Insurance Requirements During Construction. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Xxxxxxxxx Garden 1 Rehabilitation Project, the Borrower shall maintain coverage of the type now known as builder’s completed value risk insurance, as delineated on a Builder’s Risk 100% Value Non- Reporting Form. Such insurance shall insure against direct physical loss or damage by fire, lightning wind, storm, explosion, collapse, earth movement, land movement or earthquake, flood, vandalism, malicious mischief, glass breakage and such other causes as are covered by such form of insurance. Such policy shall include (A) a “Replacement Cost Endorsement” in amount not less than 100% of the then full replacement cost, to be determined at least once annually and subject to reasonable approval by the County, and (B) an endorsement to include coverage for budgeted soft costs (including construction loan interest, building permit fees, construction inspection fees, builder’s risk insurance, and property taxes during Renovation). The replacement cost coverage shall be for work performed and equipment, supplies and materials furnished to and which become part of the Property without deduction for physical depreciation and with a deductible not exceeding $50,000.00 per occurrence.
Insurance Requirements During Construction. (i) Tenant shall secure, pay for, and maintain, or cause its contractors and subcontractors to secure, pay for, and maintain, during the continuance of construction and fixturing work within the Premises, all of the insurance policies required in the amounts as set forth herein, together with such insurance as may from time to time be required by city, county, state or federal laws, codes, regulations or authorities.
(ii) Tenant's Work may not commence, nor may Tenant permit its contractors and/or subcontractors to commence any work, until all required insurance has been obtained, and, if Landlord requests, until Tenant's certificates of such insurance have been delivered to Landlord. Tenant's insurance policies shall name Landlord and Landlord's mortgagee(s) and Landlord's Architect and general contractor for the Premises as additional insureds. Tenant's certificates of insurance shall provide that no change or cancellation of such insurance coverage shall be undertaken without thirty (30) days prior written notice to Landlord.
(iii) Landlord shall have the right to require Tenant, and Tenant shall have the duty, to stop work in the Premises immediately if any of the insurance coverage Tenant is required to carry herein lapses during the course of such work, in which event Tenant's Work may not be resumed until the required insurance coverage is obtained and satisfactory evidence of the same is provided to Landlord.
(iv) In the event Tenant employs a contractor or subcontractor to perform all or part of Tenant's Work, Tenant shall purchase, or cause its contractor to carry, General Contractor's and Subcontractor's Required Minimum Coverages and Limits of Liability as follows (the insurance required under this Exhibit C shall be in addition to any and all insurance required to be procured by Tenant pursuant to the terms of the Lease):
(A) Worker's Compensation, as required by state law, and Employer's Liability Insurance with a limit of not less than $2,000,000 (or more if required by the law of the State) and any insurance required by any Employee Benefit Act or similar statute applicable where the work is to be performed, as will protect the contractor and subcontractors from any and all liability under the aforementioned act(s) or similar statute.
(B) Comprehensive General Liability Insurance (including Contractor's Protective Liability) in an amount not less than $2,000,000 per occurrence whether involving personal injury liability (or death resulting ...
Insurance Requirements During Construction. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Construction Project, the Borrower shall maintain coverage of the type now known as builder’s completed value risk insurance, as delineated on a Builder’s Risk 100% Value Non-Reporting Form. Such insurance shall insure against direct physical loss or damage by fire, lightning wind, storm, explosion, collapse, underground hazards, flood, vandalism, malicious mischief, glass breakage and such other causes as are covered by such form of insurance. Such policy shall include (A) an endorsement for broad form property damage, breach of warranty, demolition costs and debris removal, (B) a “Replacement Cost Endorsement” in amount not less than 100% of the then full replacement cost, to be determined at least once annually and subject to reasonable approval by the County, and (C) an endorsement to include coverage for budgeted soft costs (including construction loan interest, building permit fees, construction inspection fees, builder’s risk insurance, and property taxes during Construction). The replacement cost coverage shall be for work performed and equipment, supplies and materials furnished to the Property or any adjoining sidewalks, streets and passageways, or to any bonded warehouse for storage pending incorporation into the work, without deduction for physical depreciation and with a deductible not exceeding $50,000.00 per occurrence. [Must confirm with the County Risk Manager to make sure the above provision is sufficient and/or applicable]
