12-19-2001 Council Agenda - Laserfiche WebLink

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(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 the Developer may be self - insured with respect to all or any part of its liability for worker's compensation. (c) The Developer must obtain and maintain all insurance policies this Section 10 requires from responsible insurance companies authorized under the laws of the State to assume the risks covered thereby. The Developer will deposit annually with the City copies of policies evidencing all such insurance or a certificate or certificates from the respective insurers, in a form reasonably acceptable to the City, evidencing that the insurance required under this Section 10 is in force and effect. Each policy must contain a provision that the insurer may not cancel or modify it without giving written notice to the Developer and the City at least thirty (30) days before the cancellation or modification becomes effective. Not less than fifteen (15) days prior to the expiration of any policy, the Developer must furnish the City evidence, satisfactory to the City, that the policy has been renewed or replaced by another policy conforming to the provisions of this Section 10. In lieu of separate policies, the Developer may maintain a single policy or blanket or umbrella policies, or a combination thereof, which provide the total coverage required herein, in which event the Developer must deposit with the City a certificate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. The policies of insurance referenced in Section 10.1(a)(i) and 10.1(b)(i) must identify the City as a loss payee. The policies of insurance identified in Section 10.1(a)(ii) and Section 10.1(b)(ii) must identify the City and the Authority as additional insured. The policies of insurance described under Section 10.1(a)(ii) and 10.1(b)(ii) may be subject to a deductible or for provisions providing for the Developer's retention of liability provided the amount of the deductible retained liability does not exceed $10,000. 10.2. Casualty Loss Notice and Repair Obligations. If any improvements on the Redevelopment Property are damaged by fire or other casualty prior to the Termination Date, the Developer must notify the City of the nature and extent of the damage within five Business Days of the occurrence of the damage; provided, however, the Developer is not obligated to notify the City if the Developer reasonably determines the cost of repairing the damage is less than $100,000. The Developer must promptly repair any damage to the improvements on the Redevelopment Property or, if the damage to the improvements on the Redevelopment Property cannot be repaired, replace the damaged portion of the Redevelopment Property. Notwithstanding the preceding sentence, the Developer is not obligated to repair or replace Minimum Improvements damaged as a result of fire or other casualty prior to the Termination Date if, in Lieu of such repair or replacement, the Developer pays to the City, from the Net Insurance Proceeds or other funds of the Developer, an amount equal to the present value of the difference between the City's reasonable estimate of the Tax Increments the City would have received from the real estate taxes due and payable with respect to the Redevelopment Property between 1353333vDOC R<d(V3tov2) Page 125