Insured Value. The insured value shall be 110% (one hundred ten percent) of the value of the Concentrates as per the invoice for the provisional payment, subject to adjustment to the final value, as determined in accordance with this Agreement. In the event that Seller's insurance company shall at any time charge an overage premium on vessels which are over 15 years of age, Seller shall bear and pay the full amount of such overage premium without any obligation on the part of Buyer to reimburse Seller for any portion of such premium.
Appears in 2 contracts
Sources: Concentrate Purchase and Sales Agreement (Freeport McMoran Copper & Gold Inc), Concentrate Purchase and Sales Agreement (Freeport McMoran Copper & Gold Inc)