Common use of Builder’s Risk “All Risk” Insurance Clause in Contracts

Builder’s Risk “All Risk” Insurance. Contractor, during the progress of the work and until the Date of Completion, as defined in Section 21.05, shall maintain Builder's Risk/“All Risk," course-of-construction insurance issued on a completed value basis on all insurable work included under the Contract Documents. Coverage is to provide extended coverage and insurance for damage to the work and related materials including but not limited to vandalism, malicious mischief, perils of fire, sprinkler leakage, collapse, wind, lightning, smoke, debris removal (including demolition), including completed work and work in progress to the full insurable value thereof. Such insurance shall include District, its trustees, officers, agents, employees and volunteers, the Architect and the Architect's consultants, and any other person with an insurable interest designated by District, individually and collectively, as additional insureds. The risk of the damage to the work due to the perils covered by the Builder’s Risks/"All Risk" Insurance, as well as any other hazard which might result in damage to the work, is that of Contractor and the surety, and no claims for such loss or damage shall be recognized by District nor will such loss or damage excuse the complete and satisfactory performance of this Facilities Lease. Earthquake and Flood coverage is not required and Contractor shall not be responsible for damage caused by such perils. Notwithstanding the foregoing, if other insurance policies also provide coverage damage covered by Contractor's builder's risk policy Contractor's builder's risk insurer may pursue any existing subrogation rights it may have, if any. This Builder's Risk insurance does not need to be in place during preconstruction work, if applicable, but must be in place before construction work begins.