Common use of Property and Business Interruption Clause in Contracts

Property and Business Interruption. The Concessionaire shall obtain property insurance at replacement cost, covering loss, damage or destruction to the HOT Lanes Project, including improvements and betterments; provided, that the limits of such coverage may be based on a maximum foreseeable loss analysis, subject to the Department’s approval of such maximum foreseeable loss analysis by an independent third party that is reasonably acceptable to the Department, with such approval of the Department not to be unreasonably withheld, and, provided further, that: (A) Coverage shall include, but not be limited to, the following: flood, earthquake, earth movement, collapse, water including overflow, leakage, utility interruption, debris removal, business ordinance or law for increased cost of construction, extra expense, valuable papers and terrorism. (B) Coverage shall also insure against interruption or loss of projected Toll Revenues for at least one full year from the occurrence of the risk, resulting from physical damage to the HOT Lanes Project and any relevant feeder roads. (C) The Department is to be named as an additional insured. (D) The Concessionaire is responsible for all loss or damage to personal property (including, but not limited to, materials; fixtures/contents, equipment, tools and supplies) of the Concessionaire.

Property and Business Interruption. The Concessionaire shall obtain provide or cause to be provided all-risk property insurance at replacement cost, covering loss, damage or destruction to the HOT Lanes Project, including improvements and betterments; provided, that subject to the following terms and conditions. (A) The limits of such coverage may be based on a maximum foreseeable loss analysis, subject to the Department’s approval of such maximum foreseeable loss analysis by an independent third party that is reasonably acceptable to the Department, with such approval of the Department not to be unreasonably withheld, and, provided further, that:. (AB) Coverage shall include, but not be limited to, include the following: flood, earthquake, earth movement, collapse, water including overflow, leakage, utility interruption, debris removal, business ordinance or law for increased cost of construction, extra expense, valuable papers and terrorism. (BC) Coverage shall also insure against interruption or loss of projected Toll Gross Revenues for at least one full year from the occurrence of the risk, resulting from physical damage to the HOT Lanes Project and any relevant feeder roadsconnecting roads resulting from occurrence of an insured risk. (CD) The Department is to be named as an additional insured. (DE) The Concessionaire is responsible for all loss or damage to personal property (including, but not limited to, including materials; fixtures/contents, equipment, tools and supplies) of the Concessionaire.

Property and Business Interruption. The Concessionaire shall obtain provide or cause to be provided all-risk property insurance at replacement cost, covering loss, damage or destruction to the HOT Lanes Project, including improvements and betterments; provided, that subject to the following terms and conditions. (A) The limits of such coverage may be based on a maximum foreseeable loss analysis, subject to the Department’s approval of such maximum foreseeable loss analysis by an independent third party that is reasonably acceptable to the Department, with such approval of the Department not to be unreasonably withheld, and, provided further, that:. (AB) Coverage shall include, but not be limited to, include the following: flood, earthquake, earth movement, collapse, water including overflow, leakage, utility interruption, debris removal, business ordinance or law for increased cost of construction, extra expense, valuable papers and terrorism. (BC) Coverage shall also insure against interruption or loss of projected Toll Gross Revenues for at least one full year from the occurrence of the risk, resulting from physical damage to the HOT Lanes Project and any relevant feeder roadsroads resulting from occurrence of an insured risk. (CD) The Department is to be named as an additional insured. (DE) The Concessionaire is responsible for all loss or damage to personal property (including, but not limited to, including materials; fixtures/contents, equipment, tools and supplies) of the Concessionaire.