Common use of Developer Insurance Clause in Contracts

Developer Insurance. The Developer will obtain and maintain at its own expense throughout the term of this Agreement the following insurance coverage: (a) Comprehensive General Liability Insurance against claims for personal injury, death or property damage arising out of its operations, in amounts it deems adequate but in any event, not less than $5 million per occurrence; (b) Property Insurance insuring the property of the Developer and property owned by others but for which the Developer is legally responsible, against perils normally included in a standard “all risk” policy, in an amount equal to 100% of the current replacement cost, and adjusted at least annually to reflect changes in replacement value due to inflation or other factors; (c) All Risks Builder’s Risk policy covering the Project against fire and other perils from time to time included in such policies affecting similar properties in British Columbia with extended or additional perils supplemental coverage as would be insured against by a prudent owner in an amount not less than 100% of the replacement cost; (d) boiler and machinery insurance, written on a comprehensive form, including repair and replacement coverage, in an amount not less than $5 million per occurrence; (e) a standard automobile policy including standard contractual liability endorsement against claims for bodily injury, death and damage to property, in an amount of not less than $2 million per occurrence; and (f) the Developer and/or the Developer’s Engineer will provide errors and omissions liability insurance for a value of not less than $2 million in the aggregate.

Developer Insurance. The Developer will obtain and maintain at its own expense throughout the term of this Agreement the following insurance coverage: (a) Comprehensive General Liability Insurance against claims for personal injury, death or property damage arising out of its operations, in amounts it deems adequate but in any event, not less than $5 million per occurrence; (b) Property Insurance insuring the property of the Developer and property owned by others but for which the Developer is legally responsible, against perils normally included in a standard “all risk” policy, in an amount equal to 100% of the current replacement costcost thereof, and adjusted at least annually to reflect changes in replacement value due to inflation or other factors; (c) All Risks Builder’s Risk policy covering the Project against fire and other perils from time to time included in such policies affecting similar properties in British Columbia with extended or additional perils supplemental coverage as would be insured against by a prudent owner in an amount not less than 100% of the replacement cost; (d) boiler and machinery insurance, written on a comprehensive form, including repair and replacement coverage, in an amount not less than $5 million per occurrence; (e) a standard automobile policy including standard contractual liability endorsement against claims for bodily injury, death and damage to property, in an amount of not less than $2 million per occurrence; and (f) the Developer and/or the Developer’s Engineer will provide errors and omissions liability insurance for a value of not less than $2 million in the aggregate.