COVERAGE PROPERTY INSURANCE FOR O. M Required from NTP2 until end of Term, for all property, except real and personal property in the course of construction Form: All Risk. With the Department’s approval, Builder’s Risk and property insurance coverage may be provided in a combined Construction / All Risk program Named Insured: Developer Additional Named Insureds: Department and Lead Operations and Maintenance Contractor as their interests may appear Policy Term: Annual/Renewable Policy Limit: Not less than the probable maximum loss for all insured property, plus an allowance for expediting expense/extra expense, professional fees, demolition and debris removal, without risk of co-insurance penalty; provided the probable maximum loss amount is derived from and supported by an engineering risk assessment by a qualified, experienced firm approved by the Department Sub Limits: ▪ Offsite storage $10 million ▪ Expediting expenses/extra expense $25 million ▪ Demolition, increased cost of construction including undamaged property $25 million ▪ Debris removal $25 million ▪ Professional fees $5 million Coverage Extensions / Conditions: ▪ 72-hour occurrence period ▪ Civil authority or ingress/egress clauses ▪ Design error/faulty workmanship exclusion, except ensuing loss not otherwise excluded is covered (LEG 2/96) ▪ Others as specified in Section 16.1.
Appears in 4 contracts
Samples: Direct Agreement, Direct Agreement, Direct Agreement
