Common use of Insurance Amounts Clause in Contracts

Insurance Amounts. Upon the Delivery Date of each Vessel and at all times thereafter, the Mortgagor shall, without cost to the Mortgagee, keep such Vessel insured as indicated below and with such additional insurance as may be specified by the Mortgagee in an amount in U.S. dollars equal to one hundred ten percent (110%) of the unpaid principal amount of the Proportionate Part of the Administrator’s Note, or such greater sum, up to and including the full commercial value of such Vessel as may be required by the Mortgagee. The Mortgagor shall provide to the Mortgagee: (1) at least sixty (60) days prior notice of all insurance renewals; and (2) premium payment confirmation shall be sent in writing to the Mortgagee by the Mortgagor’s marine insurance broker or the head underwriter within five (5) Business Days.