This Insurance Waiver ("Waiver") is made and entered into on this [Date], by and between:

Principal/Owner (Seller):

• Full Legal Name: [Full Legal Name]
• Address: [Street Address, City, State, Postal Code]
• Contact Information:
  • Phone Number: [Phone Number]
  • Email Address: [Email Address]

Vessel Buyer/Purchaser:

• Full Legal Name: [Full Legal Name]
• Address: [Street Address, City, State, Postal Code]
• Contact Information:
  • Phone Number: [Phone Number]
  • Email Address: [Email Address]

The undersigned parties hereby agree to the following terms concerning the insurance of the vessel described below:

1. VESSEL INFORMATION

The vessel for which insurance coverage is being waived is described as follows:

• Vessel Name: [Vessel Name]
• Vessel Type: [Type of Vessel (e.g., Yacht, Cargo Ship, Fishing Vessel)]
• Hull Number or IMO Number: [Hull Number or IMO Number]
• Registration Number: [Vessel Registration Number]
• Year of Manufacture: [Year]
• Place of Registration: [Place/Port of Registration]

2. INSURANCE REQUIREMENTS

Under standard practice, insurance coverage is typically required for the operation, transfer, and ownership of vessels. However, both parties have mutually agreed that the following provisions apply:

a. Insurance Waiver Acknowledgment

By signing this waiver, the Vessel Buyer/Purchaser acknowledges and agrees to the following:

• Waiver of Insurance: The Vessel Buyer agrees to waive the requirement for mandatory insurance coverage on the vessel.
• No Insurance Coverage: The Vessel Buyer explicitly acknowledges that they will not hold the Vessel Seller liable for any damages, losses, or liabilities arising from the lack of insurance coverage.
• Voluntary Decision: The decision to waive insurance coverage is voluntary and has been made with full understanding of the risks involved.

b. Potential Risks and Liabilities

The Vessel Buyer further acknowledges and accepts the following risks associated with waiving insurance coverage:

• Damage or Loss: In the absence of insurance, the Vessel Buyer is solely responsible for any damage, loss, or theft of the vessel from the date of transfer.
• Accidents or Injuries: The Vessel Buyer accepts full responsibility for any accidents or injuries occurring during the use, transfer, or ownership of the vessel.
• Third-Party Claims: The Vessel Buyer agrees to be solely liable for any third-party claims arising from the use, operation, or transfer of the vessel.

3. EXCLUSION OF SELLER LIABILITY

The Principal/Owner (Seller) will not be held liable for:

• Any claims, damages, or expenses related to accidents, loss, or damage to the vessel after the transfer of ownership.
• Any claims for damage, injury, or theft arising from the use of the vessel by the Buyer.
• Any third-party claims arising from the lack of insurance on the vessel.

4. ACKNOWLEDGEMENT OF INSURANCE WAIVER

The Vessel Buyer hereby acknowledges that they have been informed about the potential consequences of waiving insurance coverage on the vessel, including but not limited to the financial risk involved.

The Vessel Buyer affirms that they have made an informed decision regarding the insurance waiver and have not been coerced into making this decision.

5. INDEMNIFICATION

The Vessel Buyer agrees to indemnify, defend, and hold harmless the Principal/Owner (Seller), their agents, employees, and affiliates from any claims, damages, losses, or liabilities arising from the lack of insurance coverage, including those related to property damage, injury, or any third-party claims.

6. ACKNOWLEDGEMENT OF TRANSFER OF OWNERSHIP

By signing below, the Vessel Buyer acknowledges that ownership of the vessel is transferred to them on the date of execution of this waiver, and they assume all risks, responsibilities, and liabilities associated with the vessel from that date onward.

7. SIGNATURES

By signing this Insurance Waiver, both parties acknowledge and agree to the terms and conditions set forth herein.

Principal/Owner (Seller) Signature:

• Name: [Principal’s Full Name]
• Signature: ________________________
• Date: [Date]

Vessel Buyer/Purchaser Signature:

• Name: [Buyer’s Full Name]
• Signature: ________________________
• Date: [Date]

8. ADDITIONAL NOTES

• Professional Advice: It is strongly recommended that the Vessel Buyer seek independent professional advice regarding the decision to waive insurance coverage.
• Optional Insurance: While insurance coverage is waived in this case, the Vessel Buyer may choose to acquire insurance coverage at any time post-purchase at their own discretion.