Common use of Cancellation or Reduction of Coverage Clause in Contracts

Cancellation or Reduction of Coverage. The Permittee or its agent shall provide at least thirty (30) days’ prior written notice to Port (except ten (10) days prior written notice shall be allowed for non-payment of premium) and seven (7) days’ notice shall be allowed for cancellation of war risk) in the event any of the above required insurance is suspended, voided, canceled, or reduced in coverage or in limits. If Permittee fails to provide the required insurance certificates and policies, the Port may without further notice and, at its option, (1) exercise the Port’s rights under the terms of the Agreement or any other rights available to the Port; (2) procure such insurance coverage at Operator’s expense and Permittee shall promptly reimburse the Port for such expense and (3) interrupt or limit Permittee’s operations or occupancy.

Cancellation or Reduction of Coverage. The Permittee or its agent shall provide at least thirty (30) days’ prior written notice to Port (except ten (10) days prior written notice shall be allowed for non-payment of premium) and seven (7) days’ days notice shall be allowed for cancellation of war risk) in the event any of the above required insurance is suspended, voided, canceled, or reduced in coverage or in limits. If Permittee fails to provide the required insurance certificates and policies, the Port may without further notice and, at its option, (1) exercise the Port’s rights under the terms of the Agreement or any other rights available to the Port; (2) procure such insurance coverage at Operator’s expense and Permittee shall promptly reimburse the Port for such expense and (3) interrupt or limit Permittee’s operations or occupancy.