Common use of MARINE DISASTER Clause in Contracts

MARINE DISASTER. 16.1 Any Officer covered by this Agreement, who, while in the employ of the Company and on Company business, suffers loss of clothing, tools or equipment, or personal effects through marine mishap, vessel disaster or ship wreck, shall be compensated by a lump sum payment of one thousand dollars ($1,000.00) and subject to satisfactory proof of loss, an additional payment not to exceed one thousand dollars ($1,000.00). Maximum compensation shall be one thousand five hundred dollars ($1,500.00). In the event of such a loss, a detailed list is to be submitted to the Company within thirty (30) days of loss and to be paid by the Company or Insurance Underwriters within sixty (60) days thereafter. 16.2 Any compensation payable by this Clause will be paid first to the Officer, second to the beneficiary named by the Officer on his/her group life insurance, and lastly to the estate of the Officer as may be applicable in the circumstances. An Officer, beneficiary or estate making a claim under this Clause shall submit reasonable proof to the Company of the actual value of the loss suffered. Such proof shall be a signed affidavit listing the individual items and values claimed.

MARINE DISASTER. ‌ 16.1 Any Officer covered by this Agreement, who, while in the employ of the Company and on Company business, suffers loss of clothing, tools or equipment, or personal effects through marine mishap, vessel disaster or ship wreck, shall be compensated by a lump sum payment of one thousand dollars ($1,000.00) and subject to satisfactory proof of loss, an additional payment not to exceed one thousand dollars ($1,000.00). Maximum compensation shall be one thousand five hundred dollars ($1,500.00). In the event of such a loss, a detailed list is to be submitted to the Company within thirty (30) days of loss and to be paid by the Company or Insurance Underwriters within sixty (60) days thereafter. 16.2 Any compensation payable by this Clause will be paid first to the Officer, second to the beneficiary named by the Officer on his/her group life insurance, and lastly to the estate of the Officer as may be applicable in the circumstances. An Officer, beneficiary or estate making a claim under this Clause shall submit reasonable proof to the Company of the actual value of the loss suffered. Such proof shall be a signed affidavit listing the individual items and values claimed.