Protection and Indemnity Insurance. Protection and indemnity insurance maintained with financially sound and reputable insurers or protection and indemnity associations and policies of protection and indemnity war risk insurance protecting the interests of Mortgagor, and Mortgagee, against liability for property damage to third persons (including liability to any governmental authority or other person with respect to pollution liability) and personal injury or death to any person arising out of the maintenance, use, operation and ownership of the Vessel, cargo damage or loss, contractual liability and wreck removal, tower’s liability, crew liability, collision liability and pollution liability in such amounts as are usually carried by persons engaged in the same or similar businesses; provided, however, that in no event shall the amount of such insurance per person and per occurrence (subject to such deductible, reasonably acceptable to the Mortgagee) be less than the customary amount of cover available on the market from time to time with respect to vessels of the same type, age and trade as the Vessel. Such liability insurance shall name each of the Mortgagor, Mortgagee, and other interested persons as insureds (or in the case of the Mortgagee as co-insureds), as their respective interests may appear, but the proceeds of such policies shall be payable to the Person actually suffering the loss in respect of which such proceeds are payable; provided, however, that if Mortgagee shall have first notified the underwriters or brokers that a Mortgage Event of Default hereunder has occurred then all such proceeds otherwise payable to the Mortgagor shall be thereafter payable to Mortgagee for distribution to itself and others as their interests may appear as hereinafter set forth.
Protection and Indemnity Insurance a. Protection and Indemnity Insurance, subject to the insuring clauses of Form SP23, or its equivalent, including pollution liability, crew coverage, transportation, wages, maintenance and cure, Xxxxx Act, Death on the High Seas Act Coverage, Collision Liability and Removal of Wreck and Debris.
Protection and Indemnity Insurance. A policy of protection and indemnity insurance subject to P.I. 1955 Form SP 38 as amended, or its equivalent, including collision liability, American Institute Pollution Exclusion Clause and Buy Back Endorsement A (July 4, 1976).
Protection and Indemnity Insurance. If the contract involves work aboard an Owned, Non-Owned or Hired Vessel, Liability coverage in the amount of $3,000,000 per occurrence shall be maintained.
Protection and Indemnity Insurance. Protection & Indemnity (“P&I”) insurance provided through any combination of (a) full entry with a P&I Club (that is a member of the International Group of P&I Clubs), and/or (b) policy(ies) with commercial insurers, with terms no less broad and limits of not less than those customarily maintained by owners/operators of similar vessels in similar trades. The P&I insurance shall include coverage for injury to or death of masters, mates, and crew, tower’s liability, wreck removal, excess collision liability, and cargo legal liability; and coverage for pollution liability, whether insured under the P&I policy or a separate policy, for the maximum scope and amount available from the Vessel’s P&I insurers.
Protection and Indemnity Insurance. SeaVision agrees to obtain and ---------------------------------- maintain, at its own expense, insurance to defend and cover its liability, if any, for:
Protection and Indemnity Insurance. If and only when the exposure exists, protection and indemnity insurance on all Borrower owned, operated or chartered installation vessel(s), equipment transfer vessel(s), crew transfer vessels and other waterborne equipment (if any) including but not limited to personal injury and death (including, if applicable, contractor’s and/or subcontractor’s personnel on board), passenger liability, cargo loss and damage, general average, loss and damage to property on vessel, damage to fixed and floating objects, third party liability, pollution liability, wreck marking and removal, debris removal, collision, tower’s liability, anchor handling liability and contractual liability arising from or in connection with the work. The policy shall be written subject to a primary and excess limit liability of not less than $100,000,000 per occurrence and in the aggregate for the policy term ($50,000,000 when such coverage is provided on a contingent basis to wrap around contractor coverage), except for pollution liability, which shall be written with limits of liability in compliance with the requirements stipulated under the Oil Pollution Act of 1990 as amended, if applicable, and any other applicable state or federal law or regulation. All such coverages may be included using any combination of primary and umbrella or excess policies including those outlined in Section 1.1.4 and Section 1.1.11. Deductibles and/or self-insured retentions to be incurred by the Borrower in excess of $250,000 shall be subject to review and approval by the Administrative Agent.
Protection and Indemnity Insurance. CCL agrees that it shall, at its sole expense, provide and maintain throughout the term of this Agreement protection and indemnity
Protection and Indemnity Insurance. Form SP-23, or its equivalent, including collision liability (if not covered under the Physical Damage/Hull and Machinery placement), [CREDIT AGREEMENT – SCHEDULE 3] tower’s liability, marine contractual liability, and sudden and accidental pollution liability with a minimum limit of $1,000,000. This coverage and limit requirement may be satisfied with coverages included in Borrower’s General Liability Insurance policy(ies).
Protection and Indemnity Insurance. IF vessels are owned, leased or operated in the course of the Maintenance Agreement by the Contractor, and are not covered under the general liability policy, then the Contractor will provide Protection and Indemnity insurance for all bodily injury or death and property damage with limits of not less than TEN MILLION DOLLARS ($10,000,000.00) for such vessels. Such Protection and Indemnity insurance will include four- fourths collision liability insurance. The Contractor will be responsible for ensuring that any changes to the requirements of the Marine Liability Act and/or the regulations of the Marine Liability Act are reflected in the insurance coverage provided. Notwithstanding the requirements of the Marine Liability Act, the limits must not be less than TEN MILLION DOLLARS ($10,000,000.00).
