Hull and Machinery insurance against fire and usual marine risks on an agreed value basis, on a full cover/all risks basis according to English or American Hull Clauses with a reasonable deductible and upon such terms as shall from time to time be approved in writing by the Bank; and
Hull and Machinery. War Risks Insurance shall cover no less than the American Institute Hull War Risks and Strikes Clauses (December 1, 1977) or their Japanese or London Institute equivalents and shall correspond with the applicable clauses in the Hull and Machinery Insurance and shall include blocking and trapping coverage.
Hull and Machinery. Insurance to cover physical loss or damage to the vessel under the American Institute Hull Clauses for partial, constructive, and/or agreed total loss up to the agreed Insured Value. Vessel Insured Value Deductible -------------------------------------------------------------------------------- Wind Surf $44,000,000 $500,000 Wind Spirit $20,000,000 $500,000 Wind Star $20,000,000 $500,000
Hull and Machinery. Loss, if any, payable to Citizens Asset Finance, a d/b/a of Citizens Leasing Corporation (the “Mortgagee”), for distribution by the Mortgagee first to itself and then to K-Sea Operating Partnership L.P., a Delaware limited partnership, as owner (the “Owner”), as their respective interests may appear, or order, except that, unless Underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage to the Vessels or liability of the Vessels, the Underwriters may pay directly for the repair, salvage, liability or other charges involved or, if the Owner shall have first fully repaired the damage and paid the cost thereof, or discharged the liability or paid all of the salvage or other charges, then the Underwriters may pay the Owner as reimbursement therefor; provided, however, that if such damage involves a loss in excess of U.S. $250,000 or its equivalent, the Underwriters shall not make such payment without first obtaining the written consent thereto of the Mortgagee. In the event of an actual or constructive total loss or a compromised or arranged total loss of the Vessel or requisition of title, all insurance payments therefor shall be paid to the Mortgagee, for distribution by it in accordance with the terms of the applicable ship Mortgage. Protection and Indemnity Loss, if any, payable to Citizens Asset Finance, a d/b/a of Citizens Leasing Corporation (the “Mortgagee”), for distribution by the Mortgagee first to itself and then to K-Sea Operating Partnership L.P., a Delaware limited partnership, as owner (the “Owner”), as their respective interests may appear, or order, except that, unless and until the Underwriters have been otherwise instructed by notice in writing from the Mortgagee, any loss may be paid directly to the person to whom the liability covered by this insurance has been incurred, or to the Owner to reimburse it for any loss, damage or expenses incurred by it and covered by this insurance, provided the Underwriters shall have first received evidence that the liability insured against has been discharged. Exhibit F K-SEA OPERATING PARTNERSHIP L.P. Compliance Certificate Under Loan Agreement dated as of [ ], 2005
Hull and Machinery. Owners warrant that they have in full force and effect Hull and Machinery insurance placed through reputable Brokers on Institute Time Clauses - Hull 1/10/83 for the value of U.S.$. 21.50 MIO(TWENTY ONE MILLION AND FIFTY THOUSAND). Such insurance to be maintained for the duration of this Charter. Owners shall furnish H & M policy cover note.
Hull and Machinery. Insurance including War Risks cover on full conditions for a limit of no less than the actual value of each vessel owned or chartered by the Supplier and their subcontractors and used in the performance of this Contract. The territorial warranties of the policy should include the planned cable route.
Hull and Machinery. Increased Value, and War Risks policies (which shall include collision liability and tower’s liability) covering up to one hundred twenty five percent (125%) of the agreed hull value of HSM’s fleet of towboats and barges.
Hull and Machinery. Loss, if any, payable to DVB Bank SE, as mortgagee (the "M01igagee"), for distribution by it to itself and to WXXXXXXX STEAMSHIP CORPORATION, as owner (the "Owner"), as their respective interests may appear, or order, except that, unless underwriters have been otherwise instructed by notice in writing from the Mortgagee, in the case of any loss involving any damage to the Vessel, the underwriters may pay directly for the repair, salvage, and other charges involved or, if the Owner shall have first fully repaired the damage or paid all of the salvage and other charges, then the underwriters may pay the Owner as reimbursement therefore; provided, however, that if such damage involves a loss of U.S.$[500,000] or more or its equivalent, the underwriters shall not make such payment without first obtaining the written consent thereto of the Mortgagee. In the event of the actual total loss or agreed, compromised or constructive total loss of the Vessel, payment shall be made to the Mortgagee for distribution by it to itself and to the Owner as their respective interests appear. 24 SK 01029 0083 6034321 v7 LOSS PAYABLE CLAUSE
Hull and Machinery. The insurance shall be concluded on the basis of the Institute Time Clauses- Hulls 1/1/95 amended as follows:
