Common use of Insure the Works Clause in Contracts

Insure the Works. where required by the Special Conditions, arrange and maintain Works insurance in the joint names of the Principal and the Contractor until Practical Completion of the Works. The insurance must be sufficient to cover the Contract Price plus any increased costs, professional fees, Principal supplied items not included in the Contract Price and the estimated cost of demolition, disposal and preparation for replacement work necessarily incurred following any loss or damage to the Works. The insurance shall also continue to cover loss or damage resulting from an act or omission of the Contractor in the performance of its obligations in the period between Practical Completion and the issue of the Final Completion Certificate.