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. B. Coverage shall include the interest of contractors and subcontractors in insured property during the course of construction at an insured location or within 1,000 feet thereof, to the extent of the Owner’s legal liability for insured physical loss or damage to such property. Such interest of contractors and subcontractors is limited to the property for which they have been hired to perform work.

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. B. Coverage shall include the interest of contractors and subcontractors in insured property during the course of construction at an insured location or within 1,000 feet thereof, to the extent of the OwnerOWNER’s legal liability for insured physical loss or damage to such property. Such interest of contractors and subcontractors is limited to the property for which they have been hired to perform work.