Builders All Risk Insurance. This insurance shall include but not be limited to coverage for wind including named windstorm, earthquake, flood, perils, property in transit (excluding ocean transit), off-site storage - property in temporary storage or assembly away from the project site, testing, covering all materials, equipment, machinery and supplies of any nature whatsoever, the property of the Seller or of others for which the Seller may have assumed responsibility, used or to be used in or incidental to the site preparation, demolition of existing structures, erection and/or fabrication and/or reconstruction and/or repair of the project insured, including temporary works (all scaffolding, formworks, fences, shoring, hoarding, false work and temporary buildings and all incidental to the project) from the start of construction through the earlier of the Commercial Operations Date or the effective date of the policy coverage set forth in Section 5 (All Risk Property/Comprehensive Mechanical and Electrical Breakdown Insurance (Upon Completion of Construction)) of this Attachment R (Required Insurance). The amount of coverage shall be purchased on a full replacement cost basis, except for earthquake, windstorm and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss (PML) study and/or Catastrophe (CAT) Modeling report, if such insurance amounts are appropriate and available on commercially reasonable terms. The coverage shall be written on an "All Risks" completed value form and may allow for reasonable other sublimits for transit and for incidental offsite storage. Coverage shall be extended to include testing. Such policies shall be endorsed to require that the coverage afforded shall not be canceled (except for nonpayment of premiums) or reduced without at least thirty (30) Days' prior written notice to Seller and Company; provided, however, that such endorsement shall provide (i) that the insurer may not cancel the coverage for non-payment of premium without giving Seller and Company ten (10) Days' notice that Seller has failed to make timely payment thereof, and (ii) that, subject to the consent of the Facility Lender, Seller or Company shall thereupon have the right to pay such premium directly to the insurer.
Appears in 20 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
Builders All Risk Insurance. This insurance shall include but not be limited to coverage for wind including named windstorm, earthquake, flood, perils, property in transit (excluding ocean transit), off-site storage - property in temporary storage or assembly away from the project site, testing, covering all materials, equipment, machinery and supplies of any nature whatsoever, the property of the Seller or of others for which the Seller may have assumed responsibility, used or to be used in or incidental to the site preparation, demolition of existing structures, erection and/or fabrication and/or reconstruction and/or repair of the project insured, including temporary works (all scaffolding, formworks, fences, shoring, hoarding, false work and temporary buildings and all incidental to the project) from the start of construction through the earlier of the Commercial Operations Date or the effective date of the policy coverage set forth in Section 5 (All Risk Property/Comprehensive Mechanical Boiler and Electrical Breakdown Machinery Insurance (Upon Completion of Construction)) of this Attachment R (Required Insurance). The amount of coverage shall be purchased on a full replacement cost basis, except for earthquake, windstorm earthquake and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss no less than Twenty Million Dollars (PML) study and/or Catastrophe (CAT) Modeling report$20,000,000), if such insurance amounts are appropriate and available on commercially reasonable terms. The coverage shall be written on an "All Risks" completed value form and may allow for reasonable other sublimits for transit and for incidental offsite storage. Coverage shall be extended to include testing. Such policies shall be endorsed to require that the coverage afforded shall not be canceled (except for nonpayment of premiums) or reduced without at least thirty (30) Days' prior written notice to Seller and Company; provided, however, that such endorsement shall provide (i) that the insurer may not cancel the coverage for non-payment of premium without giving Seller and Company ten (10) Days' notice that Seller has failed to make timely payment thereof, and (ii) that, subject to the consent of the Facility Lender, Seller or Company shall thereupon have the right to pay such premium directly to the insurer.
Appears in 5 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
Builders All Risk Insurance. From and after the Effective Date and continuing until the Substantial Completion Date and with insurance companies rated “A-” or better, with a minimum size rating of “X” by Best’s, Owner shall purchase and maintain builders’ risk insurance, on an “all-risk” full replacement value basis with extended coverage, including perils or causes of loss customarily covered under an all-risk policy providing coverage for the Facility and the Work, with a deductible of no greater than $50,000 and with customary endorsements (including but not limited to endorsements, minimum sub-limits and coverage extensions). This insurance shall also cover Equipment or other property stored off the Site including transit. The limit of such insurance shall be equal to the 100% of the replacement cost value of the property under construction. Such builder’s all risk insurance shall (i) include as additional insureds Contractor, Subcontractors and Guarantor, but not be limited only to the extent of their interests, and (ii) name Facility Lender as loss payee as its interests may appear, (iii) include without limitation coverage for wind inland transit and off-site storage risks, mechanical and electrical break down including named windstormall forms of testing and commissioning required to complete the Works plus resulting damage arising out of design error, earthquakedefects of materials or faulty workmanship (Leg 3/96 or better) and (iv) include with sub-limits as per market practice: debris removal (5% of the limit), flood, perils, property inland transits in transit (excluding ocean transit)such amounts to satisfy replacement cost values of the shipment, off-site storage - in such amounts to satisfy replacement cost values of the largest property area, CAT perils including wind, windstorm, flood, earthquake, extra expense, expediting expenses, ordinance or low coverage including the increased cost of construction to comply with the enforcement of any law that regulates the construction or repays of damaged property including the cost to demolish undamaged portions of the Works, with a sublimit not lower than $3,000,000, strike, riot, civil commotion, vandalism and malicious mischief.
(a) This policy shall be primary and non-cancellable, and shall include automatic reinstatement of limits following each loss and shall not include a serial loss clause.
(b) During the period between the Effective Date and the Substantial Completion Date, Contractor shall be solely responsible for payment of any deductibles for claims relating to builder’s all-risk insurance but for events attributable to the Contractor and its Subcontractors with a cap equal to the sum of (x) $10,000 plus (y) fifty percent (50%) of the remaining deductible per event and as per their responsibilities under this Agreement, provided that with respect to physical loss or damage caused by the negligence of Owner or events attributable to Owner as per their responsibilities under the Agreement, any required payments of the deductibles for claims relating to builders’ all-risk insurance shall be the responsibility of Owner. Contractor and Owner and their insurers waive all rights of subrogation against each other and any Subcontractors.
(c) At Owner’s election and expense, coverage may include “delay in temporary storage or assembly away start-up” coverage.
(d) In case of damage in which the Facility Lender is the loss payee, the Owner and Contractor shall meet to discuss whether the Contractor should commence reinstatement of the affected Works. In the event the Owner decides not to reinstate the affected Works as required in the Contract, the affected Works shall be excluded from the project site, testing, covering all materials, equipment, machinery Contractor's scope of work and supplies of from the Contractor's responsibilities. If the Owner instructs to reinstate the affected Works or any nature whatsoeverpart, the property Owner shall pay the insurance proceeds to the Contractor for such reconstruction to the extent that the relevant insurance claim is not paid directly to the Contractor. Additionally, any Works which have been executed but are damaged, unpaid and/or not yet included within the monthly invoice shall be payable immediately.
(e) The Owner shall provide a copy of the Seller cover notes or other evidence of others for which the Seller may have assumed responsibility, used or to be used cover in or incidental respect of such insurances prior to the site preparation, demolition of existing structures, erection and/or fabrication and/or reconstruction and/or repair Notice to Proceed and copies of the project insured, including temporary works (all scaffolding, formworks, fences, shoring, hoarding, false work and temporary buildings and all incidental to the project) from the start of construction through the earlier of the Commercial Operations Date or the effective date of the policy coverage set forth in Section 5 (All Risk Property/Comprehensive Mechanical and Electrical Breakdown Insurance (Upon Completion of Construction)) of this Attachment R (Required Insurance). The amount of coverage shall be purchased on a full replacement cost basis, except for earthquake, windstorm and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss (PML) study and/or Catastrophe (CAT) Modeling report, if such insurance amounts are appropriate and available on commercially reasonable terms. The coverage shall be written on an "All Risks" completed value form and may allow for reasonable other sublimits for transit and for incidental offsite storage. Coverage shall be extended to include testing. Such policies shall be endorsed to require that the coverage afforded shall not be canceled (except for nonpayment of premiums) or reduced without at least later than thirty (30) Days' prior written notice Days after the issuance of the Notice to Seller Proceed.
(f) Separate from and Company; providedin addition to the foregoing, howeverfrom and after the Substantial Completion Date, that such endorsement Owner shall purchase and maintain All Risk Property Damage/Machinery Breakdown Insurance, in an amount sufficient to cover one hundred percent (100%) of the replacement cost of the Facility. Owner shall provide (i) that a copy of the insurer may not cancel the coverage for non-payment of premium without giving Seller and Company ten (10) Days' notice that Seller has failed to make timely payment thereof, and (ii) that, subject policy on or prior to the consent date on which Owner issues notice pursuant to Section 4.5(b) confirming that Substantial Completion has been achieved. The O&M Contractor shall be responsible for the deductibles for such policies but only for events attributable to Contractor as per their responsibilities under the Agreement and with a cap of $10,000 per event and in the Facility Lender, Seller or Company shall thereupon have the right to pay such premium directly to the insureraggregate.
Appears in 2 contracts
Samples: Engineering, Procurement and Construction Agreement, Engineering, Procurement and Construction Agreement (VivoPower International PLC)
Builders All Risk Insurance. This insurance shall include but not be limited to coverage for wind including named windstorm, earthquake, flood, perils, property in transit (excluding ocean transit), off-site storage - property in temporary storage or assembly away from the project site, testing, covering all materials, equipment, machinery and supplies of any nature whatsoever, the property of the Seller Subscriber Organization or of others for which the Seller Subscriber Organization may have assumed responsibility, used or to be used in or incidental to the site preparation, demolition of existing structures, erection and/or fabrication and/or reconstruction and/or repair of the project insured, including temporary works (all scaffolding, formworks, fences, shoring, hoarding, false work and temporary buildings and all incidental to the project) from the start of construction through the earlier of the Commercial Operations Date or the effective date of the policy coverage set forth in Section 5 (All Risk Property/Comprehensive Mechanical and Electrical Breakdown Insurance (Upon Completion of Construction)) of this Attachment R (Required Insurance). The amount of coverage shall be purchased on a full replacement cost basis, except for earthquake, named windstorm and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss (PML) study and/or Catastrophe (CAT) Modeling report, if such insurance amounts are appropriate and available on commercially reasonable terms. The coverage shall be written on an "All Risks" completed value form and may allow for reasonable other sublimits for transit and for incidental offsite storage. Coverage shall be extended to include testing. Such policies shall be endorsed to require that the coverage afforded shall not be canceled (except for nonpayment of premiums) or reduced without at least thirty (30) Days' prior written notice to Seller Subscriber Organization and Company; provided, however, that such endorsement shall provide (i) that the insurer may not cancel the coverage for non-payment of premium without giving Seller Subscriber Organization and Company ten (10) Days' notice that Seller Subscriber Organization has failed to make timely payment thereof, and (ii) that, subject to the consent of the Facility Lender, Seller Subscriber Organization or Company shall thereupon have the right to pay such premium directly to the insurer.
Appears in 1 contract
Samples: Power Purchase Agreement
Builders All Risk Insurance. This During the Construction Period, and until Final Completion, the Parent and/or each Co-Borrower shall maintain or caused to be maintained Builders “All-Risk” or equivalent all-risk installation insurance, as such term is used in the insurance shall include but industry, in an amount that is not be limited to less than the full replacement cost value and covering all construction, erection or installation work including without limitation coverage for wind mechanical and electrical breakdown and all forms of testing and commissioning required to complete the Project (as applicable) including named windstormcoverage for resulting or ensuing damage arising out of design error, faulty materials or faulty workmanship, the perils of flood, earthquake, floodwindstorm (named or unnamed), perilshail, lightning, strike, riot and civil commotion, vandalism and malicious mischief, subject to terms that are consistent with current industry practice insuring real and personal property of each Co-Borrower entity whether on or off the Project site (including an off-Site storage or warehouse location) and while in the course of inland transit (excluding ocean transitif any exposure), off-site storage - property in temporary storage or assembly away from the project site, testing, covering all materials, equipment, machinery and supplies of any nature whatsoever, the property of the Seller or of others for which the Seller may have assumed responsibility, used or to be used in or incidental to the site preparation, demolition of existing structures, erection and/or fabrication and/or reconstruction and/or repair of the project insured, including temporary works (all scaffolding, formworks, fences, shoring, hoarding, false work and temporary buildings and all incidental to the project) from the start of construction through the earlier of the Commercial Operations Date or the effective date of the policy coverage set forth in Section 5 (All Risk Property/Comprehensive Mechanical and Electrical Breakdown Insurance (Upon Completion of Construction)) of this Attachment R (Required Insurance). The an amount of coverage shall be purchased on a not less than the full replacement cost basisvalue of the Project property and equipment at each location or in transit. All responsibility for verification of compliance with these insurance provisions shall rest solely with the Parent and/or each Xx- Xxxxxxxx. 0000000x.0 Xxxxxxxxx are permitted with respect to the following perils:
(A) off-Project site property, except for in an amount sufficient to cover the full replacement cost value of any property in storage;
(B) inland transit (if any exposure), in an amount sufficient to cover the full replacement cost value of any shipment and delay in start-up exposure;
(C) earthquake, windstorm per occurrence and flood perils annual aggregate earthquake limits in an amount required by the Lender and which limit shall be provided as sublimits subject to further review and aggregate limits supported evaluation (including increases) by a Probable Maximum Loss the Lender with terms of coverage reasonably acceptable to the Lender;
(PMLD) study flood, windstorm (named or unnamed) including storm surge, and earthquake in an amount sufficient to cover the full replacement value of the insured property, which limit shall be subject to further review and evaluation (including increases) by Lender, with terms of coverage reasonably acceptable to the Lender; and
(E) such other coverages that are customarily sub-limited and/or Catastrophe (CAT) Modeling reportaggregated or restricted in reasonable amounts consistent with current industry practice with respect to similar risks and acceptable to Lender, if such insurance amounts are appropriate including without limitation, expediting expense, debris removal, pollutant cleanup, professional fees and available on commercially reasonable termsordinance or law coverage including the increased cost of construction to comply with the enforcement of any law that regulates the construction or repair of damaged property including the cost to demolish undamaged portions of the Project. The coverage Builder’s All Risk policy may have per occurrence deductibles of not greater than $100,000; provided that, in the case of earthquake and windstorm (including storm surge and flood), such per occurrence deductible shall be written on an "All Risks" completed value form the lowest deductible commercially available and may allow for reasonable other sublimits for transit and for incidental offsite storage. Coverage shall be extended acceptable to include testingLender. Such policies shall deductibles are expected to be endorsed to require that in the coverage afforded shall not be canceled range of 2.5% - 5% (except for nonpayment of premiumsdepending on the zone or level) or reduced without at least thirty (30) Days' prior written notice to Seller and Company; provided, however, that such endorsement shall provide (i) that the insurer may not cancel the coverage for non-payment of premium without giving Seller and Company ten (10) Days' notice that Seller has failed to make timely payment thereof, and (ii) that, subject to the consent of the Facility Lender, Seller or Company shall thereupon have total insured value of the right to pay such premium directly to Project at the insurertime of loss.
Appears in 1 contract
Samples: Loan Agreement (Fuelcell Energy Inc)
Builders All Risk Insurance. This insurance shall include but not be limited to coverage for wind including named windstorm, earthquake, flood, perils, property in earthquake and flood perils including transit (excluding ocean transit), off-site storage - property in temporary storage or assembly away from the project site, testing, covering all materialsincidental storage, equipmentstructures, machinery buildings, improvements and supplies of any nature whatsoevertemporary structures used in construction, the property or part of the Seller or of others for which the Seller may have assumed responsibility, used or to be used in or incidental to the site preparation, demolition of existing structures, erection and/or fabrication and/or reconstruction and/or repair of the project insured, including temporary works (all scaffolding, formworks, fences, shoring, hoarding, false work and temporary buildings and all incidental to the project) permanent Facility from the start of construction through the earlier of the Commercial Operations Operation Date or the effective date of the policy coverage set forth in Section 5 (All Risk Property/Comprehensive Mechanical Boiler and Electrical Breakdown Machinery Insurance (Upon Completion of Construction)) of this Attachment R (Required Insurance). The amount of coverage shall be purchased on a full replacement cost basis, except and the sublimits for earthquakenamed windstorm, windstorm earthquake and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss (PML) study and/or Catastrophe (CAT) Modeling report, if such insurance amounts are appropriate and available on commercially reasonable terms. The coverage shall be written on an "“All Risks" ” completed value form and may allow for reasonable other sublimits for transit and for incidental offsite storage. Coverage shall be extended to include testing. Such policies shall be endorsed to require that the coverage afforded shall not be canceled (except for nonpayment of premiums) or reduced without at least thirty (30) Days' ’ prior written notice to Seller and Company; , provided, however, that such endorsement shall provide (i) that the insurer may not cancel the coverage for non-payment of premium without giving Seller and Company ten (10ten(10) Days' ’ notice that Seller has failed to make timely payment thereof, and (ii) that, subject to the consent of the Facility LenderFinancing Parties, Seller or Company shall thereupon have the right to pay such premium directly to the insurer.
Appears in 1 contract
Samples: Power Purchase Agreement (Hawaiian Electric Co Inc)
Builders All Risk Insurance. This insurance shall include but not be limited to coverage for wind including named windstorm, earthquake, flood, perils, property in transit (excluding ocean transit), off-site storage - property in temporary storage or assembly away from the project site, testing, covering all materials, equipment, machinery and supplies of any nature whatsoever, the property of the Seller or of others for which the Seller may have assumed responsibility, used or to be used in or incidental to the site preparation, demolition of existing structures, erection and/or fabrication and/or reconstruction and/or repair of the project insured, including temporary works (all scaffolding, formworks, fences, shoring, hoarding, false work and temporary buildings and all incidental to the project) from the start of construction through the earlier of the Commercial Operations Date or the effective date of the policy coverage set forth in Section 5 (All Risk Property/Comprehensive Mechanical and Electrical Breakdown Insurance (Upon Completion of Construction)) of this Attachment R (Required Insurance). The amount of coverage shall be purchased on a full replacement cost basis, except for earthquake, named windstorm and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss (PML) study and/or Catastrophe (CAT) Modeling report, if such insurance amounts are appropriate and available on commercially reasonable terms. The coverage shall be written on an "All Risks" completed value form and may allow for reasonable other sublimits for transit and for incidental offsite storage. Coverage shall be extended to include testing. Such policies shall be endorsed to require that the coverage afforded shall not be canceled (except for nonpayment of premiums) or reduced without at least thirty (30) Days' prior written notice to Seller and Company; provided, however, that such endorsement shall provide (i) that the insurer may not cancel the coverage for non-payment of premium without giving Seller and Company ten (10) Days' notice that Seller has failed to make timely payment thereof, and (ii) that, subject to the consent of the Facility Lender, Seller or Company shall thereupon have the right to pay such premium directly to the insurer.
Appears in 1 contract
Samples: Power Purchase Agreement