Common use of The Shipowner Clause in Contracts

The Shipowner. (a) forthwith upon the effecting of any Obligatory Insurances, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; (b) will cause the brokers and the managers of any protection and indemnity or war risks association in which the Vessel may be entered: (A) to hold to the order of the Mortgagee the original of all policies, contracts, binders, insurance slips, cover notes and certificates of entry relating to the Vessel, and to deliver certified copies thereof to the Mortgagee on its request; and (B) to agree to advise the Mortgagee promptly in writing: (1) if any underwriter, insurance company or protection and indemnity or war risks association cancels any Obligatory Insurance; (2) of any alteration to any Obligatory Insurance or any default in the payment of any premium, call or contribution or any failure to renew any of the Insurances at least twenty one (21) days before its expiry; and (3) of any other act, omission or event of which they have knowledge which would or might render invalid or unenforceable any of the Obligatory Insurances in whole or in part; (c) represents and warrants that it has not heretofore assigned, charged or pledged the Insurances in whole or in part, and will not hereafter assign, charge or pledge the Insurances in whole or in part to anyone other than the Mortgagee; (d) will not settle, compromise or abandon any claim under any of the Obligatory Insurances other than a claim of less than US Dollars Three Million ($3,000,000) and not being a claim arising out of the Total Loss of the Vessel; (e) if and whenever any of the Obligatory Insurances comes into effect, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; and (f) will, without expense to the Mortgagee, make all proofs of loss and take any and all other steps necessary to effect collection from brokers, underwriters or protection and indemnity or war risk associations of any loss under any Insurance and shall do all things necessary and provide all documents, evidence and information to enable the Mortgagee to collect or recover any moneys which shall at any time become due in respect of the Insurances.

The Shipowner. (a) forthwith upon the effecting of any Obligatory Insurances, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; (b) will cause the brokers and the managers of any protection and indemnity or war risks association in which the Vessel may be entered: (A) to hold to the order of the Mortgagee the original of all policies, contracts, binders, insurance slips, cover notes and certificates of entry relating to the Vessel, and to deliver certified copies thereof to the Mortgagee on its request; and (B) to agree to advise the Mortgagee promptly in writingpromptly: (1) if any underwriter, insurance company or protection and indemnity or war risks association cancels any Obligatory Insurance; (2) of any alteration to any Obligatory Insurance or any default in the payment of any premium, call or contribution or any failure to renew any of the Insurances at least twenty one (21) days before its expiry; and (3) of any other act, omission or event of which they have knowledge which would or might render invalid or unenforceable any of the Obligatory Insurances in whole or in part; (c) represents and warrants that it has not heretofore assigned, charged or pledged the Insurances in whole or in part, and will not hereafter assign, charge or pledge the Insurances in whole or in part to anyone other than the MortgageeMortgagee ; (d) will not settle, compromise or abandon any claim under any of the Obligatory Insurances other than a claim of less than US Dollars Three One Million ($3,000,0001,000,000) and not being a claim arising out of the Total Loss total loss of the Vessel; (e) if and whenever any of the Obligatory Insurances comes into effect, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; and (f) will, without expense to the Mortgagee, make all proofs of loss and take any and all other steps necessary to effect collection from brokers, underwriters or protection and indemnity or war risk associations or of any loss under any Insurance and shall do all things necessary and provide all documents, evidence and information to enable the Mortgagee to collect or recover any moneys which shall at any time become due in respect of the Insurances.

The Shipowner. (a) forthwith upon the effecting of any Obligatory Insurances, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; (b) will cause the brokers and the managers of any protection and indemnity or war risks association in which the Vessel may be entered: (A) to hold to the order of the Mortgagee the original of all policies, contracts, binders, insurance slips, cover notes and certificates of entry relating to the Vessel, and to deliver certified copies thereof to the Mortgagee on its request; and (B) to agree to advise the Mortgagee promptly in writingpromptly: (1) if any underwriter, insurance company or protection and indemnity or war risks association cancels any Obligatory Insurance; (2) of any alteration to any Obligatory Insurance or any default in the payment of any premium, call or contribution or any failure to renew any of the Insurances at least twenty one (21) days before its expiry; and (3) of any other act, omission or event of which they have knowledge which would or might render invalid or unenforceable any of the Obligatory Insurances in whole or in part; (c) represents and warrants that it has not heretofore assigned, charged or pledged the Insurances in whole or in part, and will not hereafter assign, charge or pledge the Insurances in whole or in part to anyone other than the Mortgagee; (d) will not settle, compromise or abandon any claim under any of the Obligatory Insurances other than a claim of less than US Dollars Three One Million ($3,000,0001,000,000) and not being a claim arising out of the Total Loss total loss of the Vessel; (e) if and whenever any of the Obligatory Insurances comes into effect, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; and (f) will, without expense to the Mortgagee, make all proofs of loss and take any and all other steps necessary to effect collection from brokers, underwriters or protection and indemnity or war risk associations or of any loss under any Insurance and shall do all things necessary and provide all documents, evidence and information to enable the Mortgagee to collect or recover any moneys which shall at any time become due in respect of the Insurances.

The Shipowner. (a) forthwith upon the effecting of any Obligatory Insurances, will give or ensure that the Bareboat Charterer will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; (b) will cause and/or ensures that Bareboat Charterer will cause the brokers and the managers of any protection and indemnity or war risks association in which the Vessel may be entered: (A) to hold to the order of the Mortgagee the original of all policies, contracts, binders, insurance slips, cover notes and certificates of entry relating to the Vessel, and to deliver certified copies thereof to the Mortgagee on its request; and (B) to agree to advise the Mortgagee promptly in writing: (1) if any underwriter, insurance company or protection and indemnity or war risks association cancels any Obligatory Insurance; (2) of any alteration to any Obligatory Insurance or any default in the payment of any premium, call or contribution or any failure to renew any of the Insurances at least twenty one (21) days before its expiry; and (3) of any other act, omission or event of which they have knowledge which would or might render invalid or unenforceable any of the Obligatory Insurances in whole or in part; (c) represents and warrants that it or the Bareboat Charterer has not heretofore assigned, charged or pledged the Insurances in whole or in part, and will not hereafter assign, charge or pledge the Insurances in whole or in part to anyone other than the Mortgagee; (d) will not and will ensure that the Bareboat Charterer will not settle, compromise or abandon any claim under any of the Obligatory Insurances other than a claim of less than US Dollars Three Million ($3,000,000) and not being a claim arising out of the Total Loss of the Vessel; (e) if and whenever any of the Obligatory Insurances comes into effect, will give and/or cause the Bareboat Charterer to give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; and (f) will, at its own expense and without expense to the Mortgagee, make and/or cause the Bareboat Charterer to make all proofs of loss and take any and all other steps necessary to effect collection from brokers, underwriters or protection and indemnity or war risk associations of any loss under any Insurance and shall do all things necessary and provide all documents, evidence and information to enable the Mortgagee to collect or recover any moneys which shall at any time become due in respect of the Insurances.