Agenda Packets - 1987/12/14 - Laserfiche WebLink

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ARTICLE V Insurance and Condemnation Section 5.1. Insurance. (a) The Redeveloper will provide and maintain at all times during the process of constructing the Minimum improvements and, from time to time at the request of the City, furnish the City with proof of payment of premiums on: (1) Builder's rick insurance, written on the so- Wed "Builder's Risk -- Completed Value Brsis," In an amount equal to one hundred percent (100%) of the insurable value of the Minimum improvements at the date of completion, end with coverage available In nonreportirg form on the sr called "all risk" form of policy. The interest of the City shall be protected In accordance with a clause in form and content reasonably satisfactory to the City. (11) 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 with limits against bodily injury and p:oparty damage of not less than $2,000,000 for each occurrence (to accomplish the above - required limits, an umbrella excess liability policy may be used). (111) Workers' compensation insurance, with statutory coverage. The policies of Insurance required pirsuant to clauses (1) and (i) above shall be in form and content satisfactory to the City and shall be placed with financially sound and rep:tab,e insurers licensed to transact business In the State. The policy of insurance delivered pursuant to clause (1) above shall contain an agreement of the Insurer to give not less than thirty (30) days' advance written notice to the City in the event of cancellation of such policy or change affecting the overage thereunder. (b) Upon completion of construction of the Minimum Improvements on each Parcel and prior to the Maturity Date, the Redeveloper shall maintain, or cause to be maintained, at its cost and expense, and from time to time at the request of the City shall furnish proof of the payment of premiums on, insurance as follows: (1) insurance against loss and/or danage to such improvements under's 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, boiler explosion, water damage, demolition cost, debris removal, collapse and flood In an amount not less titan the full insurable replacement value of such Improvements, but any such policy may have a deductible amount of not more than $25,000.00. 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 City. The term "full insurable replacement value" shall mean the actual replacement J A