Insurance Coverage Requirements COVERAGE BUILDERS RISK Sample Clauses

Insurance Coverage Requirements COVERAGE BUILDERS RISK. Required when performing Construction Work. Upon Substantial Completion, coverage may shift to property insurance Form: Builders All Risk (BAR) Completed Value Form. 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 and/or its Contractors of every tier as their interest may appear ▪ Department as its interest may appear Policy Term: 60 months, subject to renewal as necessary until Final Acceptance (or earlier shift to property insurance coverage at Substantial Completion) Policy Limit: Full replacement cost of the covered property, plus an allowance for expediting expenses/extra expense, professional fees, demolition and debris removal, without risk of co-insurance. Sublimits should be as few as possible. If sublimits are required by the insurer, minimum sublimits shall be as shown under Coverage Extensions/Conditions (below) unless otherwise agreed to by the Department. In lieu of full replacement cost, Developer may provide a limit not less than probable maximum loss, 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. 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) ▪ Collapse is covered ▪ Testing included ▪ Others as specified in Section 16.1.2 of Agreement ▪ Inland transit/ocean cargo $25 million (separate policy acceptable ▪ Offsite storage $25 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 Insured Perils: All risk of direct physical loss or damage to covered property, provided that perils of Seismic Event and Terrorism need not be insured Insured Property: All property including footings, foundations, and excavations costs, installation, testing and/or commissioning related to the Project and including materials, supplies, equipment, machinery and other property of a similar nature that will become a permanent part of the insured project and also including all sca...
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs

Related to Insurance Coverage Requirements COVERAGE BUILDERS RISK

  • Insurance Coverage Requirements 8.25.1 General Liability insurance written on ISO policy form CG 00 01 or its equivalent with limits of not less than the following: General Aggregate: $2 million Products/Completed Operations Aggregate: $1 million Personal and Advertising Injury: $1 million Each Occurrence: $1 million

  • Insurance Requirement; Coverages Borrower must keep the improvements now existing or subsequently erected on the Property insured against loss by fire, hazards included within the term “extended coverage,” and any other hazards including, but not limited to, earthquakes, winds, and floods, for which Lender requires insurance. Borrower must maintain the types of insurance Lender requires in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan, and may exceed any minimum coverage required by Applicable Law. Borrower may choose the insurance carrier providing the insurance, subject to Xxxxxx’s right to disapprove Borrower’s choice, which right will not be exercised unreasonably.

  • Insurance Coverages The Contractor shall procure and maintain, at its sole cost and expense, in a form and content satisfactory to City, during the entire term of this Agreement including any extension thereof, the following policies of insurance which shall cover all elected and appointed officers, employees and agents of City:

  • Subcontractor Insurance Coverage Contractor shall require and verify that all subcontractors maintain insurance coverage that meets the minimum scope and limits of insurance coverage specified in this Exhibit C. EXHIBIT D

  • Insurance Coverage The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure.

  • Minimum Insurance Requirements Contractor shall procure and maintain for the duration of the contract insurance against claims for injuries or death to persons or damages to property which may arise from or in connection with the performance of the work hereunder and the results of that work by the Contractor, his agents, representatives, employees or sub-contractors. Coverage - Coverage shall be at least as broad as the following:

  • Contractor Insurance Requirements When performing Work on property in the care, custody, or control of the Judicial Council, the Contractor shall maintain all commercial general liability insurance, workers’ compensation insurance, and any other insurance the Judicial Council deems appropriate under the Agreement. Upon request from the Judicial Council, the Contractor shall furnish an insurance certificate evidencing required insurance coverage acceptable to the Judicial Council. The Contractor may also be required to have the Judicial Council shown as an additional insured on selected policies.

  • Single Coverage The School District will pay up to $28.00 per month for individual coverage for each full-time teacher who qualifies for and enrolls in the School District's group dental insurance plan.

  • Specific Coverage Requirements The Contractor shall at a minimum carry insurance in the types and amounts indicated below for the duration of the Contract, including extension options and hold over periods, and during any warranty period. These insurance coverages are required minimums and are not intended to limit the responsibility or liability of the Contractor.

  • CONTRACTOR’S INSURANCE REQUIREMENTS The insurance requirements of this Contract are set forth in Appendix J and, if applicable, Appendix J.1.

Time is Money Join Law Insider Premium to draft better contracts faster.