Common use of Marine Cargo Insurance Clause in Contracts

Marine Cargo Insurance. All property and interests of every kind and description (including materials, equipment, machinery and spares) intended for the Project or subsequent operations while in transit by land, air and/or sea. All Risks of physical loss or damage from a cause not excluded but including war, strikes, riots and civil commotions and terrorism while in transit, on a continuous open cover basis. Increased cost of working - the additional expenditure necessarily and reasonably incurred for the purpose of avoiding or reducing delay which, without such expenditure would have taken place. Property At all times the Supplier’s factory premises, plant, machinery, raw materials and finished stocks all related to and comprising the Project under a property insurance in an amount equal to the full replacement value of the above named items for “all risks” of physical loss or damage including, but not limited to, coverage for earth movement, flood, windstorm, earthquake, sabotage, terrorism, riots, civil commotion, testing, boiler and machinery, transit and off-site storage. The policy may contain separate sub limits and deductibles subject to insurance company underwriting guidelines. Deductibles under the policy shall not exceed $100,000 per occurrence, except for deductibles for natural catastrophe peril, which shall not exceed five percent (5%) of the insured loss Increased cost of working - the additional expenditure necessarily and reasonably incurred for the purpose of avoiding or reducing delay which, without such expenditure would have taken place.

Marine Cargo Insurance. All property and interests of every kind and description (including materials, equipment, machinery and spares) intended for the Project or subsequent operations while in transit by land, air and/or sea. All Risks of physical loss or damage from a cause not excluded but including war, strikes, riots and civil commotions and terrorism while in transit, on a continuous open cover basis. Increased cost of working - the additional expenditure necessarily and reasonably incurred for the purpose of avoiding or reducing delay which, without such expenditure would have taken place. Property At all times the Supplier’s factory premises, plant, machinery, raw materials and finished stocks all related to and comprising the Project under a property insurance in an amount equal to the full replacement value of the above named items for “all risks” of physical loss or damage including, but not limited to, coverage for earth movement, flood, windstorm, earthquake, sabotage, terrorism, riots, civil commotion, testing, boiler and machinery, transit and off-site storage. The policy may contain separate sub limits and deductibles subject to insurance company underwriting guidelines. Deductibles under the policy shall not exceed $100,000 per occurrence, except for deductibles for natural catastrophe peril, which shall not exceed five percent (5%) of the insured loss loss. Increased cost of working - the additional expenditure necessarily and reasonably incurred for the purpose of avoiding or reducing delay which, without such expenditure would have taken place.