Principal’s insurance. 3.5.1 Where required by the Special Conditions, the Principal will arrange and maintain Works insurance until Practical Completion of the Works:
(a) to cover loss or damage in accordance with the policies referred to in the Special Conditions; and
(b) in the joint names of the Principal and the Contractor and subcontractors 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.
3.5.2 Where the Works are in the nature of additions, alterations, repairs, or maintenance to an existing structure, or where the Works are in the vicinity of another structure in the care of the Principal, the Principal will effect insurance under clause 3.5.1 and will include cover for the replacement values nominated in the Special Conditions in respect of:
(a) the existing structure;
(b) other structures in the vicinity; and
(c) any contents which are owned by the Principal and contained within the existing or other structures, in each case as identified in the Special Conditions. This insurance may be arranged separately to the Works insurance under 3.5.1 at the discretion of the Principal.
3.5.3 Notwithstanding any other clause in this Contract, the Contractor acknowledges and agrees that:
(a) the Principal:
(i) ‘self insures’, on a portfolio basis, a certain amount of loss, damage or liability (in relation to existing structures and other structures in the vicinity of the Works as required in the Special Conditions) as more particularly described in clause 3.5.3(b) (Self Insurance Amount);
(ii) will have in place insurance policies required under this Contract for loss, damage or liability above the Self Insurance Amount; and
(iii) is not in breach of its insurance obligations under this Contract notwithstanding the absence of insurance up to the Self Insurance Amount;
(b) the Self Insurance Amount is an aggregate amount that applies across the entire property portfolio of the Principal. As such, the actual amount will vary from time to time, depending on whether the Principal has exp...
Principal’s insurance. Principal shall carry the following insurance, at its own expense:
(i) All-risk property insurance, covering the full replacement cost of the property at which the Projects are performed.
(ii) For Project work, Principal will provide (or will cause its general contractor to provide) at its expense builders risk insurance for construction that covers special risk perils including earthquake, flood, fire, and theft of materials stored at or within 1,000 feet of each Project site. Loss of Savanna Project Management’s tools and equipment are not covered by such insurance, and Principal shall have no liability for their loss.
(iii) Commercial General Liability Insurance with limits of:
1. General Aggregate $2,000,000; Each Occurrence $1,000,000 2. Personal and Advertising $1,000,000
Principal’s insurance. Prior to the anticipated date for commissioning, the Principal must effect and maintain the Principal's Insurances in accordance with Annexure Part I.
Principal’s insurance. Principal shall carry the following insurance, at its own expense:
(i) All-risk property insurance, covering the full replacement cost of the property at which the Projects are performed.
(ii) For Project work, Principal will provide (or will cause its general contractor to provide) at its expense builders risk insurance for construction that covers special risk perils including earthquake, flood, fire, and theft of materials stored at or within 1,000 feet of each Project site. Loss of Savanna Project Management’s tools and equipment are not covered by such insurance, and Principal shall have no liability for their loss. (iii) Commercial General Liability Insurance with limits of: 1. General Aggregate $2,000,000; Each Occurrence $1,000,000 2. Personal and Advertising $1,000,000 3. Products and Completed Operations $1,000,000 4. Medical Expense $5,000,000 5. Employee Benefits $1,000,000 6. Hired and Non-Owned Automobile $1,000,000 Coverages must include the following: blanket contractual liability, products and completed operations and independent contractors. Limits should apply on a per location basis.
