Common use of Application of proceeds of Insurances Clause in Contracts

Application of proceeds of Insurances. Subject to the provisions of the Co-ordination Deed, proceeds of the Insurances for partial losses shall be applied in accordance with the Insurance Assignment and/or the loss payable clause(s) endorsed on the Insurances in the form approved by the Agent and in the case of a Total Loss of the Vessel in accordance with Clause 4.5 and Clause 12.1.

Application of proceeds of Insurances. Subject to the provisions of the Co-ordination Deed, proceeds of the Insurances for partial losses shall be applied in accordance with the Construction Risks Insurance Assignment or the Insurance Assignment (as the case may be) and/or the loss payable clause(s) endorsed on the Insurances in the form approved by the Agent and in the case of a Total Loss of the Vessel in accordance with Clause 4.5 and Clause 12.1.