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 CONSTRUCTION MANAGER, Contractors and Subcontractors will be covered for their work. Losses up to and including $5,000 shall be borne by the CONSTRUCTION MANAGER, PRIME CONTRACTORS and/or its Subcontractors. Reimbursement for loss, if any, is to be made payable to the OWNER. 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.

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 CONSTRUCTION MANAGER, Contractors and Subcontractors will be covered for their work. Losses up to and including $5,000 shall be borne by the CONSTRUCTION MANAGER, PRIME CONTRACTORS and/or its Subcontractors. Reimbursement for loss, if any, is to be made payable to the OWNER. 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.