Insurance broker’s letter of undertaking: for a ship finance transaction

The following Banking & Finance precedent provides comprehensive and up to date legal information covering:

  • Insurance broker’s letter of undertaking: for a ship finance transaction

Insurance broker’s letter of undertaking: for a ship finance transaction

To: The mortgagee/lessor/guarantor

Dear Sirs

m.v. '[name of vessel]'—[name of owner]

We confirm that we have effected insurances for the account of the above owners as set out in Appendix 'A' attached.

Pursuant to instructions received from the above owners and/or their authorised manager or agents, and in consideration of you approving us as the appointed brokers in connection with the insurances covered by this letter, we hereby undertake:

    1. 1

      to hold the insurance slips or contracts, the policies when issued, and any renewals of such policies or new policies or any policies substituted therefor with your consent as may be arranged through ourselves and the benefit of the insurances thereunder to your order in accordance with the terms of the loss payable clause[s] set out in Appendix 'B' attached; and

    1. 2

      to arrange for the said loss payable clause[s] to be included on the policies when issued; and

    1. 3

      to have endorsed on each and every policy as and when the same is issued a notice of assignment in the form of Appendix 'C' hereto dated and signed by the owners and acknowledged by underwriters in accordance with market practice; and

    1. 4

      to advise

Popular documents