Common use of INSURANCE REQUIREMENTS FOR BUILDER’S RISK INSURANCE Clause in Contracts

INSURANCE REQUIREMENTS FOR BUILDER’S RISK INSURANCE. 11.2.1 Builder’s Risk for New Construction Projects: Contractor shall secure and maintain Builder’s Risk insurance for this project if it involves new construction. The following provisions apply: (a) Contractor shall purchase and maintain Builder's Risk Insurance. The Contractor shall name the Contractor and the State of Vermont as their interest may occur. Other parties shall be insured as the State may reasonably require. (b) Contractor shall secure and maintain insurance on portions of the work stored off-site, on site and in transit. Boiler & Machinery Insurance may be used in conjunction with this coverage if it is required to meet the testing requirement. (c) Any deductible applicable to loss covered by insurance provided hereunder shall be borne by the Contractor.