Types of Insurance and Coverage Requirements. (a) The County or its designee shall maintain all-risk fire, extended coverage, vandalism, and malicious mischief insurance on the Project Facilities, with such deductible provisions as are standard for facilities similar to those of the Project Facilities. Such insurance shall name the Corporation and the Trustee as loss payees, as their interests may appear, be maintained for the duration of this Facilities Agreement and each policy shall be in an amount equal to the replacement value of the Project Facilities; provided that, at least once every three years in conjunction with the County’s current insurance renewal schedule for other County-owned facilities, the County shall cause the preparation and pay for the expense of a certification of the insurable value of the Project Facilities equal to at least the aggregate amount of all outstanding Base Payments by an independent insurance agent or a person or company knowledgeable in such matters.
Appears in 2 contracts
Samples: Public Facilities Purchase and Occupancy Agreement, Public Facilities Purchase and Occupancy Agreement
Types of Insurance and Coverage Requirements. (a) The County or its designee shall maintain all-risk fire, extended coverage, vandalism, and malicious mischief insurance on the Project Facilities, with such deductible provisions as are standard for facilities similar to those of the Project Facilities. Such insurance shall name the Corporation and the Trustee as additional insureds, or, in lieu thereof, loss payees, as their interests may appear, be maintained for the duration of this Facilities Agreement and each policy shall be in an amount equal to the replacement value of the Project Facilities; provided that, at least once every three years in conjunction with the County’s current insurance renewal schedule for other County-owned facilities, the County shall cause the preparation and pay for the expense of a certification of the maximum full insurable value of the Project Facilities equal to at least the aggregate amount of all outstanding Base Payments by an independent insurance agent or a person or company knowledgeable in such matters.
Appears in 2 contracts
Samples: Public Facilities Purchase and Occupancy Agreement, Public Facilities Purchase and Occupancy Agreement
