Next message: Mel Kowal: "T&T: Anchor Chain"
It was suggested that I may want to post the piece of the contract that has
caused my fuss. Since many may be speaking of what they know ... and
contracts differ. I doubt it may change any of the responses so far but at
least it removes any confusion.
1.Insurance: OWNER/S shall during the entire term of this LICENSE AGREEMENT,
keep the boat and its contents covered by a policy of all risks hull
insurance in an amount equal to the fair market value of the Boat and its
contents. OWNER/S shall also keep the boat covered at all times by a policy
of property and indemnity (P&I or Public Liability) insurance with a minimum
limit of $300,000 per incident. OWNER/S shall name "MARINA X" , OWNER/S, and
any mortgagee of MARINA X as "additional insured" in all policies of hull
and P&I insurance, and all policies shall contain a waiver of subrogation
against MARINA X. OWNER/S shall deposit with MARINA X certificates or
policies for such insurance at or prior to the commencement of their terms
and thereafter within (30) days prior to the expiration or any such
policies. Continuation of this agreement despite any failure by the OWNER/S
to deposit such certificates or policies with MARINA X, and despite the
failure of any such certificates or policies to comply with the requirements
stated in this paragraph above shall not be considered a waiver of the
requirements of this paragraph by MARINA X. Such policies shall no be
canceled without at least (30) days prior notice to each insured name
therein. OWNER/S shall not permit any use of the Facility which make
voidable any insurance on the facility or the contents of said property or
which shall be contrary to any law or regulation established by the Fire
Insurance Rating Association or any similar body succeeding its powers.
3 This is what got my attention.
OWNER/S shall name "MARINA X" , OWNER/S, and any mortgagee of MARINA X as
"additional insured" in all policies of "HULL" and "P&I insurance", and all
policies shall contain a waiver of subrogation against MARINA X.
I thank everyone for their comments.
David Parks
Red Skies at Night
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