07-23-2003 Council Agenda - Laserfiche WebLink

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1450998v8 conveyed all of the units to he constructed on the Development Property to individual unit purchasers or the Termination Date, the Developer will obtain and maintain, or cause to be obtained and maintained: (i) Casualty insurance against loss and /or damage to the Minimum Improvements the Developer owns 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 the Developer owns, but any such policy may have a deductible amount of not more than $25,000. 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 EDA. The tern "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, and shall be determined from time to time at the request of the EDA, but not more frequently than once every three years, by an insurance consultant or insurer selected and paid for by the Developer and approved by the EDA. (ii) Occurrence based comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) insuring against claims for death, bodily injury and property damage with coverage in amounts not less than $2,000,000 per occurrence and $3,000,000 in aggregate (to accomplish the above - required limits, an umbrella or excess liability policy may be used); and (iii) Such other insurance, including worker's compensation insurance respecting all employees of the Developer, in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure; provided that the Developer may be self - insured with respect to all or any part of its liability for worker's compensation. (c) All insurance required by this Section 9.1 shall be taken out and maintained in responsible insurance companies selected by the Developer which are authorized under the laws of the State to assume the risks covered thereby. The Developer will deposit annually with the EDA a certificate or certificates from the respective insurers, in a form reasonably acceptable to the EDA, evidencing that the insurance required under this Section 9.1 is in force and effect. Each policy shall contain a provision that the insurer shall not cancel or modify it without giving written notice to the Developer and the EDA at least thirty (30) - 1 6 -