Common use of Extent of Insurance Coverage Clause in Contracts

Extent of Insurance Coverage. From the time of keel‑laying of the first section of the VESSEL until the same is completed, delivered to and accepted by the BUYER, the SELLER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the SELLER for the VESSEL or built into, or installed in or upon the VESSEL, including the BUYER's Supplies, fully insured with first class Chinese insurance companies for SELLER's risk. 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 the BUYER to the SELLER and the value of the BUYER’S Supplies that have been delivered to the SELLER. The policy referred to hereinabove shall be taken out in the name of the SELLER and losses under such policy shall be payable to the SELLER. Terms and conditions of insurances, insured amounts and underwriting companies shall be submitted to the BUYER upon request.