Common use of Insurance and Risk Management Clause in Contracts

Insurance and Risk Management. As long as the premiums and other terms remain advantageous to the Joint Venture, the property and casualty insurance program for the Joint Venture (including the insurance for the Vessel) shall be integrated into the insurance program of Commodore. Each Partner hereby consents and agrees that the Joint Venture shall compensate Commodore for a mutually agreed upon budgeted amount for insurance premiums and related expenses. Said insurance shall comply with the requirements of the Joint Venture Charter, including, Clauses 12 and 53 thereof. The Joint Venture and each Partner shall be named as additional assureds under that program.

Insurance and Risk Management. As long as the premiums and other terms remain advantageous to the Joint Venture, the property and casualty insurance program for the Joint Venture (including the insurance for the Vessel) shall be integrated into the insurance program of Commodore. Each Partner Member hereby consents and agrees that the Joint Venture shall compensate Commodore for a mutually agreed upon budgeted amount for insurance premiums and related expenses. Said insurance shall comply with the requirements of the Joint Venture Charter, including, Clauses 12 and 53 thereof. The Joint Venture and each Partner Member shall be named as additional assureds under that program.

Insurance and Risk Management. As long as the premiums and other terms remain advantageous to the Joint Venture, the property and casualty insurance program for the Joint Venture (including the insurance for the Vessel) shall be integrated into the insurance program of Commodore. Each Partner Member hereby consents and agrees that the Joint Venture shall compensate Commodore for a mutually agreed an agreed-upon budgeted amount for insurance premiums and related expenses. Said insurance shall comply with the requirements of the Joint Venture Charter, including, Clauses 12 and 53 thereof. The Joint Venture and each Partner Member shall be named as additional assureds under that program.