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02/28/2005 Council Packet
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02/28/2005 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
02/28/2005
Council Meeting Type
Regular
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ARTICLE V <br />Insurance and Condemnation <br />Section 5.1. Insurance. (a) The Developer will provide and maintain at all times during <br />the process of constructing the Minimum Improvements an All Risk Broad Form Basis Insurance <br />Policy and, from time to time during that period, at the request of the Authority, furnish the <br />Authority with proof of payment of premiums on policies covering the following: <br />(i) Builder's risk insurance, written on the so- called "Builder's Risk -- <br />Completed Value Basis," in an amount equal to one hundred percent (100 %) of the <br />insurable value of the Minimum Improvements at the date of completion, and with <br />coverage available in nonreporting form on the so- called "all risk" form of policy. <br />(ii) Comprehensive general liability insurance (including operations, <br />contingent liability, operations of subcontractors, completed operations and contractual <br />liability insurance) together with an Owner's Protective Liability Policy with limits <br />against bodily injury and property damage of not less than $1,000,000 for each <br />occurrence (to accomplish the above - required limits, an umbrella excess liability policy <br />may be used); and <br />(iii) Workers' compensation insurance, with statutory coverage. <br />(b) Upon completion of construction of the Minimum Improvements and prior to the <br />Maturity Date, the Developer shall maintain, or cause to be maintained, at its cost and expense, <br />and from time to time at the request of the Authority shall furnish proof of the payment of <br />premiums on, insurance as follows: <br />(i) Insurance against loss and /or damage to the Minimum Improvements <br />under a policy or policies covering such risks as are ordinarily insured against by similar <br />businesses. <br />(ii) Comprehensive general public liability insurance, including personal <br />injury liability (with employee exclusion deleted), against liability for injuries to persons <br />and /or property, in the minimum amount for each occurrence and for each year of <br />$1,000,000. <br />(iii) Such other insurance, including workers' compensation insurance <br />respecting all employees of the Developer in such amount as is customarily carried by <br />like organizations engaged in like activities of comparable size and liability exposure; <br />provided that the Developer may be self - insured with respect to all or any part of its <br />liability for workers' compensation. <br />(c) All insurance required in Article V of this Agreement shall be taken out and <br />maintained in responsible insurance companies selected by the Developer which are authorized <br />under the laws of the State to assume the risks covered thereby. Upon request, the Developer <br />will deposit annually with the Authority policies evidencing all such insurance, or a certificate or <br />SJB- 258192v3 14 <br />LN 140 -89 <br />
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