Moorage Contract

Contract | Rules & Regulations | Attachments

Amendment to Insurance:

A.  Insurance Requirements and Amount of Coverage
Throughout the term of this Agreement, Customer shall at all times have in full force and effect, and at its sole expense, third-party liability insurance, including coverage for bodily injury and property damage, in a form reasonably satisfactory to Marina, and with insurers reasonably satisfactory to Marina, providing at least the following coverage's, with the following minimum coverage limits, unless the Marina at its sole discretion allows lower coverage limits:
     1.  Combined bodily injury and property damage liability coverage (for example, Protection &   Indemnity), with liability limits no less thean $1,000,000 per occurrence, with no less than a $1,000,000 policy aggregate, and no single event or aggregate deductible exceeding $2,500;
     2.  Pollution Liability coverage at no less than $1,000,000 per occurrence, or as included in above, and no single event or aggregate deductible greater than $2,500;
     3.  Hull & Machinery Insurance, including personal property coverage, in the amount of at least 50% of vessel replacement value;
     4.  Wreck removal coverage to be included in one or more of the above coverage's.
Each liability policy shall be primary and without right of contribution from any other available insurance, including any insurance carried by Marina, and shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured.
B.  Additional Terms and Conditions of Insurance
When the insurer's terms and conditions allow, each policy obtained by Customer under this Agreement shall; name the Marina as an additional insured with a full waiver of rights of subrogation assertable against Marina; insure the interest of Marina regardless of any breach of violation by Customer of any warranties, recommendations, requirement, declarations, geographic limits or other conditions contained in such policies; contain an agreement by the insurer entitling Marina to at least 30 days prior written notice of any lapse, reduction in coverage, or cancellation of the insurance coverage by the insurer or the Customer, for any reason, regardless of whether the policy lapse was voluntary or involuntary.  It is further agreed that no alteration whatsoever in any such policy, which would have the effect of reducing the coverage required pursuant to this Agreement, shall be made except after such written notice is provided to Marina.