Insurance on Concession Assets in Construction Sample Clauses

Insurance on Concession Assets in Construction. The CONCESSIONAIRE is obliged to hire, during the execution of the Compulsory Works and Additional Works, an insurance against all risk of construction that includes equipment and assembly as C.A.R. policies (Construction All Risk), or any similar that covers within the Basic Coverage (“A”) one hundred per cent (100%) of the replacement value of the concession assets that are affected, excepting the navigation channel and the dredging works which should not be considered as integrant part of this insurance. Additionally to the Basic Coverage (“A”) the C.A.R. policy must have other coverages such as: design risks, engineering risks and catastrophic events such as earthquakes, floods, rains, fire, explosions, terrorism, vandalism, social unrest, theft and any other coverage included under a C.A.R. policy up to an insured amount that is sufficient to face any other accident that might occur during the works. The hired policies shall have as only beneficiary the CONCESSIONAIRE, who will be obliged to immediately address the funds obtained in the activities necessary to recover the service levels. This insurance must include a clause that establishes that the funds resulting from the compensation by any accident must be addressed necessarily to the repair of damages caused by that occurence. The declared value of the insurance policy will be equivalent to the replacement value of the total amount of the assets of the concession and must adjust to the nature of each asset. In any case the book value of each one of them must be taken into account. The calculation of the amount corresponding to the assets of the concession will be established on the basis of the schedule that results from the inventory of incorporation of assets and its effectiveness will be equal to the period of works execution. Once the Compulsory Works have the respective acceptance according to the procedure established in Clauses 6.19 to 6.25, said assets must be covered by the policy included in the following subparagraph, the same that the CONCESSIONAIRE will be obliged to hire in a maximum term of thirty (30) days for each accepted Compulsory Work.
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