Obligatory Insurance Policies Sample Clauses

Obligatory Insurance Policies. The Concessionaire shall: (a) at its own cost and risk purchase through Approved Insurers the relevant Obligatory Insurance Policies in respect of: (i) the Concession Area, the Terminal Facilities Construction Works, the Terminal Rail Spur Access Area and the Terminal Rail Spur Access Construction Works by no later than the Concession Area Rights Date; and (ii) the Terminal Facilities, the Terminal Services to be provided at the Terminal Facilities, and the Terminal Rail Spur Access and its use by no later than the First Operations Date; (b) provide evidence to the ACP of the Obligatory Insurance Policies purchased, provided that if the Concessionaire fails to purchase and maintain any Obligatory Insurance Policy (or if it fails to purchase the same up to the required sum or if any insurance company that has issued an Obligatory Insurance Policy to the Concessionaire ceases to be an Approved Insurer) the ACP may, in its sole and absolute discretion, purchase and maintain (or top up) such Obligatory Insurance Policy and the Concessionaire shall on demand indemnify the ACP for all Losses suffered or incurred thereby; (c) punctually pay the premium payable on each Obligatory Insurance Policy so as to keep the Obligatory Insurance Policies in force and valid until the Termination Date and not do anything which could make any of the Obligatory Insurance Policies void or voidable or entitle any Approved Insurer to terminate or refuse to pay under any of the Obligatory Insurance Policies; and (d) apply all moneys received under any Obligatory Insurance Policy towards the repair, renovation, restoration or substitution of the Corozal Container Terminal (or parts thereof) which may have been damaged or destroyed.
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Related to Obligatory Insurance Policies

  • Terms of obligatory insurances The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. of the Loan and (ii) the Market Value of the Ship owned by it; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

  • Insurance Policies Insurance required herein shall be by companies duly licensed or admitted to transact business in the state where the Premises are located, and maintaining during the policy term a "General Policyholders Rating" of at least B+, V, as set forth in the most current issue of "Best's Insurance Guide", or such other rating as may be required by a Lender. Lessee shall not do or permit to be done anything which invalidates the required insurance policies. Lessee shall, prior to the Start Date, deliver to Lessor certified copies of policies of such insurance or certificates evidencing the existence and amounts of the required insurance. No such policy shall be cancelable or subject to modification except after thirty (30) days prior written notice to Lessor. Lessee shall, at least thirty (30) days prior to the expiration of such policies, furnish Lessor with evidence of renewals or "insurance binders" evidencing renewal thereof, or Lessor may order such insurance and charge the cost thereof to Lessee, which amount shall be payable by Lessee to Lessor upon demand. Such policies shall be for a term of at least one year, or the length of the remaining term of this Lease, whichever is less. If either Party shall fail to procure and maintain the insurance required to be carried by it, the other Party may, but shall not be required to, procure and maintain the same.

  • Renewal of obligatory insurances The Borrower shall procure that each Owner shall: (a) at least 21 days before the expiry of any obligatory insurance: (i) notify the Security Trustee of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom that Owner proposes to renew that insurance and of the proposed terms of renewal; and (ii) in case of any substantial change in insurance cover, obtain the Security Trustee’s approval to the matters referred to in paragraph (i) above; (b) at least 14 days before the expiry of any obligatory insurance, renew the insurance in accordance with the Security Trustee’s approval pursuant to paragraph (a); and (c) procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Security Trustee in writing of the terms and conditions of the renewal.

  • Maintenance of obligatory insurances Each Borrower shall keep the Ship owned by it insured at the expense of that Borrower against: (a) fire and usual marine risks (including increased value, hull and machinery and excess risks); (b) war risks; (c) protection and indemnity risks (including excess war risk P&I cover); and (d) any other risks (other than loss of hire) against which the Security Trustee considers, having regard to practices and other circumstances prevailing at the relevant time, it would in the opinion of the Security Trustee be reasonable for that Borrower to insure and which are specified by the Security Trustee by notice to that Borrower.

  • Other Insurance Policies No action, inaction or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any applicable special hazard insurance policy, PMI Policy or bankruptcy bond, irrespective of the cause of such failure of coverage. In connection with the placement of any such insurance, no commission, fee, or other compensation has been or will be received by Seller or by any officer, director, or employee of Seller or any designee of Seller or any corporation in which Seller or any officer, director, or employee had a financial interest at the time of placement of such insurance.