Common use of Builder’s Risk Clause in Contracts

Builder’s Risk. The Contractor shall purchase Builder’s Risk insurance upon the entire Work at the Project Site to the full value of the Contract Sum of the new improvements thereof. This insurance shall include the interests of APS, Subcontractors and Sub-Subcontractors in the Work, and shall insure against all risks of loss, except for exclusions included in the Certificate of Insurance and approved by Owner. This insurance shall include coverage for the following: a) Loss by explosion of boilers during testing (any exclusion applicable to such loss shall be waived). b) Partial or complete occupancy by the Owner (any exclusion applicable to occupancy shall be removed). c) Loss without coinsurance penalty (coinsurance or similar "insurance to value" requirements shall be eliminated). d) Coverage of property in transit and unscheduled locations sufficient in limits to adequately cover maximum anticipated values at risk. e) Coverage of Contractor's labor, overhead and profit. f) Coverage of materials stored or installed on the Project Site, until said materials are accepted by the Owner per Substantial Completion and Acceptance requirements. Payment by Owner for materials stored or installed on the Project Site does not eliminate Contractor's responsibility or liability with regards to theft and vandalism or other damage.

Builder’s Risk. The Contractor shall purchase Builder’s Risk insurance upon the entire Work at the Project Site to the full value of the Contract Sum of the new improvements thereof. This insurance shall include the interests of APS, Subcontractors and Sub-Subcontractors in the Work, and shall insure against all risks of loss, except for exclusions included in the Certificate of Insurance and approved by Owner. This insurance shall include coverage for the following: a) : Loss by explosion of boilers during testing (any exclusion applicable to such loss shall be waived). b) . Partial or complete occupancy by the Owner (any exclusion applicable to occupancy shall be removed). c) . Loss without coinsurance penalty (coinsurance or similar "insurance to value" requirements shall be eliminated). d) . Coverage of property in transit and unscheduled locations sufficient in limits to adequately cover maximum anticipated values at risk. e) . Coverage of Contractor's labor, overhead and profit. f) . Coverage of materials stored or installed on the Project Site, until said materials are accepted by the Owner per Substantial Completion and Acceptance requirements. Payment by Owner for materials stored or installed on the Project Site does not eliminate Contractor's responsibility or liability with regards to theft and vandalism or other damage.