Contractor’s Builder’s Risk Completed Value Insurance Sample Clauses

Contractor’s Builder’s Risk Completed Value Insurance. The County shall be required to procure and maintain or cause to be procured and maintained, at no cost to BB&T until the County Courthouse is accepted and insured by the County, standard, all risk of loss builder’s risk completed value insurance upon the County Courthouse. Such policy shall not prohibit the waiver of any rights, including but not limited to the right of subrogation, by the County and any contract with respect to each other, their officers, agents and employees relating to claims covered by such policy. The policy shall include a provision prohibiting cancellation or termination without 30 days prior notice by certified mail to BB&T and the County, and may have a deductible clause in such amount as may be approved by BB&T and the County; provided, however, that neither the County nor BB&T shall thereby be deemed to have incurred any obligation to reimburse any other person for the amount of the deductible. A copy of such insurance policy, or a certificate with respect thereto, shall be provided to the County and BB&T. Such insurance coverage shall be in an amount at least equal to the sum of all construction contracts. In the event of any change order resulting in the performance of additional work in connection with the County Courthouse, the amount of such insurance shall be increased to include the cost of such additional work. Such builder’s risk completed value insurance policy shall name the County, BB&T, and each contractor as insured, and shall designate BB&T as loss payee for deposit as provided herein. Each such insured shall designate BB&T as its agent for purposes of settlement and payment of proceeds, and no such insured shall have the power to adjust or settle any loss with respect to the County Courthouse without the prior written consent of BB&T.
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Contractor’s Builder’s Risk Completed Value Insurance. To the extent mandated by State and local requirements, the County will procure and maintain, or will require each contractor entering into a Construction Contract for the construction of the Project, or the design-builder or any first-tier subcontractor entering into a construction contract with the design-builder for the construction of the Project, to procure and maintain, property insurance (builder’s risk) on all construction, improving, equipping and furnishing of the Project (excluding contractor’s tools and equipment) at the full and insurable value thereof. Such insurance will include the interest of the County and the contractor as additional insureds, and shall insure against “all risk” subject to standard policy conditions and exclusions. With respect to any portion of the Project in a flood plain, flood insurance is required up to, but not exceeding, the maximum attainable amount of coverage under Federal flood insurance. Each contractor, or the design-builder or any first-tier subcontractor entering into a construction contract with the design- builder, shall purchase and maintain similar property insurance for portions of the work stored off the real property on which the Project is located or in transit when such portions of the work are to be included in an application for payment. Each contractor, or the design-builder or any first-tier subcontractor entering into a construction contract with the design-builder, is responsible for the payment of any deductible amounts associated with this insurance.
Sample 1
Contractor’s Builder’s Risk Completed Value Insurance. The Town will provide for each contractor entering into a Construction Contract to purchase and maintain property insurance (builder's risk) upon all construction, acquisition, installation and equipping of the Facilities (excluding contractor's tools and equipment) at the Sites at the full insurable value thereof. This insurance will include the Corporation and the Trustee as additional insureds or loss payees, and will insure against "all risk" subject to standard policy conditions and exclusions. The contractor will purchase and maintain similar property insurance for portions of the work stored off the Sites or in transit when such portions of the work are to be included in an application for payment. The contractor will be responsible for the payment of any deductible amounts associated with this insurance.
Sample 1
Contractor’s Builder’s Risk Completed Value Insurance. The Town will procure and maintain, or will require each contractor entering into a Construction Contract for the construction of the Project, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk for the construction of the Project, to procure and maintain, property insurance (builder’s risk) on all construction, improving, equipping and furnishing of the Project (excluding contractor’s tools and equipment) at the full and insurable value thereof. Such insurance will include the interest of the Town and the contractor as additional insureds, and shall insure against “all risk” subject to standard policy conditions and exclusions. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, shall purchase and maintain similar property insurance for portions of the work stored off the real property on which the Project is located or in transit when such portions of the work are to be included in an application for payment. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, is responsible for the payment of any deductible amounts associated with this insurance.
Sample 1
Contractor’s Builder’s Risk Completed Value Insurance. The County will procure and maintain, or will require each contractor entering into a Construction Contract for the construction of the Project, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk for the construction of the Project, to procure and maintain, property insurance (builder’s risk) on all construction and equipping of the Project (excluding contractor’s tools and equipment) at the full and insurable value thereof. Such insurance will include the interest of the County and the contractor as additional insureds, and shall insure against “all risk” subject to standard policy conditions and exclusions. With respect to any of the Project in a flood plain, flood insurance is required up to, but not exceeding, the maximum attainable amount of coverage under Federal flood insurance. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, shall purchase and maintain similar property insurance for portions of the work stored off the real property upon which the Project are located or in transit when such portions of the work are to be included in an application for payment. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, is responsible for the payment of any deductible amounts associated with this insurance.
Sample 1
Contractor’s Builder’s Risk Completed Value Insurance. The County will procure and maintain, or will require each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, entering into a construction contract related to the Project to procure and maintain property insurance (builder’s risk) on all acquisition, construction and equipping related to the Project (excluding contractor’s tools and equipment) at the Project at the full and insurable value thereof. This insurance will include the interest of the County, the Trustee and the contractor as additional insureds; and shall insure against “all risk” subject to standard policy conditions and exclusions. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, shall purchase and maintain similar property insurance for portions of the work stored off the sites on which the Project are located or in transit when such portions of the work are to be included in an application for payment. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, is responsible for the payment of any deductible amounts associated with this insurance.
Sample 1
Contractor’s Builder’s Risk Completed Value Insurance. The general contractor for any Project Contract for the Project shall be required to procure and maintain, at its own cost and expense, during the term of the applicable Project Contract standard, all risk of loss builder’s risk completed value insurance upon the Project. Such policy shall contain a waiver of subrogation by the issuer of such policy with respect to the County and the Trustee, and their officers, agents and employees while acting within the scope of their employment. The policy may have a deductible clause in an amount not to exceed $25,000. A certified copy of such insurance policy, or a certificate with respect thereto with appropriate endorsements attached, shall be provided by the County to the Trustee. Such insurance coverage shall be in an amount at least equal to the total contract price for such contractor’s work. In the event of any change order resulting in the performance of additional work, the amount of such insurance shall be increased to include the cost of such additional work, as well as related materials and fixtures. Such builder’s risk completed value insurance policy shall name the County and the Trustee as mortgagee/trustee and loss payees and additional insureds, as their respective interests may appear. No agent or employee of the County shall have the power to adjust or settle any loss with respect to the Project without the prior written consent of the Trustee; except that losses not exceeding $5,000 may be adjusted or settled by the County without the Trustee’s consent.
Sample 1
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Contractor’s Builder’s Risk Completed Value Insurance. Unless otherwise obtained by the Board or the Authority, each Contractor and subcontractor retained by the Board or the Authority in connection with a Construction Contract shall be required to procure and maintain during the term of his contract and until such Project is accepted and insured by the Authority and the Board, builder’s risk completed value insurance upon the building, facilities or improvements constructed or to be constructed, in whole or in part, by such contractor or subcontractor, insuring against loss or damage caused by fire, malicious mischief, vandalism and such other hazards as may be insured against in the standard extended coverage provisions of such policies used in the State. Such policies may contain deductible amounts of not more than the amount that is then customary for such policies. Such insurance coverage shall be in an amount at least equal to the contract price for such contractor’s or subcontractor’s work. In the event of any change order resulting in the performance of additional work in connection with a Project, the amount of such insurance shall be increased to include the cost of such additional work, as well as materials and fixtures to be incorporated in such Project. Such builder’s risk completed value insurance policies shall carry loss payable endorsements in favor of the Trustee under the Indenture. No agency or employee of the Board or the Authority shall have the power to adjust or settle any loss with respect to a Project without the prior written consent of the Trustee. Such insurance shall contain provisions prohibiting cancellation or amendment without ten (10) days’ prior written notice to the Authority and the Trustee.
Sample 1

Related to Contractor’s Builder’s Risk Completed Value Insurance

  • Builder’s Risk Insurance Contractor shall provide a Builder’s Risk Policy to be made payable to the Owner and Contractor, as their interests may appear. The policy amount should be equal to 100% of the Contract Sum, written on a Builder’s Risk “All Risk”, or its equivalent. The policy shall be endorsed as follows: The following may occur without diminishing, changing, altering or otherwise affecting the coverage and protection afforded the insured under this policy: (i) Furniture and equipment may be delivered to the insured premises and installed in place ready for use; and (ii) Partial or complete occupancy by Owner; and (iii) Performance of work in connection with construction operations insured by the Owner, by agents or lessees or other Contractors of the Owner or Using Agency In the event that the Contract is for renovation, addition or modification of an existing structure and Builders Risk Insurance is not available, the Owner will accept an Installation Floater Insurance Policy with the above endorsements in lieu of the Builders' Risk Insurance Policy. Such floater must insure loss to materials and equipment prior to acceptance by Owner and must be on an ALL RISK BASIS with the policy written on a specific job site.

  • Builder’s Risk additional provisions The insurance specified shall be maintained in force until final acceptance of the project by the State. (5) Umbrella Excess Liability Policies may be used in conjunction with primary policies to comply with any of the limit requirements specified above. (6) Claims-made" coverage forms are not acceptable without the express written prior consent of the State. Each policy furnished shall contain a rider or non-cancellation clause reading in substance as follows: Anything herein to the contrary notwithstanding, notice of any cancellation, termination or alteration to the insurance contracts must be delivered by registered mail to the Commissioner, Department of Buildings and General Services, State of Vermont, Montpelier, Vermont, at least 60 days before effective cancellation, termination or alteration date unless all work required to be performed under the terms of the Contract is satisfactorily completed as evidenced by the formal acceptance by the State of Vermont. (7) No warranty is made that the coverages and limits listed herein are adequate to cover and protect the interests of the Contractor for the Contractor’s operations. These are solely minimums that have been set to protect the interests of the State. 11.3 The State shall have power to adjust and settle any loss with the insurers.

  • Insurance, Subcontractor's Public Liability and Property Damage The Contractor shall require each of its subcontractors to secure and maintain during the life of the subcontract, insurance of the type specified in this Contract, or, the Contractor may insure the activities of its subcontractors in the Contractor’s policy, as specified in this Contract.

  • Contractor’s Pollution Liability Insurance If specified in Schedule A, the Contractor shall maintain, or cause the Subcontractor doing such Work to maintain, Contractors Pollution Liability Insurance covering bodily injury and property damage. Such insurance shall provide coverage for actual, alleged or threatened emission, discharge, dispersal, seepage, release or escape of pollutants (including asbestos), including any loss, cost or expense incurred as a result of any cleanup of pollutants (including asbestos) or in the investigation, settlement or defense of any claim, action, or proceedings arising from the operations under this Contract. Such insurance shall be in the Contractor’s name and list the City as an Additional Insured and any other entity specified in Schedule A. Coverage shall include, without limitation, (a) loss of use of damaged property or of property that has not been physically injured, (b) transportation, and (c) non-owned disposal sites.

  • All Risk Property Insurance (i) During construction, an All Risk Property insurance policy including earthquake and flood (with sublimits as appropriate) shall be maintained during the course of Work being performed and include Start-up and testing for installed equipment and delayed opening coverage. Such policy shall include coverage for materials and equipment while under the care, custody and control of the Seller during the course of Work, at the Site, offsite or while in transit to the Site.

  • Contractor's Liability Insurance 11.1.1. Contractor shall maintain such insurance as will protect Contractor from claims set forth below which may arise out of or result from Contractor's operations under the Contract and for which Contractor may be legally liable, whether such operations be by Contractor or a Subcontractor, or by anyone directly or indirectly employed by any of them, or by anyone for whose acts any of them may be liable: .1 claims under workers' compensation, disability benefit and other similar employee benefit acts which are applicable to the Work to be performed; .2 claims for damages because of bodily injury, occupational sickness or disease, or death of Contractor's employees; .3 claims for damages because of bodily injury, sickness, disease or death of any person other than employees of Contractor or a Subcontractor or by anyone directly or indirectly employed by any of them in connection with the Work; .4 claims for damages, other than to the Work itself, because of injury to or destruction of tangible property, including loss of use resulting therefrom; and .5 claims for damages because of bodily injury, death of a person or property damage arising out of ownership, maintenance or use of a motor vehicle. Such insurance need not cover acts of terrorism, mold or microorganisms or completed operations to the extent that such coverage is not available on commercially reasonable terms. 11.1.2. The insurance required by Subparagraph 11.1.1 shall be written for not less than limits of liability specified in the Contract Documents or required by law, whichever coverage is greater. Coverages shall be written on an occurrence basis. All coverages shall be maintained without interruption from date of commencement of the Work until date of final payment and any additional period specified by any Contract Document for coverage required to be maintained after final payment. 11.1.3. Certificates of insurance shall be filed with Owner prior to commencement of the Work. These certificates and the insurance policies required by this Paragraph 11.1 shall contain a provision that coverages afforded under the policies will not be canceled or materially modified until at least 20 days' prior written notice has been given to Owner. Information concerning reduction of coverage on account of revised limits shall be furnished by Contractor with reasonable promptness in accordance with Contractor's information and belief.

  • Subcontractor Insurance In accord with Good Utility Practice, each Interconnected Entity shall require each of its subcontractors to maintain and provide evidence of insurance coverage of types, and in amounts, commensurate with the risks associated with the services provided by the subcontractor. Bonding of contractors or subcontractors shall be at the hiring Interconnected Entity’s discretion, but regardless of bonding, the hiring principal shall be responsible for the performance or non- performance of any contractor or subcontractor it hires.

  • CONTRACTOR’S INSURANCE REQUIREMENTS The insurance requirements of this Contract are set forth in Appendix J and, if applicable, Appendix J.

  • Subcontractor Insurance Requirements Consultant shall require each of its subcontractors that perform services under this Agreement to maintain insurance coverage that meets all of the requirements of this Section 11.

  • Contractor Insurance All insurance shall be procured from companies authorized to do business in the State of Florida, with a minimum of A.M. Best rating of A, or equivalent. Proof of coverage shall be provided by submitting to the University’s Risk Management Office a certificate or certificates, evidencing the existence thereof or insurance binders and shall be delivered within fifteen (15) days of the tentative award date of the Agreement. In the event a binder is delivered, it shall be replaced within thirty (30) days by a certificate in lieu thereto. A renewal certificate shall be delivered to the University’s Risk Management Office at least thirty (30) days prior to the expiration date of each expiring policy. The University, at its sole discretion, has the right to deviate from any of the insurance requirements herein. If the University decides to deviate from the insurance requirements stated herein, the University will inform the Contractor in writing.

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