ALL RISKS
( except as hereinafter excluded)
1.
ASSURED
2.
PERIOD OF INSURANCE
If this insurance expires while an accident or occurrence
giving rise to a loss is in progress, Underwriters shall be liable as if the
whole loss had occurred during the currency of this insurance.
3.
PROPERTY INSURED HEREUNDER
This insurance covers the hull and machinery of the drilling
barges, as scheduled herein, including all their equipment, tools, machinery,
caissons, lifting jacks, materials, supplies, appurtenances, drilling rigs and
equipment, derricks, drill stems, casing and tubing while aboard the said
drilling barges and/or vessels moored alongside or in the vicinity thereof and
used in connection therewith (but not such barges and/or vessels themselves),
and including drill stem in the well being drilled, and all such property as
scheduled herein owned by or in the care, custody or control of the Assured, except as hereinafter excluded.
SCHEDULE OF PROPERTY INSURED
Description of Drilling Barge Rate Insured
Value
Hereto Amount
Each deemed to be separately insured.
Any loss paid hereunder shall not reduce the amount of this
insurance except in the event of accrual or constructive or compromised or
arranged total loss.
4.
NAVIGATIONAL LIMITS
(a) Privilege is
granted to be towed within the above Navigational Limits.
(b)
This insurance covers up to 25% of the scheduled amount
of insurance hereunder on property insured herein (as described in clause 3
above) when separate from the property insured hereunder whilst in temporary
storage at, or in local transit to or from, ports or drilling barges within the
Navigational Limits provided in Paragraph (a). It is expressly understood and
agreed, however, that this extended coverage is included within and shall not
increase the amount of insurance hereunder.
5.
COVERAGE
Subject to its terms, conditions and exclusions this policy
insures against all risks of direct physical loss of or damage to the property
insured, provided such loss or damage has not resulted from want of due
diligence by the Assured, the Owners or Managers of the property, or any of
them.
6.
COLLISION LIABILITY
It is agreed that:
(a) If the vessel shall come into collision with any other ship or vessel, and the Assured or the Surety in consequence of the Vessel being at fault shall become liable to pay and shall pay by way of damages to any other person or persons any sum or sums in the respect of such collision, the Underwriters will pay the Assured or the Surety whichever shall have paid, such proportion of such sum or sum
