Special Perils definition
Special Perils builders’ all risk insurance written in “100% builders risk completed value, non-reporting form”, including coverage therein for “completion and/or premises occupancy”, such insurance to be in the amounts and terms specified in subparagraph (ii) above, plus, (1) coverage for all materials which will become a part of the new building, whether at the construction site, stored elsewhere, or in transit; (2) soft costs coverage including 100% of the loan interest, and coverage for recurring expenses including but not limited to plans, specifications, blueprints and models, real estate taxes, real estate commissions, advertising, architectural and engineering supervisory costs, legal and accounting costs, and delayed completion business income/rental interruption (if any) on an actual loss sustained basis; (3) provide for permission for partial occupancy.
Special Perils as required pursuant to Subsection 3.1(a)(i), (C) including permission to occupy the Property, and (D) with an agreed amount endorsement waiving co-insurance provisions;
Special Perils coverage The policy or policies shall be issued by a company or companies licensed to do business in the state in which the Property is located and shall name Landlord as an additional insured. Tenant shall deliver to Landlord certificates for all insurance policies required to be maintained by Tenant within thirty (30) days after Landlord’s written request. Tenant may elect to carry its insurance pursuant to a captive-carrier or self-insurance program [subject to customary and reasonable requirements to be established]. [CHI’s risk department to review this section; additional discussion needed.
Examples of Special Perils in a sentence
Such insurance shall be written on the ISO Special Perils form including but not limited to the perils of fire, extended coverage, windstorm, vandalism, malicious mischief and sprinkler leakage, for the full replacement cost value of the covered items and in amounts that meet any co-insurance clause of the policies of insurance with a deductible amount not to exceed $10,000.
Insurance utilizing an “All Risk” (Special Perils) coverage form, with limits equal to the completed value of the project and no coinsurance penalty provisions.
As an extension to Special Perils Insurance, Flood Insurance, and Boiler and Machinery Insurance, Borrower shall obtain and maintain business interruption insurance on an “actual loss sustained” basis (“Business Interruption Insurance”).
Any Special Perils Insurance policy shall contain a coinsurance waiver and replacement cost value endorsement without reduction for depreciation.
Coverage shall be provided on an “All Risk” or Special Perils basis covering all risks of physical loss except those specifically excluded in the policy.
More Definitions of Special Perils
Special Perils or equivalent policy form of builder’s risk insurance in the amount of one hundred percent (100%) of the completed value of the Improvements, plus the value of subsequent Construction Contract modifications, if any, and cost of materials supplied or installed by others, comprising the total value of the Improvements, which shall be converted to permanent property hazard insurance for all Improvements included within the Project upon issuance of a certificate of occupancy for each such building, and, for both forms of coverage, Developer’s and Owner’s lenders’ interests shall be protected under a loss payable clause. The builder’s risk insurance policy must provide (A) a permission to occupy endorsement (B) include coverage for the perils of fire, lightning, wind, collapse, flood and/or surface water, earthquake/volcanic action, theft, vandalism, malicious mischief, and terrorism, (C) include coverage for soft costs and (D) include coverage for materials temporarily stored off site and/or in transit (unless such risk of loss is transferred to others by written contract). Owner and Developer shall be included as a named insured;
Special Perils property insurance in an amount adequate to cover the full replacement cost of all Tenant Additions, equipment, installations, fixtures and contents of the Premises in the event of loss; (d) in the event a motor vehicle is to be used by Tenant in connection with its business operation from the Premises, Comprehensive Automobile Liability Insurance coverage with limits of not less than One Million and No/100 Dollars ($1,000,000.00) combined single limit coverage against bodily injury liability and property damage liability arising out of the use by or on behalf of Tenant, its agents and employees in connection with this Lease, of any owned, non-owned or hired motor vehicles; and (e) such other insurance or coverages as Landlord reasonably requires provided such other insurance or coverages are consistent with the requirements of landlords of buildings similar to the Building in the San Francisco Bay Area.
Special Perils including “windstorm” and “hurricane” and (b) the lender required “Named Storm” additional coverage for those locations 25 miles or less from the Coast.
Special Perils or equivalent policy form of builder’s risk insurance in the amount of one hundred percent (100%) of the completed value of the Improvements, plus the value of subsequent Construction Contract modifications, if any, and cost of materials supplied or installed by others, comprising the total value of the Improvements, which shall be converted to permanent property hazard insurance for all Improvements included within the Project upon issuance of a certificate of occupancy for each such building, and, for both forms of coverage, Developer’s and Owner’s lenders’ interests shall be protected under a loss payable clause. The builder’s risk insurance policy must provide (A) a permission to occupy endorsement (B) include coverage for the perils of collapse, flood and/or surface water, and earthquake/volcanic action, where applicable (C) [intentionally deleted], (D) include coverage for soft costs and (E) include coverage for materials temporarily stored off site and/or in transit (unless such risk of loss is transferred to others by written contract). Owner and Developer shall each be included as an additional insured;
Special Perils. (including flood if any property where the Collateral is located is in a special flood hazard zone), property insurance policy covering the property, together with the improvements, fixtures or other personal property comprising the Collateral, including replacement cost coverage and inflation adjustment endorsements, and such other insurance policies as the Bank shall require, including, without limitation, loss of rents insurance (one year's gross rental income), boiler and machinery insurance and business interruption coverage. All such policies to be written for the full insurable value of the property (without deduction for depreciation or obsolescence) or other assets securing the Loans and shall name the Bank as Loss Payee under a Lenders' Loss Payable Clause with respect to the Collateral securing the Loans. If a blanket policy is issued, a certified copy of said policy shall be furnished together with an endorsement indicating that the Bank is the insured under said policy in the proper designated amount. The Borrower shall also carry such other insurance as may reasonably be required by the Bank.
Special Perils including “windstorm” and “hurricane” and (b) the lender required “Named Storm” additional coverage for those locations 25 miles or less from the Coast. RAIT Funding, LLC (“Seller”) hereby certifies as follows:
Special Perils. (including flood if any property where the Collateral is located is in a special flood hazard zone), commercial property insurance policy covering all personal property comprising the Collateral, including, without limitation, replacement cost coverage and inflation adjustment endorsements. The Borrower’s commercial property insurance policy shall also include business interruption/extra expense insurance coverage (including, but not limited to, loss of income) for a limit to cover at least twelve (12) months continuing business operations. Such policies to be written for the full insurable value of the other Collateral (without deduction for depreciation or obsolescence) or other assets securing the Loan and shall name the Bank as Lender Loss Payee under a Lenders’ Loss Payable Clause with respect to the Collateral securing the Loan. The Borrower shall also carry such other insurance as may reasonably be required by the Bank.