Common use of Extent of Insurance Coverage Clause in Contracts

Extent of Insurance Coverage. From the time of launching of the Vessel until the Vessel is completed, delivered to and accepted by Buyer, Builder shall, at its own cost and expense, keep the Vessel and all machinery, materials, equipment, appurtenances and outfit, delivered to the Shipyard for the Vessel, or built into or installed in or upon the Vessel, including Buyer’s Supplies, fully insured with first class Korean insurance companies under insurance coverage corresponding to the latest Institute of London Underwriters Clauses for Builders’ Risks. The amount of such insurance coverage shall, up to the date of delivery of the Vessel, be in an amount at least equal to, but not limited to, the aggregate of the payments made by Buyer to Builder plus the value of Buyer’s Supplies in custody of the Shipyard, if any. The insurance referred to hereinabove shall be taken out in the name of Builder and all losses under the insurance shall be payable to Builder. If Buyer so requests, Builder shall at Buyer’s cost procure insurance on the Vessel and all parts, materials, machinery and equipment intended therefore against other risks not provided in this Article XII.1 and shall make all arrangements to that end. The cost of such insurance shall be reimbursed to Builder by Buyer upon delivery of the Vessel. Notwithstanding the above, Buyer shall compensate Builder for any increased cost and expense with evidence under or pursuant to any provision of this Article XII, incurred by Builder due to any Buyer’s default as specified in Article XI.

Extent of Insurance Coverage. From Until the time of launching of the Vessel until the Vessel VESSEL is completed, delivered to and accepted by Buyerthe BUYER, Builder shallthe SELLERS shall cause the BUILDER, at its own the BUILDER’s cost and expense, keep the Vessel VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the Shipyard for the Vessel, VESSEL or built into into, or installed in or upon the VesselVESSEL, including Buyerexcept for the BUYER’s Supplies, fully insured with first class Korean Japanese insurance companies under insurance coverage corresponding to the latest Institute of London Underwriters Clauses for Builders’ RisksJapanese Builder’s Risks Insurance Clause. The amount of such insurance coverage shall, up to the date of delivery of the VesselVESSEL, be in an amount at least equal to, but not limited to, the aggregate of the payments payment made by Buyer the BUYER to Builder plus the value of Buyer’s Supplies in custody of the Shipyard, if anySELLERS. The insurance policy referred to hereinabove shall be taken out in the name of Builder the BUILDER and all losses under the insurance such policy shall be payable to Builderthe BUILDER. If Buyer the BUYER so requests, Builder the SELLERS shall cause the BUILDER at Buyerthe BUYER’s cost to procure insurance on the Vessel VESSEL and all parts, materials, machinery and equipment intended therefore against risks of earthquake, strikes, war peril or other risks not heretofore provided in this Article XII.1 and shall make all arrangements arrangement to that end. The cost of such insurance shall be reimbursed to Builder the BUILDER through the SELLERS by Buyer the BUYER upon delivery of the Vessel. Notwithstanding the above, Buyer shall compensate Builder for any increased cost and expense with evidence under or pursuant to any provision of this Article XII, incurred by Builder due to any Buyer’s default as specified in Article XIVESSEL.

Extent of Insurance Coverage. From the time of launching keel-laying of the Vessel VESSEL until the Vessel same is completed, delivered to and accepted by Buyerthe BUYER, Builder the BUILDER shall, at its own cost and expense, keep the Vessel VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the Shipyard SHIPYARD for the Vessel, VESSEL or built into into, or installed in or upon the VesselVESSEL, including Buyerthe BUYER’s Supplies, Supplies fully insured with first class Korean insurance companies under insurance coverage corresponding to the latest Institute of London Underwriters Clauses Clause for Builders’ BUILDER’s Risks. The amount of such insurance coverage shall, up to the date of delivery of the VesselVESSEL, be in an amount at least equal to, but not limited to, the aggregate of the payments payment made by Buyer the BUYER to Builder plus the BUILDER including the value of Buyerthe BUYER’s Supplies in custody of the Shipyard, if anySupplies. The insurance policy referred to hereinabove herein above shall be taken out in the name of Builder the BUILDER and all losses under the insurance such policy shall be payable to Builderthe BUILDER. If Buyer the BUYER so requests, Builder the BUILDER shall at Buyerthe BUYER’s cost procure insurance on the Vessel VESSEL and all parts, materials, machinery and equipment intended therefore therefor against risks of earthquake, strikes, war peril or other risks not heretofore provided in this Article XII.1 and shall make all arrangements to that end. The cost of such insurance shall be reimbursed to Builder the BUILDER by Buyer the BUYER upon delivery of the Vessel. Notwithstanding the above, Buyer shall compensate Builder for any increased cost and expense with evidence under or pursuant to any provision of this Article XII, incurred by Builder due to any Buyer’s default as specified in Article XIVESSEL.

Extent of Insurance Coverage. From the time of launching of the Vessel until the Vessel is completed, delivered to and accepted by Buyer, Builder shall, at its own cost and expense, keep the Vessel and all machinery, materials, equipment, appurtenances and outfit, delivered to the Shipyard for the Vessel, or built into or installed in or upon the Vessel, including Buyer’s Supplies, fully insured with first class Korean insurance companies (with min. S&P rating A- or A.M. Best A-) under insurance coverage corresponding to the latest Institute of London Underwriters Clauses for Builders’ Risks. The amount of such insurance coverage shall, up to the date of delivery of the Vessel, be in an amount at least equal to, but not limited to, the aggregate of the payments made by Buyer to Builder plus the value of Buyer’s Supplies in custody of the Shipyard, if any. The insurance referred to hereinabove shall be taken out in the name of Builder and all losses under the insurance shall be payable to Builder. Builder shall supply Buyer with copies of the insurance documents and all renewals thereof. If Buyer so requests, Builder shall at Buyer’s cost procure insurance on the Vessel and all parts, materials, machinery and equipment intended therefore against other risks not provided in this Article XII.1 XII. 1 and shall make all arrangements to that end. The cost of such insurance shall be reimbursed to Builder by Buyer upon delivery of the Vessel. Notwithstanding the above, Buyer shall compensate Builder for any increased cost and expense with evidence under or pursuant to any provision of this Article XII, incurred by Builder due to any Buyer’s default as specified in Article XI.