Physical Damage Insurance definition

Physical Damage Insurance. Property damage insurance on an "all risk" basis, boiler and machinery insurance on a comprehensive basis (covering all production machinery, including but not limited to pressure vessels, electrical turbines, generators, transformers and other related equipment, motors, air tanks, boilers, machinery, pressure piping or any other similar objects) including coverage against damage or loss caused by earth movement (including but not limited to earthquake, landslide, subsidence and volcanic eruption) and flood and providing coverage for (1) the Project (excluding the Expansion while insured by the builder's risk coverage and the steam and water pipelines) in a minimum aggregate amount equal to the "full insurable value" of the Project (excluding the Expansion while insured by the builder's risk coverage and the steam and water pipelines), (2) transit including ocean marine transit, if applicable, with sub- limits sufficient to insure the full replacement value of the property or equipment prior to its being removed from the Site and while located away from the Site, (3) foundations and other property below the surface of the ground and (4) attorneys fees, engineering and other consulting costs, and permit fees directly incurred in order to repair or replace damaged insured property in a minimum amount of US$1,000,000. For purposes of this clause (b)(viii), "full insurable value" shall mean the full replacement value of the Project (excluding the steam and water pipelines), including any improvements, equipment, spare parts, fuel and supplies, without deduction for physical depreciation and/or obsolescence. All such insurance may have deductibles of not greater than US$150,000 per occurrence. Such insurance shall (5) not include any coinsurance provision, (6) provide for increased cost of construction and loss to undamaged property as the result of enforcement of building laws or ordinances with sub-limits not less than 10% of the

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Physical Damage Insurance. If a cost for physical damage insurance is included in the Agreement, Borrower hereby assigns to Lender the right to cancel such insurance. If any insurance included in this Agreement is cancelled, whether by request of the Borrower or the Lender, or action of the Insurance Company, Lender is hereby authorized on behalf of Borrower to receive any unearned premium refund. If no cost of physical damage insurance is included in this Agreement, Borrower agrees to promptly insure the Goods at its own expense with a company acceptable to the Lender against loss by fire, theft and collision for the period of the term of this Agreement and in such amounts and upon such terms as are acceptable to Lender. Borrower specifically covenants to name Lender as loss payee as its interest may appear. Lender may, in its sole discretion, apply any proceeds of insurance received by it to any indebtedness owed by Borrower to Lender or its Affiliates.

Physical Damage Insurance means that insurance policy intended to cover the risk of physical damage or loss of insured assets.

Examples of Physical Damage Insurance in a sentence

The Receivable requires the Obligor to insure the Financed Vehicle under a Physical Damage Insurance Policy, pay the premiums for such insurance and keep such insurance in full force and effect.
Retail note contract (the “Contract”), Receivable File, U.S. Fixed Rate Contract, Physical Damage Insurance Form, UCC documents with the exception of personal use contracts where no UCC is required.
It is understood that Servicer will not "force-place" any Physical Damage Insurance Policy on any Financed Vehicle.
Maintenance of Physical Damage Insurance Policies 12 Section 3.06.
If Servicer elects to commence a legal proceeding to enforce a Physical Damage Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of Issuer under such Physical Damage Insurance Policy to Servicer for purposes of collection only.

More Definitions of Physical Damage Insurance

Physical Damage Insurance. Include: Policy No., Effective Date, Expiration Date of Coverage Named “Loss Payee” Endorsement giving 30 days’ written notice of any changes or cancellation Limits: The full replacement value of the equipment Include: Policy No., effective date and expiration date of coverage Endorsement giving 30 days’ written notice of any changes or cancellation Limits Bodily Injury Property Damage Combined Single Limit $1,000,000 per occurrence $500,000 per occurrence $1,000,000 per occurrence Kinolime, Inc. 1-10 ▇▇▇▇ Terminal Owner LP 254 36th St 220 36th St Suite B335 Suite 2A Brooklyn, NY 11232 Brooklyn, NY 11232

Physical Damage Insurance. Property damage insurance on an "All Risk" basis including coverage against damage or loss caused by earth movement and flood and providing (x) coverage for the Facility in a minimum aggregate amount equal to the "full insurable value" of the Facility, (y) transit coverage, with sub- limits sufficient to insure the full replacement value of all property or equipment removed from the Facility, and (z) coverage for foundations and other property below the surface of the ground. For purposes of this clause (v) and clauses (vi) and (vii) below, (A) the Facility shall be deemed to include steam and electrical transmission lines, gas pipeline interconnection facilities (but excluding below-ground gas pipelines), fuel storage and handling facilities, and all equipment related to any of the foregoing in which the Company has an insurable interest and (B) "full insurable value" shall mean the full replacement value of the Facility, including any improvements, equipment, fuel and supplies, without deduction for physical depreciation and/or obsolescence. All such policies may have deductibles of not greater than $50,000 (except that with respect to the 40 Megawatt Gas Turbine Generator, the 80 Megawatt Gas Turbine Generator, and the 60 Megawatt Steam Turbine Generator, such deductible amount may exceed $50,000 but shall not exceed $150,000) in each case for any one loss except for earth movement and flood which will have the lowest deductible available (in the opinion of the Insurance Consultant) on commercially reasonable terms in the insurance market place. Such insurance shall provide for increased cost of construction, debris removal, and loss to undamaged property as the result of enforcement of building laws or ordinances.

Physical Damage Insurance. Include: Policy No., Effective Date, Expiration Date of Coverage Named “Loss Payee” Endorsement giving 30 days’ written notice of any changes or cancellation Limits: The full replacement value of the equipment Include: Policy No., effective date and expiration date of coverage Endorsement giving 30 days’ written notice of any changes or cancellation Limits Bodily Injury Property Damage Combined Single Limit $1,000,000 per occurrence $500,000 per occurrence $1,000,000 per occurrence Kinolime, Inc. 1-10 ▇▇▇▇ Terminal Owner LP ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇

Physical Damage Insurance. Property damage insurance on an "all risk" basis including but not limited to fire and extended coverage and coverage against earth movement and flood and providing (1) coverage for the Facility in a minimum amount equal to the "full insurable value" of the Facility, but in no event less than the sum of (i) the sum of the aggregate unpaid amount of the Loans plus the amount of the Total Available Additional Term Loan Commitment plus the Available Amount, (ii) $6,000,000 (provided that in the event the Borrower has not entered into an Interest Rate Protection Agreement that provides for breakage costs, the amount of this clause (ii) shall be zero) and (iii) all other amounts necessary to remove all liens, encumbrances or mortgages from any of the Collateral, (2) transit coverage with sub-limits sufficient to insure the full replacement value of all property or equipment removed from the Project, but in no event less than $10,000,000, (3) coverage for the steam and electrical transmission lines and related equipment for which the insured has an insurable interest and (4) coverage for foundations and other property below the surface of the ground. For purposes of this Section 6.7, "full insurable value" shall mean the full replacement value of the Facility, including any improvements and equipment, fuel and supplies, without deduction for physical depreciation and/or obsolescence. Such insurance shall include an "agreed amount" clause with no co-insurance clause and shall provide for increased costs of debris removal and loss to undamaged property as the result of enforcement of building laws or ordinances. Testing coverage shall be included, if applicable.

Physical Damage Insurance. Property damage insurance on an "all risk" basis including coverage against damage or loss caused by earth movement and flood including the remainder of testing exposures and providing (1) coverage for the Project in a minimum aggregate amount equal to the "full insurable value" of the Project, (2) transit coverage, including ocean marine coverage, with sub-limits sufficient to insure the full replacement value of all property or equipment removed from the Project, and (3) coverage for the steam and electrical transmission lines and related equipment for which the insured has an insurable interest. For purposes of this Section 10.05, "full insurable value" shall mean the full replacement value of the Project, including any improvements and equipment and supplies, without deduction for physical depreciation; all such policies may have deductibles of not greater than $100,000 except for earth movement which will have the lowest deductible available (in the good faith judgment of the Agent) on commercially reasonable terms in the insurance market place. Such insurance shall include an "agreed amount" clause or no co-insurance clause.

Physical Damage Insurance. Property damage insurance on an "All Risk" basis including coverage against damage or loss caused by earth movement and flood and providing (1) coverage for the Project in a minimum aggregate amount equal to the "full insurable value" of the Project, (2) transit coverage, with sub-limits sufficient to insure the full replacement value of all property or equipment removed from the Project, and (3) coverage for foundations and other property below the surface of the ground. For purposes of this clause (v) and clauses (w) and (x) below, (A) the Project shall be deemed to include steam and electrical transmission lines, gas pipeline interconnection facilities (but excluding below-ground gas pipelines), fuel storage and handling facilities, and all equipment related to any of the foregoing in which the Company has an insurable interest and (B) "full insurable value" shall mean the full replacement value of the Project, including any improvements, equipment, fuel and supplies, without deduction for physical depreciation and/or obsolescence. All such policies may have deductibles of not greater than $50,000 (except that with respect to the 40 Megawatt Gas Turbine Generator, the 80 Megawatt Gas Turbine Generator, and the 60 Megawatt Steam Turbine Generator, such deductible amount may exceed $50,000 but shall not exceed $150,000) in each case for any one loss except for earth movement and flood which will have the lowest deductible available (in the opinion of the Bank) on commercially reasonable terms in the insurance market place. Such insurance shall provide for increased cost of construction, debris removal, and loss to undamaged property as the result of enforcement of building laws or ordinances.