CC PACKET 07271993 - Laserfiche WebLink

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Section 5.2 Insurance. (a) The 'Redeveloper shall keep and maintain the Redevelopment Property and Improvements at all times insured against such risks and in such amounts, with such deductible provisions, as are customary in connection with facilities of the type and size comparable to the Improvements, and the Redeveloper shall carry and maintain, or cause to be carried and maintained, and pay or cause to be paid timely the premiums for direct damage insurance covering all risks of loss, including, but not limited to, the following: (1) fire (2) extended coverage perils (3) vandalism and malicious mischief (4) boiler explosion (but only if steam boilers are present) (5) water damage (6) debris-removal (7) collapse on a replacement cost basis in an amount equivalent to the full insurable value thereof. ("Full insurable value" shall include the actual replacement cost of the Improvements (exclusive of foundations and footings) without deduction for architectural, engineering, legal or administrative fees or for depreciation.) Insurance in effect with respect to any portion of the Improvements to be renovated • or remodeled as a.part of the Project prior to the issuance by the HRA of a Completion Certificate under Section 4.3 hereof with respect thereto shall be maintained on an "all-risk" builder's risk basis during the course of construction. The policies required by this Section 5.2 shall be subject to a no coinsurance clause contain an_agreed amount clause, and may contain a deductibility provision not exceeding $25,000. (b) Policies of insurance required by this Section 4.3 shall assure and be payable to the Redeveloper, and shall provide for release of insurance proceeds to the Redeveloper for restoration of loss. The HRA shall be furnished certificates showing the existence of such insurance. In case of loss, the Redeveloper is hereby authorized to adjust the loss and execute proof thereof in the name of all parties in interest. The Redeveloper shall annually file with the HRA a schedule describing all such policies in force, including the types of insurance, names of insurers, policy numbers, effective dates, terms of duration or any other information the HRA deems pertinent. Such list shall be accompanied by a certificate executed by the Redeveloper stating that, to the best of the knowledge of the Redeveloper, insurance on the Improvements then in force complies with this Section 4.3.