Common use of Builder's Risk Coverage Clause in Contracts

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. 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 their 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.