Common use of BOILER AND MACHINERY INSURANCE or INSTALLATION FLOATER Clause in Contracts

BOILER AND MACHINERY INSURANCE or INSTALLATION FLOATER. The Contractor shall purchase and maintain boiler and machinery and/or inland marine installation floater insurance as required by the Contract Documents or by law, which shall specifically cover such insured objects like machinery, equipment and other similar property during installation and prior to installation until final acceptance by the Owner; this insurance shall include interests of the Owner, Contractor, Subcontractors and Sub-subcontractors in the Work and be at least in the amount of the actual cash value of the property being installed.

BOILER AND MACHINERY INSURANCE or INSTALLATION FLOATER. The Contractor shall purchase and maintain boiler and machinery and/or inland marine installation floater insurance as required by the Contract Documents or by law, which shall specifically cover such insured objects like machinery, equipment and other similar property during installation and prior to installation until final acceptance by the Owner; this insurance shall include interests of the Owner, Contractor, Subcontractors and Sub-Sub- subcontractors in the Work and be at least in the amount of the actual cash value of the property being installed.