Common use of Insurance – General Requirements Clause in Contracts

Insurance – General Requirements. At all times during the term of this Agreement the Redeveloper shall maintain, or cause to be maintained, insurance for the mutual benefit of the Township and Redeveloper as their interests may appear: (a) Loss or damage by fire, and such other risks as may be included in the standard form of extended coverage insurance from time to time available, in amounts sufficient to prevent the Township or Redeveloper from becoming a co-insurer within the terms of the applicable policies, and in any event, in amounts not less than 100% of the then full insurable value of the Project; (b) War risks, when and to the extent that such insurance is generally obtainable from the United States Government or an agency thereof, in an amount sufficient to prevent the Township or Redeveloper from becoming a co-insurer within the terms of the applicable policy, and, in any event, in an amount not less than 100% of the then full such lesser amount as insurable value of either the Project or the amount that the United States Government or an agency thereof limits the insured to obtaining; (c) All claims for bodily injury and property damage, under a policy of commercial general public liability insurance, with such limits as may reasonably be required by the Township from time to time, but not less than $1 million per occurrence in respect of injury or death and $2 million per occurrence for property damage, plus excess (“umbrella”) liability policies with coverage of not less than $10 million. (d) Workers compensation insurance in an amount not less than $1,000,000 or such greater amount as may be required under Applicable Laws for employees of Redeveloper and the Contractors. (e) Such other hazards and in such amounts as the Township may reasonably require provided that such insurance is then customarily maintained in buildings of similar construction, use and class in the area in which the Township-Owned Property is located. (f) In respect of the Township Properties, the title to which is acquired and conveyed to Redeveloper by the Township pursuant to the provisions of Article III of this Agreement, Redeveloper agrees to use commercially reasonable efforts to cause the Township to be named as an additional insured as its interests may appear under pollution legal liability or other environmental insurance policies, if and to the extent procured by Redeveloper for itself or its lender(s).

Insurance – General Requirements. At all times during the term of this Agreement the Redeveloper shall maintain, or cause to be maintained, insurance for the mutual benefit of the Township and Redeveloper as their interests may appear: (aA) Loss or damage by fire, and such other risks as may be included in the standard form of extended coverage insurance from time to time available, in amounts sufficient to prevent the Township or Redeveloper from becoming a co-insurer within the terms of the applicable policies, and in any event, in amounts not less than 100% of the then full insurable value of the Project; (bB) War risks, when and to the extent that such insurance is generally obtainable from the United States Government or an agency thereof, in an amount sufficient to prevent the Township or Redeveloper from becoming a co-insurer within the terms of the applicable policy, and, in any event, in an amount not less than 100% of the then full such lesser amount as insurable value of either the Project or the amount that the United States Government or an agency thereof limits the insured to obtaining; (cC) All claims for bodily injury and property damage, under a policy of commercial general public liability insurance, with such limits as may reasonably be required by the Township from time to time, but not less than $1 million per occurrence in respect of injury or death and $2 million per occurrence for property damage, plus excess (“umbrella”) liability policies with coverage of not less than $10 million. (dD) Workers compensation insurance in an amount not less than $1,000,000 or such greater amount as may be required under Applicable Laws for employees of Redeveloper and the Contractors. (eE) Such other hazards and in such amounts as the Township may reasonably require provided that such insurance is then customarily maintained in buildings of similar construction, use and class in the area in which the Township-Owned Property is located. (fF) In respect of the Township PropertiesTownship-Owned Property (if acquired by Redeveloper) and each Designated Acquisition Parcel, the title to which is acquired and conveyed to Redeveloper by the Township pursuant to the provisions of Article III 3 of this Agreement, Redeveloper agrees to use commercially reasonable efforts to cause the Township to be named as an additional insured as its interests may appear under pollution legal liability or other environmental insurance policies, if and to the extent procured by Redeveloper for itself or its lender(s).

Insurance – General Requirements. At Prior to the date that the Redeveloper enters onto the Project Site or the site of any Infrastructure Improvements, and at all times thereafter during the term construction of the Project, and until such time as the City shall issue a Certificate of Completion for the Project in accordance with the provisions of this Agreement Agreement, the Redeveloper shall maintain, or cause to be maintainedmaintained by its contractors, who shall (except in the case of the insurance required by paragraphs (c) and (d) below) name the City as an additional named insured and provide proof of same, insurance for the mutual benefit of the Township City and the Redeveloper as their interests may appear: (a) Loss or damage by fire, and such other risks as may be included in the standard form of extended coverage insurance from time to time available, in amounts sufficient to prevent the Township City or Redeveloper from becoming a co-insurer within the terms of the applicable policies, and in any event, in amounts not less than 100% of the then full insurable value (as hereinafter defined) of the Project; (b) War risks, when and to the extent that such insurance is generally obtainable from the United States Government or an agency thereof, in an amount sufficient to prevent the Township or Redeveloper from becoming a co-insurer within the terms of the applicable policy, and, in any event, in an amount not less than 100% of the then full such lesser amount as insurable value of either the Project or the amount that the United States Government or an agency thereof limits the insured to obtaining; (c) All claims for bodily injury and property damage, under a policy of commercial comprehensive general public liability insurance, with such limits as may reasonably be required by the Township City from time to time, but not less than $1 million per occurrence in respect of injury or death and $2 million per occurrence for property damage, plus excess (“umbrella”) liability policies with coverage of not less than $10 5 million.; (dc) Workers compensation insurance in an amount not less than $1,000,000 1,000,000.00 or such greater amount as statutorily may be required under Applicable Laws for employees of Redeveloper and the Contractors.its contractors; (d) Builder’s risk insurance; and (e) Such other hazards coverage may be maintained through policies obtained by contractors retained by the Redeveloper so long as such policies identify Redeveloper and the City as additional insureds thereunder. The Redeveloper’s obligation to provide insurance, or to arrange for its contractors to provide insurance, as to the Project, shall cease upon the issuance of a Certificate of Occupancy as to the Completion of Construction undertaken by the Redeveloper. The Redeveloper shall furnish the City with satisfactory proof that it has obtained all applicable insurance as described in this Section from insurance companies or underwriters reasonably satisfactory to the City. The Redeveloper shall furnish to the City certificates of the preceding types of insurance showing the type, amount, and class of operations insured and the effective and expiration dates of the policies. Until construction of the Project is completed and a Certificate of Completion issued, the Redeveloper shall, on an annual basis, provide the City with proof that the aforesaid insurance policies are being maintained. In addition to the foregoing policies of insurance, in the event Redeveloper procures a policy of pollution, legal liability environmental insurance to provide coverage for Remediation required to be performed at the Property associated with the Project, then and in such amounts as the Township may reasonably require provided that such insurance is then customarily maintained in buildings of similar construction, use and class in the area in which the Township-Owned Property is located. (f) In respect of the Township Properties, the title to which is acquired and conveyed to Redeveloper by the Township pursuant to the provisions of Article III of this Agreementevent, Redeveloper agrees to use commercially reasonable efforts to schedule this Agreement as an “insured contract”, and shall cause the Township City to be named as an additional insured as its interests may appear under pollution legal liability or other environmental insurance policiesinsured, if and to the extent procured by Redeveloper for itself or its lender(s)in such policy.

Insurance – General Requirements. At Prior to the date that the Redeveloper enter onto the Project or the site of any Additional Improvements, and at all times thereafter during the term construction of the Project and Additional Improvements, and until such time as the City shall issue a Certificate of Completion for the Project in accordance with the provisions of this Agreement Agreement, the Redeveloper shall maintain, or cause to be maintainedmaintained by its contractors, who shall name the City as an additional named insured and provide proof of same, insurance for the mutual benefit of the Township City and the Redeveloper as their interests may appear: (a) Loss or damage by fire, and such other risks as may be included in the standard form of extended coverage insurance from time to time available, in amounts sufficient to prevent the Township City or Redeveloper from becoming a co-insurer within the terms of the applicable policies, and in any event, in amounts not less than 100% of the then full insurable value (as hereinafter defined) of the Project; (b) War risks, when and to the extent that such insurance is generally obtainable from the United States Government or an agency thereof, in an amount sufficient to prevent the Township or Redeveloper from becoming a co-insurer within the terms of the applicable policy, and, in any event, in an amount not less than 100% of the then full such lesser amount as insurable value of either the Project or the amount that the United States Government or an agency thereof limits the insured to obtaining; (c) All claims for bodily injury and property damage, under a policy of commercial comprehensive general public liability insurance, with such limits as may reasonably be required by the Township City from time to time, but not less than $1 million per occurrence in respect of injury or death and $2 million per occurrence for property damage, plus excess (“umbrella”) liability policies with coverage of not less than $10 5 million.; (dc) Workers compensation insurance in an amount not less than $1,000,000 1,000,000.00 or such greater amount as statutorily may be required under Applicable Laws for employees of Redeveloper and the Contractors.its contractors; (d) Builder’s risk insurance; (e) Such other hazards Environmental insurance coverage to defend and in indemnify the City during the course of any Remediation work to be performed by the Redeveloper, should such amounts as coverage be commercially available based upon the Township may reasonably require provided that such insurance is then customarily maintained in buildings anticipated cost of similar constructionsaid Remediation work, use and class to be posted in the area in which the Township-Owned Property is located.event such Remediation costs exceed $5 million dollars; and (f) In respect Such coverage may be maintained through policies obtained by contractors retained by the Redeveloper so long as such policies identify Redeveloper and the City as additional insureds thereunder. The Redeveloper’s obligation to provide insurance, or to arrange for its contractors to provide insurance, as to the Project and the Additional Improvements shall cease upon the issuance of a Certificate of Occupancy as to the Completion of Construction undertaken by the Redeveloper. The Redeveloper shall furnish the City with satisfactory proof that it has obtained all applicable insurance as described in this Section from insurance companies or underwriters reasonably satisfactory to the City. The Redeveloper shall furnish to the City certificates of the Township Propertiespreceding types of insurance showing the type, amount, and class of operations insured and the effective and expiration dates of the policies. Until construction of the Project and the Additional Improvements is completed and a Certificate of Completion issued, the title to which is acquired and conveyed to Redeveloper by shall, on an annual basis, provide the Township pursuant to City with proof that the provisions of Article III of this Agreement, Redeveloper agrees to use commercially reasonable efforts to cause the Township to be named as an additional insured as its interests may appear under pollution legal liability or other environmental aforesaid insurance policies, if and to the extent procured by Redeveloper for itself or its lender(s)policies are being maintained.