Common use of Builders All Risk Insurance Clause in Contracts

Builders All Risk Insurance. At all times during construction, the Purchaser’s Project will be under a builder’s all risk insurance in an amount equal to the full replacement value of the Project for “all risks” of physical loss or damage including, but not limited to, coverage for earth movement, flood, windstorm, earthquake, sabotage, terrorism, riots, civil commotion, testing, boiler and machinery, transit and off-site storage. The policy may contain separate sub limits and deductibles subject to insurance company underwriting guidelines. Deductibles under the policy shall not exceed $100,000 per occurrence, except for deductibles for natural catastrophe peril, which shall not exceed five percent (5%) of the insured loss Increased cost of working - the additional expenditure necessarily and reasonably incurred for the purpose of avoiding or reducing delay which, without such expenditure would have taken place.