Common use of Fleet Insurance Clause in Contracts

Fleet Insurance. If any of the Insurances referred to in Clause 23.1 (Required Insurances) form part of any fleet cover, the Borrower will procure that any letter of undertaking provides that the Approved Insurance Brokers and Approved Insurers shall undertake to the Finance Parties that Approved Insurers shall neither set off against any claims in respect of the Vessel any premiums due in respect of other vessels under such fleet cover or any premiums due for other Insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels under such fleet cover or other insurances.