Common use of Modification of insurance requirements Clause in Contracts

Modification of insurance requirements. Notwithstanding the foregoing provisions in this Clause 49, the Owners shall be entitled to review the requirements of this Clause 49 from time to time in order to take account of significant changes in circumstances arising as a result of any change in circumstances with respect to the Vessel (including without limitation the operation and maintenance thereof) or any amendment to the existing laws of, or adoption of new laws by, any relevant jurisdiction after the date of this Charter (such changes in circumstances to include, without limitation, changes in the availability or the cost of insurance and/or protection and indemnity coverage). The Owners may notify the Charterers in writing from time to time of any proposed modification to the requirements of this Clause 49 which they may reasonably deem appropriate as a result of such amendment to the existing laws of, or adoption of new laws by, that jurisdiction, or as a result of the opinion of an independent firm of marine insurance brokers or an independent firm of international reputable insurance consultant referred to in Clause 49.13 above. Such modification shall take effect on and from the date it is notified in writing to the Charterers as an amendment to this Clause 49 (or, if as a result of the said opinion, from the date of the said advice), and shall bind the Charterers accordingly.