Common use of Builders Risk Property Insurance Clause in Contracts

Builders Risk Property Insurance. The CONTRACTOR shall purchase and maintain, on replacement cost basis, Builders’ Risk insurance in the amount of the initial Contract Amount, as well as subsequent modifications thereto for the entire work at the site. Such Builders’ Risk insurance shall be maintained until final payment has been made or until no person or entity other than the TOWN has an insurable interest in the property required to be covered, whichever is earlier. This insurance shall include interests of the TOWN, the CONTRACTOR, and all Subcontractors and Sub-Subcontractors in the work during the life of the Contract and course of construction, and shall continue until the work is completed and accepted by the TOWN. For new construction projects, the CONTRACTOR agrees to assume full responsibility for xxxx or damage to the work being performed and to the buildings under construction. For renovation construction projects, the CONTRACTOR agrees to assume responsibility for loss or damage to the work being performed at least up to the full amount of the Contract Amount, unless otherwise required by the Contract Documents or amendments thereto. Builders’ Risk insurance shall be on all-risk policy form and shall also cover false work and temporary buildings and shall insure against risk of direct physical loss or damage from external causes including debris removal, demolition occasioned by enforcement of any applicable legal requirements, and shall cover reasonable compensation for Engineer’s service and expenses required as a result of such insured loss and other “soft costs” as required by the Contract. Builders’ Risk insurance must provide coverage from the time any covered property becomes CONTRACTOR’s control and/or responsibility, and continue without interruption during construction or renovation or installation, including any time during which the covered property is being transported to the construction installation site, and while on the construction or installation site awaiting installation. The policy will provide coverage while the covered premises are any part thereof are occupied. The Builders’ Risk insurance shall be primary and not contributory. If the Contract requires testing of equipment or other similar operations, at the option of the TOWN, the CONTRACTOR will be responsible for providing property insurance for these exposures under a Boiler Machinery policy. Required coverage’s may be modified by an amendment to the Contract Documents.

Builders Risk Property Insurance. The CONTRACTOR shall purchase and maintain, on replacement cost basis, Builders’ Risk insurance in the amount of the initial Contract Amount, as well as subsequent modifications thereto for the entire work at the site. Such Builders’ Risk insurance shall be maintained until final payment has been made or until no person or entity other than the TOWN has an insurable interest in the property required to be covered, whichever is earlier. This insurance shall include interests of the TOWN, the CONTRACTOR, and all Subcontractors and Sub-Subcontractors in the work during the life of the Contract and course of construction, and shall continue until the work is completed and accepted by the TOWN. For new construction projects, the CONTRACTOR agrees to assume full responsibility for xxxx or damage to the work being performed and to the buildings under construction. For renovation construction projects, the CONTRACTOR agrees to assume responsibility for loss or damage to the work being performed at least up to the full amount of the Contract Amount, unless otherwise required by the Contract Documents or amendments thereto. Builders’ Risk insurance shall be on all-risk policy form and shall also cover false work and temporary buildings and shall insure against risk of direct physical loss or damage from external causes including debris removal, demolition occasioned by enforcement of any applicable legal requirements, and shall cover reasonable compensation for Engineer’s service and expenses required as a result of such insured loss and other “soft costs” as required by the Contract. Builders’ Risk insurance must provide coverage from the time any covered property becomes CONTRACTOR’s control and/or responsibility, and continue without interruption during construction or renovation or installation, including any time during which the covered property is being transported to ot the construction installation site, and while on the construction or installation site awaiting installation. The policy will provide coverage while the covered premises are any part thereof are occupied. The Builders’ Risk insurance shall be primary and not contributory. If the Contract requires testing of equipment or other similar operations, at the option of the TOWN, the CONTRACTOR will be responsible for providing property insurance for these exposures under a Boiler Machinery policy. Required coverage’s may be modified by an amendment to the Contract Documents.

Builders Risk Property Insurance. The CONTRACTOR shall purchase and maintain, on replacement cost basis, Builders’ Risk insurance in the amount of the initial Contract Amount, as well as subsequent modifications thereto for the entire work at the site. Such Builders’ Risk insurance shall be maintained until final payment has been made or until no person or entity other than the TOWN has an insurable interest in the property required to be covered, whichever is earlier. This insurance shall include interests of the TOWN, the CONTRACTOR, and all Subcontractors and Sub-Subcontractors in the work during the life of the Contract and course of construction, construction and shall continue until the work is completed and accepted by the TOWN. For new construction projects, the CONTRACTOR agrees to assume full responsibility for xxxx or damage to the work being performed and to the buildings under construction. For renovation construction projects, the CONTRACTOR agrees to assume responsibility for loss or damage to the work being performed at least up to the full amount of the Contract Amount, unless otherwise required by the Contract Documents or amendments thereto. Builders’ Risk insurance shall be on all-risk policy form and shall also cover false work and temporary buildings and shall insure against risk of direct physical loss or damage from external causes including debris removal, demolition occasioned by enforcement of any applicable legal requirements, and shall cover reasonable compensation for EngineerArchitect’s service and expenses required as a result of such insured loss and other “soft costs” as required by the Contract. Builders’ Risk insurance must provide coverage from the time any covered property becomes CONTRACTOR’s control and/or responsibility, and continue without interruption during construction or renovation or installation, including any time during which the covered property is being transported to the construction installation site, and while on the construction or installation site awaiting installation. The policy will provide coverage while the covered premises are or any part thereof are occupied. The Builders’ Risk insurance shall be primary and not contributory. If the Contract requires testing of equipment or other similar operations, at the option of the TOWN, the CONTRACTOR will be responsible for providing property insurance for these exposures under a Boiler Machinery policy. Required coverage’s may be modified by an amendment to the Contract Documents.

Builders Risk Property Insurance. The CONTRACTOR shall purchase and maintain, on replacement cost basis, Builders’ Risk insurance in the amount of the initial Contract Amount, as well as subsequent modifications thereto for the entire work at the site. Such Builders’ Risk insurance shall be maintained until final payment has been made or until no person or entity other than the TOWN has an insurable interest in the property required to be covered, whichever is earlier. This insurance shall include interests of the TOWN, the CONTRACTOR, and all Subcontractors and Sub-Subcontractors in the work during the life of the Contract and course of construction, and shall continue until the work is completed and accepted by the TOWN. For new construction projects, the CONTRACTOR agrees to assume full responsibility for xxxx or damage to the work being performed and to the buildings under construction. For renovation construction projects, the CONTRACTOR agrees to assume responsibility for loss or damage to the work being performed at least up to the full amount of the Contract Amount, unless otherwise required by the Contract Documents or amendments thereto. Builders’ Risk insurance shall be on all-risk policy form and shall also cover false work and temporary buildings and shall insure against risk of direct physical loss or damage from external causes including debris removal, demolition occasioned by enforcement of any applicable legal requirements, and shall cover reasonable compensation for Engineer’s service and expenses required as a result of such insured loss and other “soft costs” as required by the Contract. Builders’ Risk insurance must provide coverage from the time any covered property becomes CONTRACTOR’s control and/or responsibility, and continue without interruption during construction or renovation or installation, including any time during which the covered property is being transported to ot the construction installation site, and while on the construction or installation site awaiting installation. The policy will provide coverage while the covered premises are any part thereof are occupied. The Builders’ Risk insurance shall be primary and not contributory. If the Contract requires testing of equipment or other similar operations, at the option of the TOWN, the CONTRACTOR will be responsible for providing property insurance for these exposures under a Boiler Machinery policy. Required coverage’s may be modified by an amendment to the Contract Documents.