Protection and Indemnity Insurance. Commencing on the Delivery Date of each Vessel, the Mortgagor shall, without cost to the Mortgagee, keep each such Vessel insured against marine and war risk protection and indemnity risks and liabilities by policies of insurance approved by the Mortgagee as to form and in the amount of the Insurance Requirements; provided that, (1) the Mortgagor shall, as soon as possible before such Delivery Date, present any such policy to the Mortgagee (who shall promptly approve or disapprove the same), (2) any approval of a policy under this Subsection shall be effective until the end of the policy period or until sixty (60) days after the Mortgagee shall notify the Mortgagor of a desired change in the form and/or amount thereof, whichever shall first occur, and (3) war risk protection and indemnity insurance shall be required unless the Mortgagee gives notice to the Mortgagor stating that such insurance is not required. Such policies may provide that (1) if the Mortgagor shall not have incurred the loss, damage, or expense in question, any loss under such insurance may be paid directly to the Person to whom any liability covered by such policies has been incurred (whether or not a Default then exists), and (2) if the Mortgagor shall have incurred the loss, damage or expense in question, any such loss shall be paid to the Mortgagor in reimbursement if there is no existing Default of which the underwriter has written notice from the Mortgagor or the Mortgagee, or, if there is such an existing Default, to the Mortgagee to be held and applied as follows: (A) applied as provided in Section 5.04 hereof in the event the Guarantee shall have terminated pursuant to Section 2.04(c) of Annex C of the Agreement or if the Mortgagee shall have assumed the Mortgagor's rights and duties under the Note Purchase Agreement and the Note and made any payments in default under Chapter 537, or (B) to the extent not theretofore applied pursuant to Section 5.04 hereof, paid forthwith to the Mortgagor upon its Request in the event there is no existing Default or the Guarantee shall have terminated pursuant to Section 2.04(b) or (d) of Annex C of the Agreement at the date of delivery of such Request; provided that, irrespective of the foregoing, with the Mortgagee’s prior consent, the Mortgagor shall have the right to self-insure in an amount up to the Maximum Self-Insurance Amount hereof with respect to each accident, occurrence or event, except that, with respect to cargo or property carrie...
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 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. 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. SeaVision agrees to obtain and ---------------------------------- maintain, at its own expense, insurance to defend and cover its liability, if any, for:
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. 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 keep the Vessel entered for her full current market value and tonnage in a protection and indemnity association approved by the Bank in writing against all risks (whether of owner or charterer) as are not covered by the ordinary hull and machinery policies and are usually insured against by entry in a protection and indemnity association (including, without limitation, excess risks, pollution risks and the proportion not recoverable in case of collision under the running-down clause inserted in the ordinary Lloyds marine policy);
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).
Protection and Indemnity Insurance. Purchaser shall procure and maintain protection and indemnity (P and I) insurance, including hull coverage. This insurance will cover all claims with respect to injuries or damages to persons or property, including nets and fishing lines, sustained in, on, or about the property, including while at a marina and in transit, with limits of liability not less than $1,000,000.00. If necessary, commercial umbrella insurance covering claims for these risks shall be procured and maintained.
