Common use of INSURANCE PROVIDED BY THE OWNER Clause in Contracts

INSURANCE PROVIDED BY THE OWNER. A. The OWNER shall, except as otherwise specified, at all times during the period of construction and until physical completion and acceptance, procure and maintain, at the cost and expense of the OWNER, “All Risk” Builders Risk Insurance. The CM and its trade contractors shall be covered for their work. Losses up to and including five thousand dollars ($5,000) shall be borne by the CM. Reimbursement for loss, if any, is to be made payable to the OWNER on behalf of and for the Named Insureds as their interests may appear. The OWNER shall, at the OWNER’S sole discretion, have power to adjust and to settle with the insurer any loss or claim under said insurance. B. Coverage shall include sublimits for property in transit and for property in storage on and off the job site. Specific higher limits for transit/storage are available as circumstances may require upon request by any Named Insured to the OWNER’S Risk Management Unit.