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. (2) Boiler and machinery insurance shall be in the joint names of the Contractor, Subcontractors, the Owner, the Owner’s Representative and/or the Consultant for not less than the replacement value of the boilers, pressure vessels, and other insurable objects forming part of the Work. The insurance provided shall not be less than the insurance provided by the "Comprehensive Boiler and Machinery Form" and shall be maintained continuously from commencement of use or operation of the property insured and until 10 days after the date of the final certificate for payment. (3) The policies shall allow for partial or total use or occupancy of the Work. Prior to such use or occupancy the Owner shall provide, maintain, and pay for property and boiler insurance insuring the full value of the Work, as in sub-paragraphs (1) and (2), including coverage for such use or occupancy and shall provide the (4) The policies shall provide that, in the case of a loss or damage, payment shall be made to the Owner and the Contractor as their respective interests may appear. The Owner shall act on behalf of the Contractor for the purpose of adjusting the amount of such loss or damage payment with the insurers. When the extent of the loss or damage is determined, the Contractor shall proceed to restore the Work. Loss or damage shall not affect the rights and obligations of either party under the Contract except that the Contractor shall be entitled to such reasonable extension of Contract Time relative to the extent of the loss or damage as the Consultant may recommend in consultation with the Contractor and approved by the Owner. (5) The Contractor shall be entitled to receive from the Owner, in addition to the amount due under the Contract, the amount at which the Owner's interest in restoration of the Work has been appraised, such amount to be paid as the restoration of the Work proceeds and as provided in GC 5.2 - APPLICATIONS FOR PROGRESS PAYMENT and GC 5.3 - PROGRESS PAYMENT. In addition the Contractor shall be entitled to receive from the payments made by the insurer the amount of the Contractor's interest in the restoration of the Work. (6) In the case of loss or damage to the Work arising from the work of another contractor, or Owner's own forces, the Owner, in accordance with the Owner's obligations under paragraph 3.2.2.4 of GC 3.2 - CONSTRUCTION BY OWNER OR OTHER CONTRACTORS, shall pay the Contractor the cost of restoring the Work as the restoration of the Work proceeds and as provided in GC 5.2 - APPLICATIONS FOR PROGRESS PAYMENT and GC 5.3 - PROGRESS PAYMENT.

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. (2) Boiler and machinery insurance shall be in the joint names of the Contractor, Subcontractors, the Owner, the Owner’s Representative and/or the Consultant for not less than the replacement value of the boilers, pressure vessels, and other insurable objects forming part of the Work. The insurance provided shall not be less than the insurance provided by the "Comprehensive Boiler and Machinery Form" and shall be maintained continuously from commencement of use or operation of the property insured and until 10 days after the date of the final certificate for payment. (3) The policies shall allow for partial or total use or occupancy of the Work. Prior to such use or occupancy the Owner shall provide, maintain, and pay for property and boiler insurance insuring the full value of the Work, as in sub-paragraphs paragraphs (1) and (2), including coverage for such use or occupancy and shall provide thethe Contractor with proof of such insurance. (4) The policies shall provide that, in the case of a loss or damage, payment shall be made to the Owner and the Contractor as their respective interests may appear. The Owner shall act on behalf of the Contractor for the purpose of adjusting the amount of such loss or damage payment with the insurers. When the extent of the loss or damage is determined, the Contractor shall proceed to restore the Work. Loss or damage shall not affect the rights and obligations of either party under the Contract except that the Contractor shall be entitled to such reasonable extension of Contract Time relative to the extent of the loss or damage as the Consultant may recommend in consultation with the Contractor and approved by the Owner. (5) The Contractor shall be entitled to receive from the Owner, in addition to the amount due under the Contract, the amount at which the Owner's interest in restoration of the Work has been appraised, such amount to be paid as the restoration of the Work proceeds and as provided in GC 5.2 - APPLICATIONS FOR PROGRESS PAYMENT and GC 5.3 - PROGRESS PAYMENT. In addition the Contractor shall be entitled to receive from the payments made by the insurer the amount of the Contractor's interest in the restoration of the Work. (6) In the case of loss or damage to the Work arising from the work of another contractor, or Owner's own forces, the Owner, in accordance with the Owner's obligations under paragraph 3.2.2.4 of GC 3.2 - CONSTRUCTION BY OWNER OR OTHER CONTRACTORS, shall pay the Contractor the cost of restoring the Work as the restoration of the Work proceeds and as provided in GC 5.2 - APPLICATIONS FOR PROGRESS PAYMENT and GC 5.3 - PROGRESS PAYMENT.