Common use of Transit Insurance Clause in Contracts

Transit Insurance. With respect to any Delivery made pursuant to Section 5.2 only, the Seller shall provide insurance covering all risks of loss to any Major Components, Equipment or Units during loading and during transit by air, sea or otherwise from the place of manufacture until Delivery to the relevant Site with sublimits sufficient to insure the full replacement value of such Major Component(s), Unit(s) or Equipment. With respect to any Delivery made pursuant to Section 5.3, the Seller shall not be responsible for transit insurance. Such insurance shall provide coverage during loading the Equipment on any collecting transport and shall include Seller as loss payee.