Owner’s Property Insurance. 17.4.1 Unless otherwise provided in the Contract Documents, Owner shall procure from insurance companies authorized to do business in the state in which the Project is located, and maintain through Final Completion, property insurance upon the entire Project in a minimum amount equal to the full insurable value of the Project, including professional fees, overtime premiums and all other expenses incurred to replace or repair the insured property. The property insurance obtained by Owner shall include as additional insureds the interests of Owner, Design-Builder, Design Consultants, Subcontractors, the Lenders and Lenders’ Agent and shall insure against the perils of fire and extended coverage, theft, vandalism, malicious mischief, collapse, flood, earthquake, debris removal and other perils or causes of loss as called for in the Contract Documents and without application of any deductible, retention or retrospective premium. Owner shall maintain coverage equal to or in excess of the value of each of Design-Builder’s, Design Consultants’, and Subcontractors’ property on the Site. The property insurance shall include physical loss or damage to the Work, including materials and equipment in transit, at the Site or at another location as may be indicated in Design-Builder’s Application for Payment and approved by Owner.
17.4.2 Unless the Contract Documents provide otherwise, Owner shall procure and maintain boiler and machinery insurance that will include as additional insureds the Owner, Design-Builder, Design Consultants, and Subcontractors, in an amount not less than Contract Price and without application of any deductible, retention or retrospective premium as to the additional insureds. Owner shall maintain coverage equal to or in excess of the value of each of Design-Builder’s, Design Consultants’, and Subcontractors’ interest or investment in boiler or machinery equipment on the Site.
17.4.3 Prior to Design-Builder commencing any Work, Owner shall obtain a builder’s risk insurance policy naming Owner as the insured, with Design-Builder, Design Consultants and Subcontractors as additional insureds, in an amount not less than the Contract Price and without application of deductible, retention or retrospective premium as to the additional insureds.
17.4.4 Owner shall also obtain, prior to Design-Builder commencing any Work, terrorism coverage as described by the Terrorism Risk Insurance Act of 2002, Pub.
Owner’s Property Insurance. 5.3.1 Unless otherwise provided in this Contract, the Owner shall maintain builder's risk insurance or self-insurance, or a combination of insurance and self-insurance, upon the Work at the site for at least the actual cash value thereof. The builder's risk insurance shall cover the interests of the Owner, the Design-Builder, the Subcontractors, and the SubSubcontractors in the Work. The insurance shall insure against at least the following perils: fire, extended coverage, vandalism, and malicious mischief; provided that such coverage shall not extend to theft of building materials, which risk of loss shall be borne by the Design-Builder. If the Owner does not intend to purchase such insurance for at least the actual cash value of the Work, he shall inform the Design-Builder of such fact in writing prior to commencement of the Work. The Design- Builder shall then obtain builder's risk property insurance to protect the interests of the Owner, the Design- Builder, and his Subcontractors and SubSubcontractors in the Work; and the cost of such insurance shall, by appropriate change order, be charged to the Owner. If the Design-Builder is damaged by the Owner's failure to maintain at least the minimum insurance or self-insurance required by this Subparagraph 5.3.1 and the Owner has not notified the Design-Builder pursuant to the previous sentence, the Owner shall bear all reasonable costs arising from such failure. The Design-Builder shall maintain property insurance covering at least the perils stipulated above on portions of the Work stored off the site or in transit when such portions of the Work are to be included in an Application for Payment under Subparagraph 6.2.2.
5.3.2 [Intentionally omitted]
5.3.3 Any insured or self-insured loss under Subparagraph 5.3.1 is to be adjusted with the Owner and made payable to the Owner as trustee for the insureds, as their interests may appear, subject to the requirements of any applicable mortgagee clause. The Owner shall deposit the proceeds in a separate account and shall
5.3.4 To the extent permitted under their respective property insurance policies, the Owner and the Design- Builder hereby waive all rights, each against the other, for damages caused by fire or other perils to the extent covered by insurance obtained pursuant to this Article or any other property insurance applicable to the Work, except such rights as they may have to the proceeds of such insurance held by the Owner as trustee. The Owner or the Des...
Owner’s Property Insurance. Requirements for Owner’s Property Insurance are set forth in the Agreement.
Owner’s Property Insurance. 17.4.1 Unless otherwise provided in the Contract Documents, Owner shall procure from insurance companies authorized to do business in the state in which the Plant is located, and maintain through Final Completion, property insurance upon the entire Plant in a minimum amount equal to the full insurable value of the Plant, including professional fees, overtime premiums and all other expenses incurred to replace or repair the insured property. The property insurance obtained by Owner shall include as additional insured the interests of Owner, Xxxxx, and Subcontractors and shall insure against the perils of fire and extended coverage, theft, vandalism, malicious mischief, collapse, flood, earthquake, debris removal and other perils or causes of loss as called for in the Contract Documents and without application of any deductible, retention or retrospective premium. Except as set forth in the last sentence of this paragraph. Owner shall maintain coverage equal to or in excess of the value of each of Xxxxx’x and Subcontractors’ property on the Site. The property insurance shall include physical loss or damage to the Work, including materials and equipment in transit, at the Site or at another location. Notwithstanding the foregoing, the property insurance provided by Owner hereunder shall not be required to include Xxxxx’x and Subcontractors’ tools or construction equipment.
17.4.2 Unless the Contract Documents provide otherwise (e.g. the last sentence of Section 17.4.1 above), (i) Owner shall procure and maintain Work equipment and machinery insurance that will include as additional insured Owner, Xxxxx, and Subcontractors, in an amount not less than the Contract Price , and without application of any deductible, retention or retrospective premium as to the additional insured and (ii) Owner shall maintain coverage equal to or in excess of the value of each of Xxxxx’x, and Subcontractors’ interest or investment in Work equipment or machinery on the Site.
17.4.3 [Reserved.]
17.4.4 Promptly following execution of this Agreement, Owner shall provide Xxxxx with copies of the insurance certificates reflecting coverage required under this Section 17.4 evidencing that (i) all Owner’s insurance obligations required by the Contract Documents are in full force and in effect and will remain in effect until Xxxxx has completed all of the Work and has received Final Payment from Owner, and (ii) no insurance coverage will be canceled, renewal refused, or changed unless at le...
Owner’s Property Insurance. Property insurance is to be provided on the completed Project by Owner, through a policy or policies other than those insuring the Project during the construction period.
Owner’s Property Insurance. If and to the extent that Owner maintains property insurance following Substantial Completion of a Stage, Owner shall procure, pay the premiums for and maintain all risk property insurance covering such Stage. Such insurance coverage shall be provided on an “all risk” replacement cost basis and shall not contain an exclusion for resultant damage caused by faulty workmanship, design or materials. The insurance policy, if any, obtained by Owner pursuant to this Section 16.13 shall provide for a waiver by the insurance carrier of all rights of subrogation, including any and all rights of recovery whether based in equity, common law or by contract, against the members of the Contractor Group in respect of loss or damage to such Stage.
Owner’s Property Insurance. Upon Contractor’s substantial completion and Owners approval and acceptance of a Conservation Measure and associated systems, the Owner shall obtain through the South Carolina Insurance Reserve Fund property insurance on such Conservation Measure and associated systems. The Owner shall maintain such insurance throughout the term of the contract.
Owner’s Property Insurance the Owner is to carry
Owner’s Property Insurance i. The Owner shall procure and maintain, or cause to be procured and maintained, from insurance companies authorized to do business in Virginia, property insurance as appropriate upon the existing property that is part or adjacent to the Project, to its full insurable value, including professional fees, overtime premiums and all other expenses incurred to replace or repair the insured property. The property insurance obtained by the Owner shall include as additional named insureds the interests of Design-Builder, Prime Construction Contractor, Designer and their subcontractors and shall insure against the perils of fire and extended coverage, theft, vandalism, malicious mischief, collapse, flood, earthquake, debris removal and other perils or causes of loss as called for in the Design-Build Contract, and shall be primary coverage for the School Board’s facilities.
ii. The Owner shall procure and maintain, or cause to be procured and maintained, boiler and machinery insurance as appropriate that will include the interests of the School Board and Design-Builder, Prime Construction Contractor, Designer and their subcontractors.
iii. Prior to Design-Builder commencing any Work, the School Board shall provide Design-Builder with certificates evidencing that (i) all the Owner’s insurance obligations required by the Design-Build Contract are in full force and in effect and will remain in effect until Design-Builder has completed all of the Work and has received final payment from the School Board and (ii) no insurance coverage will be canceled or renewal refused, unless at least thirty (30) days prior written notice is given to the School Board and Design-Builder. The Owner’s property insurance shall not lapse or be canceled if the School Board occupies a portion of the Work pursuant to GC Section 6.6.3 (Substantial Completion). The School Board shall provide Design-Builder with the necessary endorsements from the insurance company prior to using a portion of the Work.
iv. Any loss covered under the Owner’s property insurance shall be adjusted with the School Board and Design-Builder and made payable to both of them as trustees for the insureds as their interests may appear, subject to any applicable mortgage clause. All insurance proceeds received as a result of any loss will be placed in a separate account and distributed in accordance with such agreement as the interested parties may reach. Any disagreement concerning the distribution of any proceeds will be r...
Owner’s Property Insurance. 5.3.1 At Substantial Completion of the Work and unless otherwise provided in the Contract Documents, Owner shall self-insure, to the reasonable satisfaction of Design-Builder, and/or procure and maintain from insurance companies authorized to do business in the state in which the Project is located property insurance upon the entire Project to the full insurable value of the Project, including professional fees, overtime premiums and all other expenses incurred to replace or repair the insured property. The property insurance obtained by Owner shall include as additional insureds the interests of Owner, Design-Builder, Design Consultants, Subcontractors and Sub- Subcontractors, and shall insure against the perils of fire and extended coverage, theft, vandalism, malicious mischief, collapse, flood, earthquake, debris removal and other perils or causes of loss as called for in the Contract Documents, provided such insurance is available at commercially reasonable rates. The property insurance shall include physical loss or damage to the Work, including materials and equipment in transit, at the Site or at another location as may be indicated in Design-Builder's Application for Payment and approved by Owner.
5.3.2 Unless the Contract Documents provide otherwise, Owner shall procure and maintain boiler and machinery insurance that will include the interests of Owner, Design-Builder, Design Consultants, Subcontractors and Sub- Subcontractors.
5.3.3 Prior to Design-Builder commencing any Work, Owner shall provide Design-Builder with certificates evidencing that (i) all Owner's insurance obligations required by the Contract Documents are in full force and in effect and will remain in effect until Design-Builder has completed all of the Work and has received final payment from Owner and (ii) no insurance coverage will be canceled, renewal refused, or materially changed unless at least forty- five (45) days prior written notice is given to Design- University of Washington - Standard Form of General Conditions Page 11 of Contract Between Owner and Design-Builder
