Compulsory Insurances. (a) The insurances required under Part A of this Schedule IV (as they may be varied in accordance with paragraphs (b)-(d) below and renewed in accordance with paragraph 8 below) are hereinafter referred to as the “Compulsory Insurances.” (b) Owner may obtain Increased Value Insurance and/or Hull Interest and/or Freight Interest Insurance for an amount agreed to by underwriters and approved by Charterer for a portion of the Insured Value on Hull and Machinery on terms (so far as applicable) similar to those for the Hull and Machinery Insurance and with the same insurers or others of similar standing. The decision whether to use such insurance and the percentage of the Insured Value to be covered by such insurance shall be made by Owner, in consultation with Charterer, taking into consideration the amount of premium savings (if any) resulting therefrom and the adequacy of the insurance coverage. (c) When the Vessel is idle or laid up, Owner may, or at the request of Charterer and subject to availability shall, arrange port risk insurance in lieu of insurances Execution version re Hull 1689 required hereunder under terms which are, in the event such coverage is obtained at Charterer’s request, subject to Charterer’s prior approval, insuring the Vessel against the usual risks covered by such terms. The cost of arranging such coverage shall be for Charterer’s account if such coverage is arranged at Charterer’s request. Owner shall obtain Hull and Machinery Insurance underwriters’ prior consent to such port risk insurance at the time of each renewal. (d) At Charterer’s expense, Owner shall obtain such other insurances, endorsements and clauses to policies and entries as Charterer may from time to time request so long as such insurances, endorsements and clauses are not prohibited by other Compulsory Insurances.
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Compulsory Insurances. (a) The insurances required under Part A of this Schedule IV (as they may be varied in accordance with paragraphs (b)-(d) below and renewed in accordance with paragraph 8 below) are hereinafter referred to as the “Compulsory Insurances.”
(b) Owner may obtain Increased Value Insurance and/or Hull Interest and/or Freight Interest Insurance for an amount agreed to by underwriters and approved by Charterer for a portion of the Insured Value on Hull and Machinery on terms (so far as applicable) similar to those for the Hull and Machinery Insurance and with the same insurers or others of similar standing. The decision whether to use such insurance and the percentage of the Insured Value to be covered by such insurance shall be made by Owner, in consultation with Charterer, taking into consideration the amount of premium savings (if any) resulting therefrom and the adequacy of the insurance coverage.
(c) When the Vessel is idle or laid up, Owner may, or at the request of Charterer and subject to availability shall, arrange port risk insurance in lieu of insurances Execution version re Hull 1689 required hereunder under terms which are, in the event such coverage is obtained at Charterer’s request, subject to Charterer’s prior approval, insuring the Vessel against the usual risks covered by such terms. The cost of arranging such coverage shall be for Charterer’s account if such coverage is arranged at Charterer’s request. Owner shall obtain Hull and Machinery Insurance underwriters’ prior consent to such port risk insurance at the time of each renewal.
(d) At Charterer’s expense, Owner shall obtain such other insurances, endorsements and clauses to policies and entries as Charterer may from time to time request so long as such insurances, endorsements and clauses are not prohibited by other Compulsory Insurances.
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