Common use of All Risk Insurance Clause in Contracts

All Risk Insurance. From Final Acceptance through the expiration of the Warranty Period for the relevant Project, Buyer shall maintain “All Risks” Property Insurance. In the event of a loss or damage from the Warranty Period through the expiration of the Warranty Period for any Project, the Buyer shall be responsible for the policy deductible unless the loss or damage results from the negligence of the Seller, in which case the Seller shall be responsible for the lesser of the actual policy deductible or $*** per occurrence; provided, however, that the Seller’s liability for any such deductible shall be subject to the liability limits set forth in Article 24. The “All Risks” Property Insurance policy shall meet the following requirements: (a) the policy shall cover “all risks” of physical loss or damage except as hereinafter provided, including coverage for boiler and machinery (electrical and mechanical breakdown), transit, and off-site storage exposure for an amount equal to the replacement value of the relevant property; and (b) the coverage shall not contain an exclusion for resultant damage caused by faulty workmanship, design or materials. This policy shall include a waiver of subrogation in favor of the Seller, its Affiliates, and its Subcontractor and Suppliers.

All Risk Insurance. From Final Acceptance through the expiration of the Warranty Period for the relevant Project, Buyer shall maintain “All Risks” Property Insurance. In the event of a loss or damage from the Warranty Period through the expiration of the Warranty Period for any Project, the Buyer shall be responsible for the policy deductible unless the loss or damage results from the negligence of the Seller, in which case the Seller shall be responsible for the lesser of the actual policy deductible or $*** per occurrence; provided, however, that the Seller’s liability for any such deductible shall be subject to the liability limits set forth in Article 24. The “All Risks” Property Insurance policy shall meet the following requirements: (a) the policy shall cover “all risks” of physical loss or damage except as hereinafter provided, including coverage for boiler and machinery (electrical and mechanical breakdown), transit, and off-site storage exposure for an amount equal to the replacement value of the relevant property; and (b) the coverage shall not contain an exclusion for resultant damage caused by faulty workmanship, design or materials. This policy shall include a waiver of subrogation in favor of the Seller, its Affiliates, and its Subcontractor and Suppliers.