08-13-2003 Council Agenda - Laserfiche WebLink

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1549292v2 ARTICLE V INSURANCE Section 5.1 Insurance. (a) The Developer and /or its general contractor will provide and maintain or cause to be maintained at all times during the process of constructing the Minimum Improvements (and, from time to time at the request of the City, furnish the City with certificates of insurance on): (i) Builder's risk insurance, written on the so- called "Builder's Risk — Completed Value Basis" in an amount equal to one hundred percent (100 %) of the insurable value of the Minimum Improvements at the date of completion, and with coverage available on the so- called "all risk" form of policy; the interest of the City shall be protected by naming the City as an additional named insured; (ii) Commercial general Liability insurance (including operations, premises, "X.C.U." where applicable, Products /Completed Operations, Contractual Liability, Broad Form Property Damage and Independent Contractors with limits against bodily injury and property damage of not less than $1,000,000, together with excess umbrella limits of not less than $1,000,000; and (iii) Worker's compensation insurance, with statutory coverage. (b) Upon completion of construction of the Minimum Improvements and prior to the Tel mination Date, the Developer shall maintain, or cause to be maintained, at its cost and expense, insurance as follows: (i) Insurance against loss and/or damage to the Minimum Improvements under a policy or policies covering such risks as are ordinarily insured against by similar businesses, including (without limiting the generality of the foregoing) fire, extended coverage, vandalism and malicious mischief, explosion, water damage, demolition cost, debris removal, and collapse in an amount not less than the full insurable replacement value of the Minimum Improvements. No policy of insurance shall be so written that the proceeds thereof will produce less than the minimum coverage required by the preceding sentence, by reason of co- insurance provisions or otherwise, without the prior consent thereto in writing by the City. The term "full insurable replacement value" shall mean the actual replacement cost of the Minimum Improvements (excluding foundation and excavation costs and costs of underground flues, pipes, drains and other uninsurable items) and equipment. All policies evidencing insurance required by this subparagraph (i) with respect to the Minimum Improvements shall be carried in the name of the Developer. The City and the holder of the First Mortgage will be represented on such policies, as their respective interests may appear. n -15-