All Risks Hull Insurance definition
All Risks Hull Insurance. All risks" ground and flight aircraft hull insurance covering the Flight Equipment, and fire, transit, extended coverage, spares and all risks insurance with respect to the Engines and Parts while not installed on the Aircraft. At all times while any part of the Flight Equipment is subject to the Lien of Security Agreement, such insurance shall be for an amount not less than the Current Market Value of the Aircraft in question. Notwithstanding anything above, each and any policy of insurance obtained and maintained pursuant to subclause (ii) and this subclause (iii), and each and any policy obtained in substitution or replacement for any such policies, (1) shall designate the Mortgagee as additional insured and as sole loss payee up to the Current Market Value of the Aircraft in question (but without imposing upon the Mortgagee any obligation imposed upon the insured, including, without limitation, the liability to pay any premiums for any such policies, but the Mortgagee shall have the right to pay such premiums if it shall so elect), (2) shall expressly provide that, in respect of the interests of the Mortgagee in such policies, the insurance shall not be invalidated by any action or inaction of the Mortgagor or any other Person (other than the Mortgagee for its interest), shall insure the Mortgagee, regardless of any breach or violation of any warranty, declaration of condition contained in such policies by the Mortgagor or any other Person (other than the Mortgagee for its interest), (3) shall provide that if such insurance is canceled for any reason whatsoever, or is adversely changed in any way with respect to the interest of the Mortgagee, or if such insurance is allowed to lapse for nonpayment of premium, such cancellation change or lapse shall not be effective as to the Mortgagee, for thirty (30) days (or such lesser time which may be standard in the insurance industry and ten (10) days in the event of nonpayment of premium) after receipt by the Mortgagee of written notice (or in the case of War Risk insurance, seven (7) days or such lesser time which may be standard in the war risk insurance market after delivery of written notice) by such insurer or insurers to the Mortgagee, as the case may be, of such prospective cancellation, change or lapse, (4) shall include coverage for the territorial limits or any country in which the Flight Equipment may at any time be located, but may include geographic exclusions, (5) shall provide that, as against th...