Common use of Construction Insurance Requirements Clause in Contracts

Construction Insurance Requirements. (A) During the construction period, the Lessee shall cause the Developer to cause the General Contractor to obtain and maintain in full force and effect: (1) All Risk and Builder’s Risk - Completed Value Form Property Insurance in accordance with the Loan Agreement and this Ground Lease, and (2) payment and performance bonds for labor and materials with respect to the Construction Contract in accordance with the Loan Agreement this Ground Lease (and/or City Development Agreement, as applicable). (B) During the construction period, the Lessee shall cause the General Contractor and the Architect to maintain professional liability (errors and omissions) coverage for claims or damages arising from professional services provided. Such policies shall include prior acts coverage sufficient to cover the services under the applicable agreement, the limits of which shall not be less than $5,000,000 per claim/$5,000,000 annual aggregate with a deductible or self-insured retention amount not greater than $500,000 per claim. Such insurance shall be maintained during the term of such service provider's services, and for a period equal to the statute of repose after completion of the services.

Construction Insurance Requirements. (A) During the construction period, the Lessee shall cause the Developer to cause the General Contractor to obtain and maintain in full force and effect: (1) All Risk and Builder’s Risk - Completed Value Form Property Insurance in accordance with the Loan Agreement and this Ground Lease, and (2) payment and performance bonds for labor and materials with respect to the Construction Contract in accordance with the Loan Agreement this Ground Lease (and/or City Development Agreement, as applicable).. DRAFT (B) During the construction period, the Lessee shall cause the General Contractor and the Architect to maintain professional liability (errors and omissions) coverage for claims or damages arising from professional services provided. Such policies shall include prior acts coverage sufficient to cover the services under the applicable agreement, the limits of which shall not be less than $5,000,000 per claim/$5,000,000 annual aggregate with a deductible or self-insured retention amount not greater than $500,000 per claim. Such insurance shall be maintained during the term of such service provider's services, and for a period equal to the statute of repose after completion of the services.