Common use of All Risk Coverage to be Provided by Princeton University Clause in Contracts

All Risk Coverage to be Provided by Princeton University. Unless otherwise indicated in the Agreement, Princeton University shall provide and maintain All Risk Insurance coverage for the Project in accordance with the following: (i) Princeton University will maintain and keep in full force and effect at Princeton University’s expense, property insurance for the full replacement cost of the Project against all risks normally insurable covering the interests of Princeton University, the Contractor, and all subcontractors, as their respective interests may appear on the building, structure, materials and equipment entering into or used in the performance of the Work, while in transit, stored on-site, or stored off-site to the full insurable value thereof. This insurance shall include “all risk” insurance for physical loss or damage, including flood, earthquake, theft, vandalism and malicious mischief and all applicable soft costs. The deductible shall not be greater than $10,000. (ii) The Contractor shall pay all deductible amounts and shall indemnify Princeton University, in accordance with the provisions of Clause G2 hereof, against claims for payment of a policy deductible made in the event of any occurrence giving rise to a claim on the insurance policy except where such occurrence is or was caused by the sole negligence of Princeton University, in which case the University shall be responsible for the deductible amount. (iii) Tools, supplies, materials, and equipment owned and used by the Contractor or Subcontractors that are not intended to be a permanent part of the building are specifically excluded. The Contractor will maintain and keep in force, and not as a Cost of Work, insurance covering the interest of the Contractor and subcontractor for tools, supplies, materials, and equipment not intended as permanent structures of the Project. (iv) Princeton University will provide evidence of such insurance before the commencement of Work if requested by the Contractor. Princeton University will endeavor to give 30 days prior written notice to the Contractor if the policy is cancelled or allowed to expire or if there are any material changes in the policy related to the project.

All Risk Coverage to be Provided by Princeton University. Unless otherwise indicated in the Agreement, Princeton University shall provide and maintain All Risk Insurance coverage for the Project in accordance with the following: (i) Princeton University will maintain and keep in full force and effect at Princeton University’s expense, property insurance for the full replacement cost of the Project against all risks normally insurable covering the interests of Princeton University, the Contractor, and all subcontractors, as their respective interests may appear on the building, structure, materials and equipment entering into or used in the performance of the Work, while in transit, stored on-siteon‐site, or stored off-site off‐site to the full insurable value thereof. This insurance shall include “all risk” insurance for physical loss or damage, including flood, earthquake, theft, vandalism and malicious mischief and all applicable soft costs. The deductible shall not be greater than $10,000. (ii) The Contractor shall pay all deductible amounts and shall indemnify Princeton University, in accordance with the provisions of Clause G2 hereof, against claims for payment of a policy deductible made in the event of any occurrence giving rise to a claim on the insurance policy except where such occurrence is or was caused by the sole negligence of Princeton University, in which case the University shall be responsible for the deductible amount. (iii) Tools, supplies, materials, and equipment owned and used by the Contractor or Subcontractors that are not intended to be a permanent part of the building are specifically excluded. The Contractor will maintain and keep in force, and not as a Cost of Work, insurance covering the interest of the Contractor and subcontractor for tools, supplies, materials, and equipment not intended as permanent structures of the Project. (iv) Princeton University will provide evidence of such insurance before the commencement of Work if requested by the Contractor. Princeton University will endeavor to give 30 days prior written notice to the Contractor if the policy is cancelled or allowed to expire or if there are any material changes in the policy related to the project.