Builder’s Risk Insurance Sample Clauses

Builder’s Risk Insurance. Contractor shall provide a Builder’s Risk Policy to be made payable to the Owner and Contractor, as their interests may appear. The policy amount should be equal to 100% of the Contract Sum, written on a Builder’s Risk “All Risk”, or its equivalent. The policy shall be endorsed as follows: The following may occur without diminishing, changing, altering or otherwise affecting the coverage and protection afforded the insured under this policy:
Builder’s Risk Insurance. All risk replacement cost insurance with the agreed amount endorsement, written in builder's risk form, with standard noncontributing mortgagee clauses and standard subrogation clauses, such insurance to be in such amounts and form and by such companies as shall be approved by the City, the originals of which policies (together with appropriate endorsements thereto, evidence of payment of premiums thereon and written agreement by insurer or insurers therein to give the City thirty (30) days' prior written notice of intention to cancel) shall be delivered promptly to the City; said insurance coverage to be kept in full force and effect at all times until the completion of construction of the Improvements.
Builder’s Risk Insurance. In connection with any construction, Tenant shall maintain in full force and effect a builder's completed value risk policy ("Builder's Risk Policy") of insurance in a nonreporting form insuring against all "Special Form" risk of physical loss or damage to the Improvements, including but not limited to, risk of loss from fire and other hazards, collapse, transit coverage, vandalism, malicious mischief, theft, earthquake (if Leased Property is in earthquake zone 1 or 2) and sinkholes (if usually recommended in the area of the Leased Property). The Builder's Risk Policy shall include endorsements providing coverage for building materials and supplies and temporary premises. The Builder's Risk Policy shall be in the amount of the full replacement value of the Improvements and shall contain a deductible amount acceptable to Landlord. Landlord shall be named as an additional insured. The Builder's Risk Policy shall include an endorsement permitting initial occupancy.
Builder’s Risk Insurance. Before commencing construction of any improvements on the Property and during any construction activities contemplated by this Agreement, Developer shall obtain and keep in full force and effect and all builders risk insurance policy for all portions of the Property with coverage equal to the total amount of the construction contracts for all such construction activities. Nothing in this Agreement is intended to relieve Developer of its obligation to perform under this Agreement and, in the event of loss, Developer shall use the proceeds of such insurance to promptly reconstruct the damaged or lost improvements.
Builder’s Risk Insurance. Unless otherwise provided, the Construction Manager shall purchase and maintain, in a company or companies lawfully authorized to do business in the jurisdiction in which the Project is located, property insurance written on a builder’s risk “all-risk” or equivalent policy form in the amount of the initial Contract Sum, plus value of subsequent Contract modifications and cost of materials supplied or installed by others, comprising total value for the entire Project at the site on a replacement cost basis without optional deductibles. Such property insurance shall be maintained, unless otherwise provided in the Contract Documents or otherwise agreed in writing by all persons and entities who are beneficiaries of such insurance, until final payment has been made. This insurance shall include interests of the Owner, the Construction Manager, Subcontractors and Sub- subcontractors in the Project. The Construction Manager's attention is called to the fact that Builder's Risk Insurance usually excludes coverage of theft of materials and equipment stored on the site but not yet installed in the facility. Therefore, it shall be the responsibility of the Construction Manager to protect and to replace any loss of materials or equipment due to such theft, until final acceptance of the project. The Builder's Risk policy is usually subject to a deductible on each and every loss. In event that a minimal deductible is required by the Insurer, the deductible portion of such loss, for materials or equipment installed in the facility, shall be the responsibility of the Owner; provided, however, such deductibles will be responsibility of the Construction Manager to the extent the loss is caused by the negligence or intentional misconduct of the Construction Manager, any of its Subcontractors or material suppliers, or any other person for whom the Construction Manager is responsible. The Owner, at the Owner’s option, may purchase and maintain such insurance as will insure the Owner against loss of use of the Owner’s property due to fire or other hazards, however caused. If the Owner requests in writing that insurance for risks other than those described herein or other special causes of loss be included in the property insurance policy, the Construction Manager shall, if possible, include such insurance, and the cost thereof shall be charged to the Owner by appropriate Change Order. Before an exposure to loss may occur, the Construction Manager shall file with the Owner a co...
Builder’s Risk Insurance. At any other time in connection with any construction of or Alteration to any Improvements, the Lessee shall arrange, on behalf of the Lessor and all contractors, to obtain and keep in force an all-risk builder’s risk insurance with respect to the Improvements and the construction of such Alterations or Improvements insuring the Lessor’s interest in the Improvements and the construction of such Alterations or Improvements including resulting damage from collapse, coverage for fire, hurricanes, flood and earthquakes and coverage against damage or loss caused by machinery accidents and operational and performance testing and start-up, with extended coverage, in an amount not less than the full replacement cost of the insured building (without deduction for depreciation). Such coverage shall provide (1) coverage for insuring the buildings, non-temporary structures, machinery, equipment (exclusive of manufacturing and laboratory equipment), facilities, fixtures, supplies and other property constituting part of the Leased Properties including but not limited to boiler and machinery insurance covering pressure vessels, air tanks, boilers, machinery, pressure piping, heating, ventilation and air conditioning equipment, and elevator and escalator equipment, (2) inland transit coverage from designated storage facilities, (3) off-site (within 1000 feet of the insured Improvements) coverage with sublimits sufficient to insure the full replacement value of any equipment, supplies and materials not stored at the Land, (4) removal of debris, (5) increased cost of construction, and (6) coverage for foundations and other property below the surface of the ground, but the interest of contractors, subcontractors and agents in insured property during construction at the insured location to the extent of Lessee’s legal liability for insured physical loss or damage to such property. Such coverage shall (x) not be subject to any self-insurance and shall be subject to a deductible of no more than $50,000 per occurrence except for (i) $100,000 per occurrence for water damage, (ii) $1,000,000 per occurrence for earthquake damage and (iii) $500,000 per occurrence for flood damage, and (y) be in such form and amounts and covering such risks as were approved by the Lessor on the Closing Date. Lessee shall promptly deliver all reports or information to the appropriate recipient which may be required under such policy or policies in order to ensure that the coverage provided with respec...
Builder’s Risk Insurance. The Contractor shall purchase and maintain builder’s risk property insurance for all sites upon which construction is occurring as provided by Contract and all storage sites where equipment, materials, and supplies of any kind purchased pursuant to the Contract are being held or stored unless the Contractor receives notice that the City/County/PBC has obtained a builder’s risk policy for itself. Except to the extent recoverable by Contractor from another subcontractor, deductibles shall be the responsibility of the Contractor. This coverage is required whenever the work under contract involves construction or repair of a building structure or bridge.
Builder’s Risk Insurance. Contractor shall provide and maintain, until written notice of Substantial Completion from the Owner, a Builder’s All Risk Insurance Policy, which will protect the interests of the Owner and contractors of all tiers against loss as specified below. This policy shall provide coverage for 100% of the insurable value of the Work, including any Owner furnished work. The insurance shall provide replacement cost coverage for all real and personal property incorporated into the Work including engineered and Project specific false works and formings, while at the Project Site, off-site, or in transit. Coverage shall be extended to include soft costs (such as reasonable compensation for Design Professional, Owner and contractors’ services and expenses required as a result of an insured loss, excluding any Liquidated Damages), extra expense, and expediting expense. The insurance obtained under this section 6.3.5 shall insure against “all risks” of direct physical loss or damage, including, without duplication of coverage, collapse, earthquake, flood, testing and startup, and ensuing damage as a result of faulty workmanship or material or both. The policy shall name the State of Arizona, Arizona Board of Regents, and Northern Arizona University as loss payee for all covered losses as their interests may appear. The policy shall be endorsed waiving the carrier’s right of recovery under subrogation against the Owner, Contractor and Subcontractors, for losses covered under the Builder’s Risk policy. The Contractor shall be responsible for the deductible on each loss and shall retain responsibility for any loss not covered by the Builder’s Risk policy. The Contractor shall be solely responsible for any required notice to or consent of the insurer providing the Builder’s Risk coverage regarding a) a covered event or occurrence and b) occupancy of the Work, or a portion thereof, by the Owner. This insurance shall not cover any contractor’s equipment, including, but not limited to machinery, tools, equipment, or other personal property owned, rented, or used by the Contractor or Subcontractors in the performance of their work on the Work, which will not become a part of the Work to be accepted by the Owner.