Common use of Builders Risk Coverage to be provided by the Contractor Clause in Contracts

Builders Risk Coverage to be provided by the Contractor. If the Agreement indicates that the Contractor is responsible for providing Builders Risk insurance coverage for the Project, this subparagraph shall supersede subparagraph (b)(1) above and the Contractor shall then – (i) Purchase, maintain and keep in force, Builders Risk property insurance for the full replacement costs of the Project insuring the Work against all risks of physical loss or damage to property of every kind and description to be used in the fabrication, assembly, installation, erection or alteration of the Work, except those risks specifically excluded by the policy but only to the extent that such policy exceptions have been reviewed and approved by Princeton University in writing. The policy shall cover the interests of Princeton University, the Contractor, and Subcontractors, as their respective interests may appear on the building, structures, materials and equipment entering into or used in the performance of the Work, while in transit, stored on-site, or stored off-site, start- up and testing, and debris removal, to the full insurable value thereof. This insurance shall include “all risk” insurance for physical loss or damage including the perils of windstorm, fire, lightning, explosion, collapse, flood, earthquake, mechanical breakdown (including testing and start-up where applicable), theft, vandalism, and malicious mischief. All applicable soft costs shall be included. Coverage shall not exclude resulting loss or damage due to faulty workmanship, materials or design, except for related costs for rectification or repair of such faulty workmanship, materials or design. Coverage shall be written on a completed value basis in an amount not less than 100% of the replacement value of the property under construction, including the equipment under various purchase orders, and property of any kind purchased by Contractor on behalf of Princeton University plus other values Princeton University requires to be insured. The coverage shall be in force until the final certificate of occupancy or acceptance by Princeton University, and Contractor shall deliver certified, full and correct copies of such policy of insurance showing that such policy is in effect upon demand from Princeton University and shall provide Princeton University with at least thirty (30) days prior written notice if the policy is cancelled or allowed to expire or if there are any material changes in the policy related to the Project. (ii) The Contractor shall be responsible for all insurable losses within the policy's deductible and shall indemnify Princeton University, in accordance with the provisions of Clause G2 hereof, against any claims for payment of any policy deductible made in the event of any occurrence giving rise to a claim on any insurance policy in connection with this Project or the Work, except where such occurrence is or was caused by the sole negligence of Princeton University, in which case Princeton University shall be responsible for the deductible amount. (iii) Evidence of this coverage shall detail any “non-standard exclusions” as well as the deductible per loss, and shall be filed with Princeton University's Facilities Procurement Office prior to execution of the Contract. (iv) This insurance shall cover the interests of Princeton University, Contractor, and Subcontractors (and others as may be instructed by Princeton University) as the Named Insured.