Laserfiche WebLink
BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 16:58 P. 17 <br /> • <br /> ARTICLE V <br /> • <br /> INSURANCE <br /> Section 5.1. Insurance. <br /> (a) The Developer will provide and maintain or cause <br /> to be maintained at all times during the process of <br /> constructing the Minimum Improvements (and, from time to <br /> time at the request of the City, furnish the City with <br /> certificates of insurance on) : <br /> (i) Builder's risk insurance, written on the <br /> so-called "Builder's Risk -- Completed Value Basis" in <br /> an amount equal to one hundred percent (100%) of the <br /> insurable value of the Minimum Improvements at the date <br /> of completion, and with coverage available on the <br /> so-called "all risk" form of policy; <br /> (ii) Commercial general liability insurance <br /> (including operations, premises, "X.C.U. " where <br /> applicable, Products/Completed Operations, Contractual <br /> Liability, Broad Form Property Damage and Independent <br /> Contractors with limits against bodily injury and <br /> property damage of not less than $1, 000, 000, together <br /> with excess umbrella limits of not less than <br /> $1, 000, 000; and <br /> (iii) Worker's compensation insurance, with <br /> statutory coverage. <br /> (b) Upon completion of construction of the Minimum <br /> Improvements and prior to the Termination bate, the <br /> Developer shall maintain, or cause to be maintained, at its <br /> cost and expense, insurance as follows: <br /> (i) Insurance against loss and/or damage to the <br /> Minimum Improvements under a policy or policies <br /> covering suchrisks as are ordinarily insured against <br /> by similar businesses, including (without limiting the <br /> generality of the foregoing) fire, extended coverage, <br /> vandalism and malicious mischief, explosion, water <br /> damage, demolition cost, debris removal, and collapse <br /> in an amount not less than the full insurable <br /> replacement value of the Minimum Improvements, No <br /> policy of insurance shall be so written that the <br /> proceeds thereof will produce less than the minimum <br /> coverage required by the preceding sentence, by reason . <br /> of co-insurance provisions or otherwise, without the <br /> prior consent thereto in writing by the City. The term <br /> 965316.Red <br /> V2 to v1; 12/11/98 <br /> 13 <br />