Common use of Property and Boiler and Machinery Insurance Clause in Contracts

Property and Boiler and Machinery Insurance. (1) "All risks" property insurance shall be in the joint names of the Contractor, Subcontractors the Owner, the Owner’s Representative and/or the Consultant, insuring not less than the sum of the amount of the Contract Price and the full value, as stated in the Supplementary Conditions, of Products that are specified to be provided by the Owner for incorporation into the Work, with a deductible not exceeding $5,000.00. The coverage shall be maintained continuously until 10 days after the date of the final certificate for payment.