Common use of Builder’s Risk Clause in Contracts

Builder’s Risk. Concessionaire shall obtain, pay for and maintain, from the effective date of this Agreement until the completion of the TTMS Work, builder’s risk insurance for the Xxxx Ex Project. The builder’s risk insurance shall be on an “all risk” form (or equivalent policy) and shall include insurance against the perils of fire (with extended coverage) and physical loss or damage including, theft, vandalism, malicious mischief, collapse, earthquake, flood, windstorm, falsework, and excavation collapse, but not including insurance for the machinery, tools, or equipment used by Contractor in the performance of the Xxxx Ex TTMS Work, or coverage for underground/subsurface structures and conditions. Concessionaire shall add Contractor and its Subcontractors as additional insureds on the builder’s risk insurance policy. Concessionaire shall include a waiver of subrogation against Contractor and its Subcontractors in the builder’s risk insurance policy. No limitations or requirements are imposed on Concessionaire with respect to the amount of deductible(s) under the builder’s risk insurance policy. Contractor shall be responsible to pay, or otherwise satisfy, the deductible portion of any loss, claim or occurrence under the builder’s risk insurance policy that arises out of, or relates to, any act, omission, fault, default or negligence of Contractor or Contractor’s employees, agents representatives, Subcontractors, or any other Person performing a portion of the Xxxx Ex TTMS Work by, through or under Contractor or Contractor’s failure to fully and correctly perform its obligations under either the Comprehensive Agreement or this Agreement; provided, however, that Contractor’s obligation to pay, or satisfy the deductible portion of a loss, claim or occurrence under the builder’s risk insurance policy shall not exceed $50,000 per deductible, per loss, claim or occurrence. Contractor shall, at all times, comply with the terms of the builder’s risk insurance policy. In addition, Contractor shall be responsible for any losses, claims, damages, costs and expenses are not indemnified under the builder’s risk insurance policy due to Contractor’s failure to perform its obligations under the builder’s risk insurance policy. All insurance proceeds received by Concessionaire for any insured loss under the builder’s risk insurance policy shall be paid into a separate insurance proceeds account and shall be held in trust for the purpose of distribution to Contractor or its Subcontractors, as applicable, as if they were otherwise named as loss payees on the builder’s risk insurance policy, and in accordance with this Agreement.

Builder’s Risk. Concessionaire Contractor shall obtain, pay for provide an option price to Owner to purchase and maintain, maintain property insurance upon the entire complete Work at the Project Site from the effective date beginning of this Agreement Phase 2 until the completion of the TTMS WorkSubstantial Completion. Owner must decide whether it will exercise it option to have Contractor supply such insurance prior to Phase 2 commencing. If Owner elects to purchase Builders Risk Insurance on its own, builder’s risk insurance Contractor shall not include any cost in its price for the Xxxx Ex Projectsuch insurance. The builder’s risk . Such property insurance shall be written on an “a repair or replacement cost basis, subject to standard exclusions, property limitations and conditions. Owner shall have the right to review all risk” form (policy terms and conditions prior to deciding whether to exercise the option to have Contractor procure and maintain the Builder’s risk insurance. Such insurance shall include the interest of Owner, the Financing trustee or equivalent policy) collateral agent, Contractor, and all Subcontractors, including their respective officers, representatives, agents and employees, in the Work and shall include insurance insure against the fire, extended coverage and all risk perils of fire (with extended coverage) and physical including resultant loss or damage includingfrom or as a consequence of faulty materials, theft, vandalism, malicious mischief, collapse, earthquake, flood, windstorm, falsework, and excavation collapse, but not including insurance for the machinery, tools, workmanship or equipment used by Contractor in the performance of the Xxxx Ex TTMS Work, or coverage for underground/subsurface structures and conditions. Concessionaire shall add Contractor and its Subcontractors as additional insureds on the builder’s risk insurance policy. Concessionaire shall include a waiver of subrogation against Contractor and its Subcontractors in the builder’s risk insurance policy. No limitations or requirements are imposed on Concessionaire with respect to the amount of deductible(s) under the builder’s risk insurance policydesign). Contractor shall be responsible bear the actual deductible for such policy of insurance up to paya maximum of $250,000 per occurrence to the extent that the loss covered by such deductible is caused in whole or substantial part (including, or otherwise satisfywithout limitation, the deductible portion of any loss, claim failure to perform obligations under this Agreement) by Contractor or occurrence under the builder’s risk insurance policy that arises out of, Subcontractors or relates to, any act, omission, fault, default or negligence other persons performing Work on behalf of Contractor or Contractor’s employeesany Subcontractor, agents representativesand Owner shall bear any remaining portion of such deductible. If required by the lenders, Subcontractorsthe policy under this Section 1.1 shall be written such that the proceeds of this insurance shall be payable to the Financing trustee or collateral agent for application as provided in the Financing documents. Owner and Contractor (and Contractor shall cause each Subcontractor to) waive all rights against each other and the Financing trustee or collateral agent for damages caused by fire and other perils and for the loss of use to the extent covered by property insurance obtained pursuant to this Section 1, or other property insurance applicable to the Work or any other Person performing a portion real or personal property of the Xxxx Ex TTMS Work byOwner, through or under Contractor or Contractor’s failure to fully and correctly perform its obligations under either the Comprehensive Agreement or this Agreement; provided, however, that Contractor’s obligation to pay, or satisfy the deductible portion of a loss, claim or occurrence under the builder’s risk insurance policy shall not exceed $50,000 per deductible, per loss, claim or occurrence. Contractor shall, at all times, comply with the terms of the builder’s risk insurance policy. In addition, Contractor shall be responsible for any losses, claims, damages, costs and expenses are not indemnified under the builder’s risk insurance policy due to Contractor’s failure to perform its obligations under the builder’s risk insurance policy. All insurance proceeds received by Concessionaire for any insured loss under the builder’s risk insurance policy shall be paid into a separate insurance proceeds account and shall be held in trust for the purpose of distribution to Contractor or its Subcontractors, including the existing structures, buildings and their contents, furniture and fixtures, except such rights as applicable, as if they were otherwise named as loss payees on may have to the builder’s risk insurance policy, and in accordance with this Agreementproceeds of such insurance.

Builder’s Risk. Concessionaire shall obtain(1) The Fund shall, pay for except as otherwise specified in the Agreement, beginning with the Notice to Proceed and maintainat all times during construction and until Substantial Completion, from procure and maintain Builder’s Risk insurance (the effective date of this Agreement until “BRI”) at the completion sole cost and expense of the TTMS Work, builder’s risk insurance Fund. The Contractor and subcontractors will be provided coverage under the BRI for the Xxxx Ex ProjectContractor’s work under the Agreement. The builderFund shall, at the Fund’s risk insurance discretion, have the sole authority to adjust and to settle any loss or claim under the BRI. Reimbursement for loss, if any, shall be on an “all risk” form made payable to the Fund. (or equivalent policy2) BRI coverage shall also apply to materials and shall include insurance against equipment stored offsite as defined under the perils of fire (with extended coverage) and physical loss or damage including, theft, vandalism, malicious mischief, collapse, earthquake, flood, windstorm, falsework, and excavation collapse, but not including insurance for the machinery, tools, or equipment used by Contractor in the performance terms of the Xxxx Ex TTMS WorkContract, or the coverage for underground/subsurface structures and conditions. Concessionaire shall add Contractor and its Subcontractors as additional insureds on the builder’s risk insurance policy. Concessionaire shall include a waiver broad form extended coverage endorsement in an amount equal to 100 percent of subrogation against Contractor the value thereof, which coverage shall be maintained until said materials and equipment have been incorporated into the Project. (3) The Contractor, at its Subcontractors in the builder’s risk insurance policy. No limitations or requirements are imposed on Concessionaire with respect to the amount of deductible(s) under the builder’s risk insurance policy. Contractor sole cost and expense, shall be responsible to payfully cooperate with the Fund and the BRI insurer by timely providing all necessary information and documentation to permit prompt reporting of any loss or claim to the BRI insurer and/or its representatives and by furnishing the Fund and/or the BRI insurer with all necessary details relating to any occurrence of loss and/or claim, the amount thereof, and by further participating in any investigation, proceedings, or otherwise satisfyotherwise, as may be reasonably requested in connection therewith. In the deductible portion of any loss, claim or occurrence under event the builder’s risk insurance policy that arises out of, or relates to, any act, omission, fault, default or negligence of Contractor or Contractor’s employees, agents representatives, Subcontractors, or any other Person performing a portion of the Xxxx Ex TTMS Work by, through or under Contractor or Contractor’s failure fails to fully and correctly perform its obligations adequately take such action, the Contractor shall indemnify and save the Fund harmless from any and all costs, charges, expenses and liabilities incurred by the Fund as a result thereof. The Fund, the Contractor and all subcontractors of the Contractor waive all rights, each against the others, for damages caused by fire or other perils covered by insurance provided under either the Comprehensive Agreement or terms of this AgreementArticle, except such rights as they may have to the proceeds of insurance received; provided, however, that this waiver shall not apply to any manufacturer, supplier or similar agent under any guarantee or warranty. (4) The Contractor shall not violate or permit to be violated any condition of the BRI and shall at all times satisfy the fire safety requirements of the Fund and the insurance company issuing the same. (5) The procurement and maintenance of the BRI shall in no way be construed or be deemed to relieve the Contractor from any of the obligations and risks imposed upon it by the Agreement or to be a limitation on the nature or extent of such obligations and risks nor limit Contractor’s obligation liability for damages and/or losses to pay, or satisfy the deductible portion of a loss, claim or occurrence under the builder’s risk insurance policy shall not exceed $50,000 per deductible, per loss, claim or occurrence. Contractor shall, at all times, comply with the terms of the builder’s risk insurance policy. In addition, Contractor shall be responsible for any losses, claims, damages, costs and expenses are not indemnified under the builder’s risk insurance policy due to Contractor’s failure to perform its obligations under the builder’s risk insurance policy. All insurance proceeds received by Concessionaire for any insured loss under the builder’s risk insurance policy shall be paid into a separate insurance proceeds account and shall be held in trust for the purpose of distribution to Contractor or its Subcontractors, as applicable, as if they were otherwise named as loss payees on the builder’s risk insurance policy, and in accordance with this Agreementproject.”

Builder’s Risk. Concessionaire The Contractor shall obtain, pay for and maintain, from the effective date of this Agreement until the completion of the TTMS Work, maintain builder’s risk insurance for insurance, if relevant to the Xxxx Ex ProjectProject or if required by Owner, at replacement cost, covering the full value of the construction being performed, including where applicable, the existing structure. The builder’s risk insurance Such policy shall be written on an “all risk” all-risk form (or equivalent policy) policy that includes coverage for losses as a result of windstorm and flood, and shall include coverage for reasonable compensation for the Contractor’s services and expenses required as a result of such insured loss. This insurance against shall insure the perils interests of fire the Contractor, subcontractors and sub-subcontractors in the Work. Property covered by the insurance shall include temporary building(s) or structure(s) at the Project site, other than any of Contractor’s office trailer(s) (with extended coverage) and physical loss or damage includingwhich shall be covered under separate policy). In addition, theftsuch insurance shall cover portions of the Work stored off the site, vandalismafter written approval of the Owner, malicious mischief, collapse, earthquake, flood, windstorm, falseworkat the value established in the approval, and excavation collapse, but not including insurance for the machinery, tools, or equipment used by Contractor in the performance portions of the Xxxx Ex TTMS WorkWork in transit. As provided below and without limiting the requirements set forth below, or coverage for underground/subsurface structures and conditions. Concessionaire Owner (i.e., The Florida International University Board of Trustees) shall add Contractor and its Subcontractors be named as additional insureds on the builder’s risk insurance such policy. Concessionaire The policy shall include a waiver of subrogation against Contractor endorsement, additional insured endorsement and its Subcontractors in the builder’s risk insurance policya severability of interests endorsement. No limitations or requirements are imposed on Concessionaire with respect to the amount of deductible(s) The deductible under the builder’s risk insurance policy. Contractor shall be responsible to pay, or otherwise satisfy, the deductible portion of any loss, claim or occurrence under the builder’s risk insurance policy that arises out of, or relates to, any act, omission, fault, default or negligence of Contractor or Contractor’s employees, agents representatives, Subcontractors, or any other Person performing a portion of the Xxxx Ex TTMS Work by, through or under Contractor or Contractor’s failure to fully and correctly perform its obligations under either the Comprehensive Agreement or this Agreement; provided, however, that Contractor’s obligation to pay, or satisfy the deductible portion of a loss, claim or occurrence under the builder’s risk insurance policy shall not exceed $50,000 per deductible10,000.00 for all risks, per lossexcept named storm, claim for which the deductible shall not exceed 1% of current value. When the Work includes the repair, removal, installation and/or testing of live steam boilers, valves, pipes or occurrencelines, then such insurance shall include boiler and machine coverage, written on an ISO form or its equivalent. A loss or losses insured under this insurance policy shall be adjusted by the Contractor shall, at all times, comply and its insurance company. The Contractor shall repair or replace the damaged property with the terms of proceeds from the builder’s risk insurance policy. In addition, The Contractor shall be responsible for any losses, claims, damages, costs all damages and expenses are necessary repairs whether or not indemnified under the loss is covered by the builder’s risk insurance policy due to Contractor’s failure to perform its obligations under the builder’s risk insurance policy. All insurance proceeds received by Concessionaire for any insured loss under the builder’s risk insurance policy shall be paid into a separate insurance proceeds account and shall be held in trust for the purpose of distribution to Contractor or its Subcontractors, as applicable, as if they were otherwise named as loss payees on the builder’s risk insurance policy, and in accordance with this Agreement.

Builder’s Risk. Concessionaire The Contractor shall obtain, pay for and maintain, from the effective date of this Agreement until the completion of the TTMS Work, maintain builder’s risk insurance for insurance, unless otherwise directed by Owner in writing, at replacement cost, covering the Xxxx Ex Projectfull value of the construction being performed, including where applicable, the existing structure. The builder’s risk insurance Such policy shall be written on an “all risk” all-risk form (or equivalent policy) policy that includes coverage for losses as a result of windstorm and flood, and shall include coverage for reasonable compensation for the Contractor’s services and expenses required as a result of such insured loss. This insurance against shall insure the perils interests of fire the Contractor, subcontractors and sub- subcontractors in the Work. Property covered by the insurance shall include temporary building(s) or structure(s) at the Project site, other than any of Contractor’s office trailer(s) (with extended coverage) and physical loss or damage includingwhich shall be covered under separate policy). In addition, theftsuch insurance shall cover portions of the Work stored off the site, vandalismafter written approval of the Owner, malicious mischief, collapse, earthquake, flood, windstorm, falseworkat the value established in the approval, and excavation collapse, but not including insurance for the machinery, tools, or equipment used by Contractor in the performance portions of the Xxxx Ex TTMS WorkWork in transit. As provided below and without limiting the requirements set forth below, or coverage for underground/subsurface structures and conditions. Concessionaire Owner (i.e., The Florida International University Board of Trustees) shall add Contractor and its Subcontractors be named as additional insureds on the builder’s risk insurance such policy. Concessionaire The policy shall include a waiver of subrogation against Contractor endorsement, additional insured endorsement and its Subcontractors in the builder’s risk insurance policya severability of interests endorsement. No limitations or requirements are imposed on Concessionaire with respect to the amount of deductible(s) The deductible under the builder’s risk insurance policy. Contractor shall be responsible to pay, or otherwise satisfy, the deductible portion of any loss, claim or occurrence under the builder’s risk insurance policy that arises out of, or relates to, any act, omission, fault, default or negligence of Contractor or Contractor’s employees, agents representatives, Subcontractors, or any other Person performing a portion of the Xxxx Ex TTMS Work by, through or under Contractor or Contractor’s failure to fully and correctly perform its obligations under either the Comprehensive Agreement or this Agreement; provided, however, that Contractor’s obligation to pay, or satisfy the deductible portion of a loss, claim or occurrence under the builder’s risk insurance policy shall not exceed $50,000 per deductible10,000.00 for all risks, per lossexcept named storm, claim for which the deductible shall not exceed 1% of current value. When the Work includes the repair, removal, installation and/or testing of live steam boilers, valves, pipes or occurrencelines, then such insurance shall include boiler and machine coverage, written on an ISO form or its equivalent. A loss or losses insured under this insurance policy shall be adjusted by the Contractor shall, at all times, comply and its insurance company. The Contractor shall repair or replace the damaged property with the terms of proceeds from the builder’s risk insurance policy. In addition, The Contractor shall be responsible for any losses, claims, damages, costs all damages and expenses are necessary repairs whether or not indemnified under the loss is covered by the builder’s risk insurance policy due to Contractor’s failure to perform its obligations under the builder’s risk insurance policy. All insurance proceeds received by Concessionaire for any insured loss under the builder’s risk insurance policy shall be paid into a separate insurance proceeds account and shall be held in trust for the purpose of distribution to Contractor or its Subcontractors, as applicable, as if they were otherwise named as loss payees on the builder’s risk insurance policy, and in accordance with this Agreement.

Builder’s Risk. Concessionaire shall obtain, pay for and maintain, from the effective date of this Agreement until the completion of the TTMS Work, builder’s risk insurance for the Xxxx Ex 395 Project. The builder’s risk insurance shall be on an “all risk” form (or equivalent policy) and shall include insurance against the perils of fire (with extended coverage) and physical loss or damage including, theft, vandalism, malicious mischief, collapse, earthquake, flood, windstorm, falsework, and excavation collapse, but not including insurance for the machinery, tools, or equipment used by Contractor in the performance of the Xxxx Ex 395 TTMS Work, or coverage for underground/subsurface structures and conditions. Concessionaire shall add Contractor and its Subcontractors as additional insureds on the builder’s risk insurance policy. Concessionaire shall include a waiver of subrogation against Contractor and its Subcontractors in the builder’s risk insurance policy. No limitations or requirements are imposed on Concessionaire with respect to the amount of deductible(s) under the builder’s risk insurance policy. Contractor shall be responsible to pay, or otherwise satisfy, the deductible portion of any loss, claim or occurrence under the builder’s risk insurance policy that arises out of, or relates to, any act, omission, fault, default or negligence of Contractor or Contractor’s employees, agents representatives, Subcontractors, or any other Person performing a portion of the Xxxx Ex 395 TTMS Work by, through or under Contractor or Contractor’s failure to fully and correctly perform its obligations under either the Comprehensive Agreement or this Agreement; provided, however, that Contractor’s obligation to pay, or satisfy the deductible portion of a loss, claim or occurrence under the builder’s risk insurance policy shall not exceed $50,000 per deductible, per loss, claim or occurrence. Contractor shall, at all times, comply with the terms of the builder’s risk insurance policy. In addition, Contractor shall be responsible for any losses, claims, damages, costs and expenses are not indemnified under the builder’s risk insurance policy due to Contractor’s failure to perform its obligations under the builder’s risk insurance policy. All insurance proceeds received by Concessionaire for any insured loss under the builder’s risk insurance policy shall be paid into a separate insurance proceeds account and shall be held in trust for the purpose of distribution to Contractor or its Subcontractors, as applicable, as if they were otherwise named as loss payees on the builder’s risk insurance policy, and in accordance with this Agreement.

Builder’s Risk. Concessionaire shall obtain, pay for and maintain, from Prior to the effective date of this Agreement until the completion commencement of the TTMS Workphysical Work of -------------- construction on the Project, builder’s risk or any portion thereof, Contractor shall procure or cause to be procured, the following insurance for coverage with respect to the Xxxx Ex Project. The builder’s risk Such insurance shall be on an “all risk” form (or equivalent policy) issued by insurance carriers to which Owner makes no reasonable objection, and shall include be maintained in full force and effect throughout the term of this Agreement. The cost of such insurance against the perils of fire (with extended coverage) and physical loss or damage includingshall be paid by Owner, theft, vandalism, malicious mischief, collapse, earthquake, flood, windstorm, falsework, and excavation collapse, but not including insurance for the machinery, tools, or equipment used which cost shall be included by Contractor in the performance Contract Sum. (a) A broad-form builder's risk insurance with course of construction, vandalism, and malicious mischief clauses attached, insuring against all risks of physical loss, in an amount not less than one hundred percent (100%) of the Xxxx Ex TTMS Workinsurable value of the Project, on (1) the structures upon which the Project is to be constructed; (2) the Project; (3) all work in progress including materials to be incorporated in the Project which qualifies for payment under the terms of this Agreement, regardless of whether said materials are stored on the site or coverage actually incorporated into the Project; and (4) all special equipment or forms, owned or rented by Contractor, especially designed for underground/subsurface structures and conditionsthe Project. Concessionaire Owner shall add Contractor and its Subcontractors be provided with a duplicate copy of the insurance policy evidencing such coverage, which shall name Owner as additional insureds on insured and shall provide that the builder’s policy shall not be canceled, reduced or modified by the insurer until after thirty (30) days' written notice to Owner and to Contractor. Contractor assumes the risk insurance policy. Concessionaire shall include a waiver and liability of subrogation against Contractor and its Subcontractors in the builder’s risk insurance policy. No limitations or requirements are imposed on Concessionaire all casualty losses with respect to the amount of deductible(srisks described above which are within loss deductible clauses. (b) under the The broad-form builder’s 's risk insurance policy. Contractor coverage herein required shall be responsible for the benefit of Contractor and Owner as their interest may appear; and all sums payable thereunder shall be paid to payOwner as trustee for the insured and held in a trust fund for the purpose of paying the costs, in whole or in part, or otherwise satisfy, restoring or rebuilding the deductible portion Project to be constructed in order to assure contractor's compliance with the obligation to complete the Project. (c) Contractor and Owner each hereby grant to the other on behalf of any lossinsurer providing insurance required by this Section, claim or occurrence under the builder’s risk insurance policy that arises out of, or relates to, any act, omission, fault, default or negligence of Contractor or Contractor’s employees, agents representatives, Subcontractors, a waiver or any right of subrogation which such insurer may acquire against the other Person performing a portion by virtue of the Xxxx Ex TTMS Work by, through or payment of any loss under Contractor or Contractor’s failure to fully and correctly perform its obligations under either the Comprehensive Agreement or this Agreementsuch insurance; provided, however, that Contractor’s obligation any such waiver shall be effective only in the event that, and only so long as, the party waiving subrogation rights is empowered to pay, or satisfy the deductible portion of grant such a loss, claim or occurrence waiver under the builder’s risk insurance policy shall not exceed $50,000 per deductible, per loss, claim or occurrence. Contractor shall, at all times, comply with the terms of the builder’s risk policy or policies involved without affecting the insurance policy. In addition, Contractor shall be responsible for any losses, claims, damages, costs and expenses are not indemnified under the builder’s risk insurance policy due to Contractor’s failure to perform its obligations under the builder’s risk insurance policy. All insurance proceeds received by Concessionaire for any insured loss under the builder’s risk insurance policy shall be paid into a separate insurance proceeds account and shall be held in trust for the purpose of distribution to Contractor or its Subcontractors, as applicable, as if they were otherwise named as loss payees on the builder’s risk insurance policy, and in accordance with this Agreementcoverage.