MARINESHELF RECENT

MARINESHELF

Sunday, January 29, 2012

CHARTER PARTY AGREEMENTS


Charter Party Agreements
Risk and Insurance Specifications
May 1, 2006
Owner’s Obligation to Indemnity. Owner agrees to indemnify and hold harmless the
Charterer, its officers and employees, against any claims, expense or liability for
loss or damage to the Vessel and any other property, including Owner’s, or from
death or injury to any person or persons, including Owner’s employees and agents,
arising out of performance of this charter or the use of Vessel, save and except
that Owner shall not be liable for acts of negligence of Charterer’s employees
acting within the scope of their employment.
Charter’s Obligations to Indemnity. The Charterer agrees to indemnify and hold
harmless the Owner from any and all claims and demands, suits, loss or liability to
third persons by reason of any accident, illness, injury or death, arising from (a) the
negligent installation of equipment on the Vessel by the Charterer or its subcontractors,
(b) the equipment itself, or (c) the negligent use or operation of the said equipment, or (d)
any other negligence of the Charterer in the performance of this Agreement.
Insurance. The owner shall, at its own expense, maintain insurance in companies
reasonably acceptable to Charterer in accordance with the following specifications:
Hull and Machinery insurance to the value of the vessel including Collision Liability
subject to current form American Institute Hull Clauses with navigation limits
adequate for the vessel’s contemplated operations.
Protection & Indemnity, including crew, with limits of liability not less than
$1,000,000 unless otherwise agreed by the parties. Such insurance shall be written
subject to current form Protection and Indemnity (P&I) Clauses with navigation
limits adequate for the Vessel’s contemplated operations.
Such Excess Protection & Indemnity and Collision Liability as may be dictated and as
agreed by the parties.
The Charterer and any additional parties designated by Charterer shall be named as
additional assureds on all of the foregoing policies or such policies shall contain
a provision denying underwriters any subrogated right of recovery from the Charterer.
Policies shall provide for fifteen (15) days notice of cancellation to Owner.
Certificates or other evidence of current insurance shall be filed with the Owner prior to
the commencement of the voyage.

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