Builder's Risk Coverage Clause Samples

Builder's Risk Coverage. The Contractor shall take out and maintain during the life of this Agreement a "Builder's Risk Policy" completed value form issued to provide coverages on an ‟all risk” basis, including: • Theft Coverage, and flood insurance where specified in the Contract Documents. • A waiver of any co-insurance or deductible requirements. • Off-site storage, transit and installation risks. • Coverage of the interests of all parties, including the Contractor, Owner, Subcontractors, Sub-subcontractors and suppliers. • A provision that the coverage shall not be lapsed or canceled due to occupancy by the Owner prior to final acceptance and payment by the Owner. • The Owner being named as an additional insured.

Builder's Risk Coverage. With respect to the construction of any improvements or alterations to the Premises, Tenant shall procure and maintain insurance for course of construction insurance or builder’s risk insurance, covering all construction and operations at the Premises. Such insurance shall be written on specified location all risk form or a blanket all risk form and cover the full replacement cost of all improvements as well as incidental damages, including rental obligations, rental interruption or rental loss (as applicable). Such insurance shall also provide coverage for any upgrades or changes in building codes or other such Laws in the event of loss to the improvements. Tenant shall have the option but not the obligation to purchase flood and earthquake insurance. Such policy or policies required herein by Tenant shall be endorsed to add the Landlord (i.e. The State of California, its officers, agents and employees and any mortgagee or other persons or entities reasonably designated by Landlord) as an additional insured.

Builder's Risk Coverage. In the event that damage or loss to the work is covered by any Builder’s Risk or similar Property coverage on the Project, the Subcontractor shall be responsible for the payment of the entire deductible for any losses caused in whole or in party by the Subcontractor’s acts or omissions, or the acts or omissions of anyone working on its behalf. Should the loss be due to a cause other than a negligent act or omission of the Subcontractor, the Subcontractor shall be responsible for a pro-rata portion of the deductible, calculated based on the proportion the loss sustained by the Subcontractor bears to the total of all claims being made under the Builder’s Risk policy for that occurrence.

Builder's Risk Coverage. During any construction of Improvements, Tenant shall maintain or caused to be maintained in force until completion of the work, so-called “builder’s risk completed value insurance”, including vandalism and malicious mischief; covering Improvements in place and all material and equipment at the job site, but excluding contractor’s, subcontractor’s and construction manager’s tools and equipment and property owned by contractors or subcontractors’ employees, which shall have limits in an amount not less than the anticipated full replacement cost of the Improvements upon completion calculated as provided in Section 11.1.

Builder's Risk Coverage. The Contractor shall take out and maintain during the life of this Agreement a Builder's Risk Policy completed value form as a Cost of the Project, issued to provide coverages on an All- Risk basis, including theft. This coverage shall not be lapsed or cancelled because of partial occupancy by the Owner prior to final acceptance of the Project.

Builder's Risk Coverage. The Owner shall take out and maintain during the life of this Agreement a "Builder's Risk Policy" completed value form, issued to provide coverages on an "all risk" basis including theft. This coverage shall not be lapsed or cancelled because of partial occupancy by the Owner prior to final acceptance of the Project. Any loss insured under this Subparagraph is to be adjusted with the Construction Manager and Owner and made payable to the Owner as trustee for the insured, as their interest may appear, subject to the requirements of any applicable mortgagee clause and shall not be cancelled or lapsed on account of partial occupancy or use. The Construction Manager shall pay each subcontractor a just share of any insurance money received by the Construction Manager and by the appropriate agreement, written where legally required for validity, shall require each subcontractor to make payment to his sub-subcontractors in similar manner. The Owner as trustee shall, upon the occurrence of any insured loss, deposit in a separate account any money so received and shall distribute it in accordance with such agreement as the parties in interest may soon reach. If after such loss no other special agreement is made, replacement of damaged Work shall be covered by an appropriate Change Order.

Builder's Risk Coverage. Upon Owner's acceptance of the CMR's GMP proposal and prior to Owner's issuance of a Notice to Proceed, the CMR shall provide All-Risk Builder’s Risk Coverage on a replacement cost basis for the entire Work in an amount equal to the total contract amount and any additional modifications. Insurance shall be maintained until certification by the Owner that all work has been completed and accepted by the Owner in accordance with the Contract Documents. The Owner and its officers, agents and employees shall be listed as loss payee subject to the prior review of the Owner. Builders Risk Policy Description Coverage Limits

Builder's Risk Coverage. During the life of the Project outlined under the Activation, the Construction Manager shall obtain and maintain a "Builder's Risk Policy" in completed value form, as a Direct Cost of the Work, issued to provide coverage on an "all-risk" basis including theft. This coverage shall not lapse or be cancelled and shall remain in force until the date of Substantial Completion for the entire Project, or each building within the Project, if applicable. The Owner shall pay for all deductibles under the Builders Risk's Policy. This insurance shall include the Owner and the Construction Manager as named insureds. The Subcontractors and Sub-subcontractors shall be additional insured as their interests may appear.

Builder's Risk Coverage. For improvements under construction, coverage must be afforded in an amount not less than 100% of the total project cost, including soft costs, with a deductible of no more than $25,000 each claim. Coverage form shall include, but not be limited to: a. All Risk Coverage including Flood and Windstorm with no coinsurance clause. b. Guaranteed Policy Extension provision c. Storage and transport of materials, equipment, supplies of any kind whatsoever to be used on or incidental to the project d. Equipment Breakdown for testing of all mechanized, pressurized, or electrical equipment e. This policy shall insure the interests of Lessor, Lessee, and subcontractors in the property against all risk of physical loss and damage, and name Lessor as a Loss Payee. This insurance shall remain in effect until the work is completed and the property has been accepted by Lessor.