12-19-2001 Council Agenda - Laserfiche WebLink

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1353333vDOC Red (V3 to V2) Improvements, the Developer will obtain and maintain or cause to be obtained and maintained: (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 in nonreporting form on the so- called "all risk" form of policy; (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 $1,000,000 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) Upon completion of construction of the Minimum Improvements and prior to the Termination Date, the Developer will obtain and maintain, or cause to be obtained and maintained: (i) Casualty insurance against loss 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. Any such policy may have a deductible amount of not more than $50,000. No policy of insurance may be so written that the proceeds thereof will produce less than the minimum coverage required by the preceding two sentences, by reason of co- insurance provisions or otherwise, without the City's prior written consent. The term "full insurable replacement value "means the actual replacement cost of the Minimum Improvements (excluding foundation and excavation costs and costs of underground flues, pipes, drains and other uninsurable items). (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 $1,000,000 per occurrence and $3,000,000 in aggregate (to accomplish the above - required limits, an umbrella or excess liability policy may be used); and page 124