights without the consent of those additional assured such consent not to be unreasonably withheld and at the expense of the insurers such additional assured shall do all things reasonably necessary to assist the insurers to exercise the said rights; (d) provide that except in respect of any provision for automatic termination or cancellation specified in the policy or any endorsement thereof, cover for the interests added by the endorsement relating to the relevant policy may only be canceled cancelled or materially altered in a manner adverse to the additional assured by the giving of not less than thirty (30) days (but seven (7) days or such lesser period as may be customarily available in respect of War risks) notice in writing to the insurance brokers and that notice shall be deemed to commence from the date such notice is given by the insurers and that such notice will not be given at the normal expiry date of the policy or any endorsement; (e) is primary without right of contribution from any other insurance which may be available to the additional assured; (f) subject to the provisions naming the additional assured as additional assured, operates in all respects as if a separate policy had been issued covering each additional assured; (g) provides that none non of the additional assured shall be responsible for any premiums in respect thereof, and that the insurers shall waive any right of set-off or counterclaim against the additional assured (except in respect of any outstanding premiums in respect of the Aircraft); (h) provides that the insurance thereunder shall not be invalidated by any act or omission, including misrepresentation and non-disclosure, of any other person which results in breach of any term, condition or warranty of the relevant policy provided that the additional assured so protected has not caused or contributed to or knowingly condoned the said act or omission; (i) has a deductible in respect of passenger baggage and cargo of an amount which, at any time, is customary in the international aviation market at the time for Boeing 737-200 300 aircraft in each case in respect of any one claim; (j) contains a provision insuring (to the extent of the risks covered by the policy) the indemnity provisions of security document entered into in favor favour of the Lender; and (k) specifically refers to any security document entered into in favor favour of the Lender or any loan agreement.

Terms of Liability Insurance. All required liability insurances will: (a) cover at least such risks as are customarily insured against in the airline industry and names the additional assured as additional named insured for their respective rights and interest; (b) be in form and substance in accordance with sound international airline practice (having regard to the type of aircraft or engines involved); (c) provide that upon payment of any loss or claim by the insurers in accordance with the endorsement relating to the relevant policy naming the additional assured as additional assureds, the insurers shall to the extent and in respect of such payment be thereupon subrogated to all legal and equitable rights of the additional assured indemnified under such endorsement relating to the Insurances (but not against any additional assured) and further provides that the insurers shall not exercise such rights without the consent of those additional assured such consent not to be unreasonably withheld and at the expense of the insurers such additional assured shall do all things reasonably necessary to assist the insurers to exercise the said rights; (d) provide that except in respect of any provision for automatic termination or cancellation specified in the policy or any endorsement thereof, cover for the interests added by the endorsement relating to the relevant policy may only be canceled cancelled or materially altered in a manner adverse to the additional assured by the giving of not less than thirty (30) days (but seven (7) days or such lesser period as may be customarily available in respect of War risks) notice in writing to the insurance brokers and that notice shall be deemed to commence from the date such notice is given by the insurers and that such notice will not be given at the normal expiry date of the policy or any endorsement; (e) is primary without right of contribution from any other insurance which may be available to the additional assured; (f) subject to the provisions naming the additional assured as additional assured, operates in all respects as if a separate policy had been issued covering each additional additonal assured; (g) provides that none of the additional assured shall be responsible for any premiums in respect thereof, and that the insurers shall waive any right of set-off or counterclaim against the additional assured (except in respect of any outstanding premiums in respect of the Aircraft); (h) provides that the insurance thereunder shall not be invalidated by any act or omission, including misrepresentation and non-disclosure, of any other person which results in breach of any term, condition or warranty of the relevant policy provided that the additional assured so protected has not caused or contributed to or knowingly condoned the said act or omission; (i) has a deductible in respect of passenger baggage and cargo of an amount which, at any time, is customary in the international aviation market at the that time for Boeing 737-200 300 aircraft in each case in respect of any one claim; (j) contains a provision insuring (to the extent of the risks covered by the policy) the indemnity provisions of security document entered into in favor favour of the Sublessor's Lender; and (k) specifically refers to any security document entered into in favor favour of the Sublessor's Lender or any loan agreement.,