Builder’s Risk Insurance means extended coverage insurance against loss or damage by fire, lightning, wind storm, hail, explosion, riot, vandalism, malicious mischief, riot attending a strike, civil commotion, aircraft, vehicles, smoke and other risks from time to time included under “extended coverage” policies, in an amount equal to 100% of the full replacement value of the Improvements.
Builder’s Risk Insurance shall have the meaning ascribed to it in Section 12.01 of this Agreement.
Builder’s Risk Insurance means such part of the insurances effected by the Temporary Confirmation of Insurances which relates to the Rig during the period up to the time of delivery to the Borrower in accordance with the Rig Construction Contract;
Examples of Builder’s Risk Insurance in a sentence
Both the Builder’s Risk Insurance and the Installation Floater Insurance shall include the interests of the Owner, Contractor, Subcontractors, and sub- subcontractors and shall terminate only when the Project has been accepted.
This requirement may be waived upon confirmation by the District that such coverage is provided under the Builder’s Risk Insurance being provided.
For projects not involving New Building Construction, “Installation Floater” is an acceptable substitute for the Builder’s Risk Insurance.
Builder’s Risk Insurance (all risks) An all risks policy shall be in the amount equal at all times to 100% of the Contract Sum.
Builder’s Risk Insurance: The Contractor shall purchase and maintain, in a company or companies, lawfully authorized to do business in the State of Maryland, property insurance written on a builders’ risk “all risk” or equivalent policy form in the amount of the initial contract sum, plus the value of subsequent contract modifications and cost of materials supplied or installed by others, comprising the total value for the entire project at the site on a replacement cost basis.
More Definitions of Builder’s Risk Insurance
Builder’s Risk Insurance. In an amount equal to 100% of the amount of the Contract.
Builder’s Risk Insurance. Subcontractor shall insure (through an Installation Floater form policy), secure and protect their work and materials while in transit to jobsite, or in storage, from damages until final acceptance by Sabal Homes. All deductibles shall be the responsibility of Subcontractor. Subcontractor waives any rights of subrogation as pertains to the proceeds of any Builders' Risk insurance policy carried by Sabal Homes.
Builder’s Risk Insurance. The Owner or Contractor may maintain during the course of construction, Builder's Risk Insurance or other similar types of property insurance for the project. The Builder's Risk Insurance may contain deductible provisions, and when applicable to the Contractor, those deductibles will be borne by the Subcontractor/Material Supplier, or Contractor, whose scope of work is affected by the loss covered under the Builder's Risk or similar coverage.
Builder’s Risk Insurance shall have the meaning ascribed thereto in Section 5.1.5 hereof.
Builder’s Risk Insurance. A builder's risk insurance policy on an "all risk" basis including coverage for the perils of earth movement (including but not limited to earthquake, landslide, subsidence and volcanic eruption), flood, boiler, turbine and machinery accidents. Such insurance shall be on a completed value form, with no periodic reporting requirements, with a limit equal to $264,000,000 and providing coverage for (i) the buildings, structures, boilers, machinery, equipment, facilities, fixtures, supplies, fuel, pipelines, transmission lines and other properties constituting a part of the Project, (ii) off-site storage with sub-limits sufficient to insure the full replacement value of any property or equipment not stored on the Site, (iii) removal of debris with a sub-limit not less than $5,000,000, (iv) pollution, clean up and removal for a sub-limit not less than $500,000, (v) foundations and other property below the surface of the ground, (vi) electronic equipment and media, (vii) value losses at replacement cost including custom duties, taxes and fees, (viii) ground and inland waterway transit of key equipment on a "warehouse to warehouse" basis from the manufacturer or supplier to the Site with limits sufficient to insure the value of the largest single shipment but in no case less than $25,000,000, (ix) unintentional errors and omissions, (x) all operational and performance testing for a period not less than 60 days and (xi) existing property for a limit not less than $5,000,000. The earth movement and flood coverage shall not have a sub-limit. The deductible for all such insurance shall not exceed (A) $250,000 per occurrence for operational testing coverage and (B) $100,000 per occurrence for all other coverage. The builder's risk coverage shall not contain an exclusion for freezing, mechanical breakdown, or resultant damage caused by faulty workmanship, design or materials. Coverage shall remain in effect for the Project as a whole until replaced by physical damage insurance insuring the entire Project as specified in Section (B)(2)(a) hereof. The physical damage insurance (specified in Section (B)(2)(a)) may insure part of the Project while the builder's risk insurance is in place only if the same insurer is used for both policies that provide these coverages. The builder's risk coverage shall not be subject to cancellation except for non-payment of premium (after prior notice) and shall include a 50/50 clause. If the insurance company providing the physical damage ...
Builder’s Risk Insurance. Builder’s risk insurance for direct physical loss or damage resulting from an insured peril to the building, structures and other improvements comprising all or part of the NSP, including materials and equipment that are intended for incorporation into the NSP, including temporary structures (e.g. including but not limited to, formwork, falsework, scaffolding) any material and/or labor provided by StadCo, or others for incorporation in construction of NSP, whether located at the NSP, in storage, or in transit. The policy shall include coverage for (i) all risks of physical loss or damage and be written on an “all risk” or equivalent policy form; (ii) StadCo’s loss of income or incurrence of soft costs from any delay in the opening of the NSP which is the result of a covered peril, for a minimum delay in opening period of twenty-four (24) months or as ultimately deemed appropriate by StadCo; (iii) resultant damage from faulty design, materials, and/or workmanship which shall be London Engineering Group (LEG) 3/06 or equivalent wording to the extent it is available at commercially reasonable rates; and (iv) mechanical breakdown and testing of all building machinery & equipment until acceptance of the NSP project. Policy limits shall be equal to the replacement cost of the NSP plus the amount of delay in opening and soft cost coverage values. Deductible shall not be greater than $250,000 per occurrence. Delay in opening waiting period shall not be greater than 30 Days. Policy shall be non-cancelable by insurers except for non-payment of premium. The builder’s risk insurance shall include contractors of all tiers as additional insureds.
Builder’s Risk Insurance. A Builder's Risk and Boiler and Machinery Coverage will be obtained by OWNER to cover the project. Any payment under Builder's Risk or Boiler and Machinery Coverages will be made jointly to OWNER and CONTRACTOR. Further, OWNER and CONTRACTOR agree that any payment under Builder's Risk or Boiler and Machinery Coverages will be placed into a joint account until such funds are reinvested in the construction project.