Builders Risk or Installation Floater Insurance. Construction Manager shall obtain, or cause respondent(s) to purchase, and maintain in effect a completed value builder’s risk policy issued by a carrier approved in Florida carrier in an amount equal to the full-completed value of the project. Such insurance shall be issued on an all-risk form including wind, flood, earthquake, and soft costs. Respondent(s) shall be responsible for any deductible amounts. The Owner shall be named as additional insured and loss payee. The Owner shall be exempt from, and in no way liable for, any sums of money which may represent a deductible in any insurance policy required of the respondent(s). The payment of such deductible shall be the sole responsibility of the Construction Manager and/or subcontractor providing such insurance. A copy of the policy shall be filed with the Owner, with the signed construction contract. This insurance shall include the interests of the Owner, the Construction Manager, and subcontractors in the work and shall insure against the perils of fire and extended coverage and shall include "all risk" insurance for physical loss or damage including, without duplication of coverage, theft, vandalism, and malicious mischief. If not covered under the all risk insurance or otherwise provided in the contract documents, the Construction Manager shall effect and maintain similar property insurance on portions of the work stored off the site or in transit when such portions of the work are to be included in an application for payment. Coverage of perils of fire, vandalism, malicious mischief, and those included in extended coverage in the amount of one hundred (100%) percent of the values at risk.
Builders Risk or Installation Floater Insurance. Contractor shall purchase and maintain property insurance written on a builder’s risk “all-risk” or equivalent policy form in the amount of the initial Contract Sum, plus value of subsequent Contract Modifications and cost of materials supplied or installed by others, comprising total value for the entire Project at the site on a replacement cost basis without optional deductibles. Such property insurance shall be maintained, unless otherwise provided in the Contract Documents or otherwise agreed in writing by all persons and entities who are beneficiaries of such insurance, until final payment has been made or until no person or entity other than the Owner has an insurable interest in the property.
