Vessel Insurance Clause Samples

Vessel Insurance. Vessel Owner agrees to obtain and maintain during the term of this Agreement a policy of complete Marine Insurance including Protection and Indemnity Liability with limits not less than Five Hundred Thousand Dollars ($500,000) per occurrence, such insurance to include coverage for Sudden and Accidental Pollution and Raising of a (sunken) Vessel. Vessel Owner shall also maintain a Hull and General Vessel Protection policy covering either: 1) the replacement value or actual cash value of the vessel, or 2) no less than $50,000. Any such agreement shall be attached to this Agreement, and shall become incorporated as part hereof. The said insurance shall be in a form and substance satisfactory to the Marina and shall be placed with responsible underwriters, which have a Best financial rating of at least 8 and a Best policyholder rating of A or better. The Vessel Owner shall provide the Marina with Certificates of Insurance evidencing the specified insurance coverage prior to the commencement of this Agreement, which evidence shall be a continuing precondition to Vessel Owner's use of the Slip. Vessel Owner shall deliver new Certificates evidencing the required coverage prior to the expiration or termination of any policy. The said insurance shall name the “Twin Lakes Management Company, Inc, and The Merced Irrigation District” as “Additional Insured” with appropriate Endorsement for all coverages, and shall provide that it fully insures the interests of the Marina regardless of any breach or violation by the Vessel Owner or any person of any warranties, declarations or conditions contained in such policy. The insurance policy shall provide that the Marina shall have no obligation to pay calls, assessments, premiums or other charges in connection with any insurance. The Vessel Owner shall immediately notify the Marina of any material change to the Vessel Owners’ insurance coverage policy, including but not limited to any notice of potential termination, cancellation or non-renewal of said policy. Vessel Owner shall also be responsible to ensure that all contractors and others employed by the Vessel Owner comply with all Marina Rules and Regulations, properly register with the ▇▇▇▇▇▇ ▇▇▇▇▇ to accessing the premises and beginning any work, and provide proof of statutory Workers Compensation insurance coverage and general liability insurance coverage with a limit not less than $1,000,000, per occurrence and $2,000,000 aggregate naming the “Twin Lakes Management Com...

Vessel Insurance. With respect to each Vessel, (i) insure, and keep insured, or procure that the Borrowers, as owners, will insure and keep the Vessels insured in accordance with the terms of the Mortgages, more specifically each Vessel will be insured with respect to all risks hull and machinery (including excess risks which shall not exceed twenty percent (20%) of the total hull and machinery coverage), provided that the total hull coverage and excess risk coverage is to be at least the higher of (a) the aggregate Fair Market Value of such Vessel at the most recent date at which such Fair Market Value shall have been determined pursuant to this Agreement or (b) one hundred twenty five percent (125%) of the amount outstanding under the relevant Tranche, (ii) notify the Facility Agent in writing, at least twenty-one (21) days prior to all insurance renewals, (iii) deliver to Facility Agent all letters of undertaking, copies of all insurance policies and certificates of entry on terms acceptable to the Facility Agent and its advisors, (iv) ensure that Facility Agent is named as loss payee on all insurances and (v) reimburse Facility Agent for payment of mortgagee’s interest insurance and mortgagee’s additional perils (pollution) insurance to be subscribed by the Facility Agent in an amount equal to one hundred twenty five percent (125%) of the amount outstanding under each Tranche;

Vessel Insurance. There is liability insurance in the amount of $300,000.00 which protects the vessel, SDBT, the Charterer, Master and from legal claims for property damage or bodily injury caused by the Vessel or her operation, to property or people not considered additional insured. This limits your liability for the Vessel and her contents to the deposit amount except in the case of intoxication, gross negligence or willful misconduct. Should any claim exceed the limit of liability covered by the policy or insurance provided by SDBT, the Charterer shall be liable therefor, and it is agreed that in such event the Charterer shall and hereby does release the Vessel and SDBT from any such excess liability.

Vessel Insurance. User shall carry, or require that the owner carry, on all Vessels utilizing the Terminal the following insurance: (a) Hull and Machinery (including Collision Liability) insurance according to the terms and conditions of the American Institute Hull Clauses on all Vessels with a limit equal to or greater than the fair market value of each such Vessel (Charterer's and/or Owner's Limitation Clause to be deleted). (b) Protection and Indemnity Insurance, including a contractual liability extension, on all Vessels with a limit applicable to each such Vessel of $100,000,000 or the fair market value of the Vessel, whichever is greater (Charterer's and/or Owner's Limitation Clause to be deleted). (c) In respect to all chartered Vessels, Marine Operator's/Charterer's Legal Liability Insurance with limits of not less than $50,000,000.

Vessel Insurance. Lessee shall keep in force and effect liability insurance for his vessel(s). Lessor may request and be provided with proof of coverage. This agreement is governed by the Laws of Louisiana and venue in any litigation or arbitration regarding this agreement shall be in the State of Louisiana. Lessee shall pay for any cost incurred by Lessor, in enforcing this agreement. We, the undersigned, agree to all the terms and conditions set forth in this agreement: Signature of Lessee: Date: Print name of Lessee: End of the Line Boat Storage 2021 BOAT SHED RATE SCHEDULE 1. $1900 for 12 month term + $ 200.00 (Security Deposit) Prepaid 2. $ 1,100.00 Semi-Annually + $ 200.00 (Security Deposit)

Vessel Insurance with respect to each Relevant Vessel, (i) insure, and keep insured, or procure that each Obligor, as owner of record, will insure and keep the Relevant Vessels insured in accordance with the terms of the Mortgage or the Deed of Covenants and Guarantee, Administration and Source of Payment Trust Agreement, as applicable, and with such insurances as the Lenders may require more specifically: (a) each Relevant Vessel will be insured with respect to all risks hull and machinery (including excess risks) plus freight interest and hull interest, if applicable, and with respect to all war risks (including the London blocking and trapping addendum or similar arrangement) provided that the total hull coverage and war risk coverage is to be at least the higher of (I) the Fair Market Value of the Relevant Vessel at the most recent date at which such Fair Market Value shall have been determined pursuant to this Agreement and (II) one hundred twenty percent (120%) of the total amounts outstanding under the Facility, (b) each Relevant Vessel will be insured with respect to full protection and indemnity cover (including liability for oil pollution) for an amount of not less than One Billion Dollars ($1,000,000,000) and excess war risk protection and indemnity cover for an amount of not less than Five Hundred Million Dollars ($500,000,000), covered by a protection and indemnity association which is a member of the International Group of Protection and Indemnity Associations and, in the case of Relevant Vessels employed in Mexico under the Mexican Navigation and Maritime Commerce Law (Ley de Navegación y Comercio Marítimos), covered by a first class Mexican insurance company acceptable to the Facility Agent, (c) any PSVs of at least 1,800 DWT or AHTSs of at least 70 tons bollard pull will, upon becoming a Relevant Vessel, be insured with respect to mortgage rights insurance and (d) all insurances will be at the expense of the Obligor, shall be on terms acceptable to the Facility Agent and shall be placed with brokers, underwriters or clubs acceptable to the Facility Agent, (ii) notify the Facility Agent in writing, at least fourteen (14) days prior to all insurance renewals, (iii) deliver to the Facility Agent all letters of undertaking, copies of all insurance policies and certificates of entry on terms acceptable to the Facility Agent and its advisors at least once every year within three (3) Banking Days prior to each anniversary of the Original Closing Date, (iv) ensure...

Vessel Insurance. Schedule 4.28 contains, as of the Closing Date, a true and complete list of all insurance policies of any nature maintained by any Credit Party primarily with respect to each Material Vessels (rather than general property of liability insurance) owned by any Credit Party as of such date.

Vessel Insurance. (i) During Construction, insure, or have the Builders insure, and keep insured to the extent of its interest therein, the Vessel with respect to comprehensive builder’s risks; and (ii) After completion of Construction, insure, and keep insured, the Vessel in accordance with the provisions of the Mortgage and more specifically the Vessel will be insured with respect to: (a) all risks hull and machinery (including excess risks); (b) storm risks; (c) if the Vessel is to be operated outside of the U.S. Gulf of Mexico, war risks covering, inter alia the perils of confiscation, expropriation, nationalization and seizure; (d) protection and indemnity risks (including pollution risks, crew, cargo, contractual and removal of wreck insurance); (e) mortgagee’s interest insurance (which shall include additional perils pollution); and (f) either Business Interruption Insurance covering a period of one hundred and eighty (180) days, or a cash amount in an amount sufficient to cover at least six (6) months of debt service has been deposited into the Earnings Account.

Vessel Insurance. The Grantee shall produce evidence of necessary insurance for all vessels bought with the grant money and all vessels used in boating programs funded by grant money.