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 expended part, or all, of it for loss, damage or liability in respect of other properties owned by the Principal; 3.
Appears in 2 contracts
Samples: Medium Works Contract, Medium Works Contract
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 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 expended part, or all, of it for loss, damage or liability in respect of other properties owned by the Principal; 3.
3.5.4 Every reference to a policy of insurance effected by the Principal under
Appears in 2 contracts
Samples: Medium Works Contract, Medium Works Contract
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.. FOR REFERENCE
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 expended part, or all, of it for loss, damage or liability in respect of other properties owned by the Principal; 3.
3.5.4 Every reference to a policy of insurance effected by the Principal under
Appears in 1 contract
Samples: Medium Works Contract
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 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 expended part, or all, of it for loss, damage or liability in respect of other properties owned by the Principal; 3.
3.5.4 Every reference to a policy of insurance effected by the Principal under
Appears in 1 contract
Samples: Medium Works Contract
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 expended part, or all, of it for loss, damage or liability in respect of other properties owned by the Principal; 3.
3.5.4 Every reference to a policy of insurance effected by the Principal under 3.5.2 in this Contract is deemed to be read as acknowledging the self insurance described in this clause 3.5 up to the Self Insurance Amount.
3.5.5 The Contractor must pay any of the Principal’s insurance policy deductibles or excesses where the loss, damage or liability arises out of an act or omission of the Contractor and where such payment obligation arises the Contractor must pay the amount stated in the Special Conditions as the Nominal Deductibles under clauses 3.5.1 and 3.5.2 as applicable. The Nominal Deductible will be in each case an amount which is equal to or less than the actual insurance policy deductible or excess. …
3.5.6 The Nominal Deductibles are payable by the Contractor in accordance with clause 3.5.5 notwithstanding that the relevant loss, damage or liability is within the Self Insurance Amount (ie the Contractor must pay the relevant Nominal Deductible even if the Self Insurance Amount is applicable to all or part of the relevant loss, damage or liability, as if that Nominal Deductible was an excess amount or insurance policy deductible).
Appears in 1 contract
Samples: Medium Works Contract
