07-23-2003 Council Agenda - Laserfiche WebLink

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percent (100 %) of the insurable value of the Minimum Improvements for that Parcel at the date of completion, and with coverage available in non - reporting form on the so- called "all risk" form of policy. Notwithstanding anything else in this Section 9.1, Developer is only obligated to obtain and maintain builder's risk insurance for buildings that have completed foundations and are under construction. (ii) Occurrence based comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an Owner's Contractor's Policy 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 excess liability policy may be used); and (iii) Worker's compensation insurance, with statutory coverage. (b) With respect to each Parcel, from the date the Developer completes construction of the Minimum Improvements for such Parcel through 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 applicable 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 $50,000. 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 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, 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 -17-