Hull and Machinery Insurance Clause Samples

Hull and Machinery Insurance. If specified in Schedule A or if the Contractor engages in marine operations in the execution of any part of the Work, the Contractor shall provide Hull and Machinery Insurance with coverage for the Contractor and for the City (together with its officials and employees) as Additional Insured at least as broad as the latest edition of American Institute Tug Form for all tugs used under this Contract and Collision Liability at least as broad as the latest edition of American Institute Hull Clauses.

Hull and Machinery Insurance. This policy shall be provided by, or on behalf of the Contractor if applicable and shall cover any watercraft that is owned, leased, rented or chartered by Contractor. If not provided for in the protection and indemnity policy in Section 1A.7 of this Attachment O, this policy shall include collision liability and tower’s liability with sister-ship clause un-amended. All “as owner” and “other than owner” clauses shall be deleted, and navigational limitations shall be adequate for Contractor to perform the specified Work. Hull: Replacement value of the vessel without depreciation

Hull and Machinery Insurance. (a) Owner shall take out and maintain Hull and Machinery Insurance with first-class marine underwriters at the values set out in this clause (the “Insured Value”). (b) Unless otherwise agreed, the minimum Insured Value of the Vessel is one hundred ten percent (110%) of its market value, from time to time; provided that at no time during the Term shall the minimum Insured Value be less than the amount, if any, established under applicable limitation of liability conventions with respect to the Vessel. Coverage, if any, obtained pursuant to paragraph 4(b) hereof shall be included within Insured Value and shall result in a corresponding reduction in the level of Hull and Machinery Insurance coverage. (i) The Hull and Machinery Insurance shall be placed on terms generally equivalent to the Standard American Hull Form applicable at the date of original issue and the date of each renewal, respectively, or their London, French, American, Scandinavian, or Japanese equivalents. (ii) At the date of original issue and the date of each renewal, Owner shall determine whether the Hull and Machinery Insurance specifically shall include: A. Additional Perils Clause (LNG vessel); B. the (London) Institute Additional Perils Clause-Hulls; and C. the American Hull Syndicate Liner Negligence Clause. In addition, the Hull and Machinery Insurance shall include Four-fourths Running Down Clause cover; provided that all or a portion of such risk may be taken out by means of P&I Insurance, as defined in clause 2, with any of the leading international P&I insurance associations proposed by Owner and approved by Charterer (the “Approved Provider”), which approval shall be granted if the P&I association proposed is a member of the International Group of P&I Associations. (iii) Owner shall arrange for a deductible on Hull and Machinery Insurance which results in the most economical premiums recognizing conditions or restrictions within the financial arrangements pertaining to the Vessel and the standards which prudent shipowners operating first-class LNG vessels should observe in insuring LNG vessels of similar type, size, age and trade as the Vessel which take into consideration outfitting and operation of the Vessel as an LNGRV and which otherwise conform with the terms of this Charter and is acceptable to reasonable insurers. Owner shall make such arrangements as are necessary to conform to the Conditions of Use referred to in paragraph 2(c), modified as provided therein.

Hull and Machinery Insurance. ▇. ▇▇▇▇ and Machinery insurance written on American Institute , Clauses, amended to “All Risk” with full collision liability insured to the agreed value of the vessel(s) or $5,000,000, whichever is greater. b. Deletion of any policy language which limits coverage in the event that any Limitation of Liability Statute applies in respect of any Additional Insured. ▇. ▇▇▇▇▇ Form Removal of Wreck and Debris, including Contractual Liability, to the extent not provided under the Protection & Indemnity coverage, subject to a minimum limit of the agreed value of the vessel(s) being utilized or $5,000,000, whichever is greater.

Hull and Machinery Insurance. At the Mortgagor’s own expense, so long as the Obligations remain in any part outstanding, the Mortgagor shall maintain or cause to be maintained insurance with financially sound and reputable underwriters and through responsible brokers, all in good standing and satisfactory to the Mortgagee, fully and adequately protecting the Vessel and the Mortgagee’s interest therein in at least such amounts and against such risks as are usually insured against in the same general area as that in which the Mortgagor is located and by companies engaged in the same or similar businesses, and in any case, in such amounts as the Lender shall require, against all marine perils and disasters and all hazards, risks and liabilities in any wise arising out of the ownership, operation or maintenance of said Vessel, including insurance as follows: (i) Hull and machinery insurance and if necessary to satisfy the proviso of this subparagraph, policies of increased value insurance, and war risk hull and machinery insurance on an agreed value basis on the Vessel against loss, damage, fire and covering confiscation, expropriation, nationalization, and seizure (if operating outside U.S. or Canadian coastal waters) and covering such other perils and in such amounts as are maintained on vessels engaged in the same or a similar business under blanket fleet policies with respect to vessels of like size, character and marine activity; provided, however, that, in no event shall the amount of such insurance, subject to such deductible, if any, as permitted by Mortgagee, at any time be less than the full commercial value of the Vessel. (ii) In the event of (A) the actual or constructive loss of the Vessel, (B) any event referred to in Section 1.12 hereof with respect to the Vessel, or (C) any casualty, accident or damage to the Vessel in excess of $500,000.00, the Mortgagor will give written notice thereof (containing full particulars), within three business days of the occurrence thereof, to the Mortgagee.

Hull and Machinery Insurance. Hull and Machinery Insurance, including collision liability, with sister-ship clause un-amended, and in an amount at least equal to the fair market value of the Vessel.

Hull and Machinery Insurance. Hull and machinery insurance covering owned, non-owned, and hired Vessels in an amount equal to the full replacement cost of City’s vessel.

Hull and Machinery Insurance. (a) Owner shall take out and maintain Hull and Machinery insurance with first class marine underwriters in the London, European, Japanese, American or Scandinavian markets for such amount as Owner may require, for amounts equal to the greater of the full replacement value of the Vessel or the amount required by Owner’s financiers. (b) The Hull and Machinery insurance shall be placed annually on terms equivalent to the Standard London Institute Hull Form applicable at the date of original issue and the date of each renewal, respectively, or their Japanese, American or Scandinavian equivalents. (c) The Hull and Machinery insurance shall include specifically: Additional Perils Clause (LNG vessel), or the (London) Institute Additional Perils Clause-Hulls or the American Hull Syndicate Liner Negligence Clause, and Four-fourths Running Down Clause cover provided that one-fourth of such risk may be taken out by means of Protection and Indemnity insurance placed with one of the leading P&I Clubs, and such additional coverage and amounts as Charterer may reasonably require. (d) Owner shall arrange for, and Charterer shall approve (such approval not to be unreasonably withheld or delayed), a deductible on Hull and Machinery insurance which results in the most economical premiums recognising conditions or restrictions within the financial arrangements pertaining to the Vessel and the standards which prudent shipowners operating first class LNG carriers should observe in insuring LNG carriers of similar type, size, age and trade as the Vessel which take into consideration outfitting and operation of the Vessel as a floating LNG storage, regasification and transportation vessel and which deductible otherwise conforms with the terms of the Charter.

Hull and Machinery Insurance. (i) In the event that SeaVision or its personnel cause any loss or damage covered by this insurance, or which would have been covered by this insurance but for a commercially reasonable deductible [Redacted - confidential treatment requested] in the insurance policy, SeaVision agrees to reimburse Carnival for the amount of the deductible applicable in such loss or damage. (ii) Neither Carnival, the owner of the Ship, nor the underwriters of the insurance shall have any further right of recovery or subrogation in excess of said deductible against SeaVision on account of loss or damage to the extent covered by such insurance, and the policies of insurance shall be endorsed to reflect this limitation and waiver.