Common use of Builders Risk/Course of Construction Property Insurance Clause in Contracts

Builders Risk/Course of Construction Property Insurance. The Contractor shall, from the date of commencement of the Work until the completion date, and during any part of the access period that Contractor is performing work at the Premises, purchase, provide and maintain, or cause to be purchased, provided and maintained, at its expense, All risks course of construction (builders risks) inclusive of broad form comprehensive boiler and machinery (equipment breakdown) insurance. Such coverage shall be in the name of the Contractor and will show Owner, Consultant, and all Subcontractors of any tier engaged in the project as additional insured in an amount not less than the full replacement cost value of the project. The policy shall be no more restrictive than the IBC 4042 or 4047 policy, including the appropriate CCDC endorsements. The policy shall contain no exclusion for loss or damage caused by the perils of flood or earth movement, including earthquake. The policy shall provide replacement cost coverage on all property including that used in or pertaining to site preparation, demolition of existing structures, erection and/or fabrication and/or reconstruction and/or repair of the insured project while on site, off site or in transit. The policy shall be extended to cover soft costs, delayed rents/delay in start-up (24 months minimum), interest, advertising costs and rental commissions when the loss is caused by an insured risk. Such policy shall include a waiver by the insurer of any rights of subrogation against Owner, its trustees, directors, officers, employees, servants, agents, and the Consultant.