CNX » Topics » ARTICLE 7: INSURANCE

This excerpt taken from the CNX 10-Q filed Aug 1, 2007.

ARTICLE 7: INSURANCE

7.1 Insurance. Owner shall provide and maintain Aircraft third party aviation legal liability insurance in an amount not less than $100 million of primary insurance. Such insurance shall include the following provisions:

 

  (a) Lessee shall be named as an additional insured;

 

  (b) Such insurance shall be primary without any right of contribution from any insurance carried by the Lessee;

 

  (c) The underwriter of such insurance shall waive any right of subrogation with respect to potential claims against Lessee.

7.2 Indemnification. Owner hereby indemnifies and agrees to hold Lessee harmless from and against any and all liabilities, claims, demands, suits, judgments, damages, losses, costs and expenses (including reasonable legal expenses and attorneys’ fees) for or on account of or in any way connected with injury to or death of any persons whomsoever or loss of or damage to property arising out of (i) the use or operation of the Aircraft under this Agreement or in any way connected with this Agreement including but not limited to the Aircraft and related equipment or (ii) the performance or nonperformance by Owner of its responsibilities under this Agreement, unless such loss or damage results from the gross negligence or willful misconduct of Lessee.

This excerpt taken from the CNX 8-K filed May 7, 2007.

ARTICLE 7: INSURANCE

7.1 Insurance. Owner shall provide and maintain Aircraft third party aviation legal liability insurance in an amount not less than $100 million of primary insurance. Such insurance shall include the following provisions:

 

  (a) Lessee shall be named as an additional insured;

 

  (b) Such insurance shall be primary without any right of contribution from any insurance carried by the Lessee;

 

  (c) The underwriter of such insurance shall waive any right of subrogation with respect to potential claims against Lessee.

7.2 Indemnification. Owner hereby indemnifies and agrees to hold Lessee harmless from and against any and all liabilities, claims, demands, suits, judgments, damages, losses, costs and expenses (including reasonable legal expenses and attorneys’ fees) for or on account of or in any way connected with injury to or death of any persons whomsoever or loss of or damage to property arising out of (i) the use or operation of the Aircraft under this Agreement or in any way connected with this Agreement including but not limited to the Aircraft and related

 

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equipment or (ii) the performance or nonperformance by Owner of its responsibilities under this Agreement, unless such loss or damage results from the gross negligence or willful misconduct of Lessee.

EXCERPTS ON THIS PAGE:

10-Q
Aug 1, 2007
8-K
May 7, 2007
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