Builder’s Risk Policy. 1. The policy shall be a Completed Value All Risk Builder’s Risk/Installation Floater form or equivalent form issued under an ISO (hereinafter referred to as “Builder’s Risk” or “policy”) with the policy limit equal to one hundred percent (100%) of the Agreement Price and shall include the value of University-purchased building materials and supplies, equipment, machinery and fixtures intended to become a permanent part of the Project.
Builder’s Risk Policy. SMUD will procure and maintain builder’s risk insurance for the Project and the Work (the “Builder’s Risk Policy”) with an insurance company or companies of SMUD’s choice in an amount at least equal to the initial Contract Price. The Builder’s Risk Policy will protect the Work at the Site, and during inland transit, and while at temporary offsite storage and staging facilities within the territory covered by the Builder’s Risk Policy. SMUD will pay the premiums for the Builder’s Risk Policy. The Builder’s Risk Policy will cover SMUD, the Contractor and Subcontractors for loss or damage to buildings, materials, equipment, and supplies used or consumed directly in or in connection with the performance of the Work at the Site. Other than scaffolding and temporary forms included in the Contract Price, the Builder’s Risk Policy will not provide coverage for any machinery, tools, supplies, materials, or equipment not intended to be incorporated into the Work or the Project, whether owned, rented or leased by Contractor, Subcontractors, or its or their employees, consultants or agents. CONTRACTOR AND SUBCONTRACTORS SHALL, AT THE CONTRACTOR’S AND/OR SUBCONTRACTORS’ EXPENSE, PROVIDE COMMERCIAL INSURANCE OR SELF-INSURANCE FOR CONTRACTOR’S AND/OR SUBCONTRACTORS’ MACHINERY, TOOLS, SUPPLIES, MATERIALS OR EQUIPMENT NOT COVERED BY THE BUILDER’S RISK POLICY, AND WAIVE ALL SUBROGATION RIGHTS AGAINST SMUD. The Builder’s Risk Policy will protect the interest of SMUD, Contractor, Subcontractors and others as required by written contract with SMUD; however, architects and engineers, manufacturers, and suppliers will be protected only for their onsite activities and shall not be covered for their professional services or for their warranties/guarantees. Covered perils shall include fire, explosion, theft, vandalism, malicious mischief, collapse, windstorm, testing and start up (not hot testing), debris removal, earth movement and flood. Anticipated deductible levels are: • $25,000 for All Other Perils (“AOP”); • $100,000 for water damage, including flood; and • 2% of values at risk at time of loss for earth movement (subject to a $100,000 minimum). Notwithstanding the foregoing, SMUD shall not be obligated to arrange coverages with these particular deductibles if the deductibles are not available at costs that SMUD in its sole determination considers reasonable. The Builder’s Risk Policy will be purchased and coverage shall commence shortly before commencement of interior demol...
Builder’s Risk Policy. Unless otherwise provided, the Tenant shall purchase and maintain property insurance upon the work at the site to the full insurable value thereof. This insurance shall include the interest of the Landlord, Tenant, contractor and subcontractors in the work and shall be written on an all risk form. The policy will contain a blanket waiver of subrogation in favor of Landlord.
Builder’s Risk Policy. An assignment of the current all-risk, --------------------- builder's risk policy in effect with respect to the Project, together with an endorsement to such policy issued by the insurer reflecting the change in ownership, it being understood, however, that Seller shall be named an additional insured with respect to such policy following the Closing and for so long as Seller is performing the Development Functions; and
Builder’s Risk Policy. A Builder’s All Risk insurance policy on the Project, during the construction of the Improvements, shall be evidenced by an XXXXX Form 28. Such insurance shall name Bondowner Representative as loss payee on a Form 438 BFU or acceptable equivalent attached to the policy, shall be for the full insurable value of the Improvements, with a deductible amount, if any, not in excess of $10,000 and shall be effective upon the date of the Notice to Proceed, the date of site mobilization or the start of any shipment of materials, machinery or equipment to the Project, whichever is earlier and is to remain in effect until replaced by permanent Property/All-Risk Hazard Insurance. The term “full insurable value” means 100 percent of the actual replacement cost of the insurable Improvements. The policy shall contain: the replacement cost endorsement, no coinsurance clause, in-transit coverage/temporary storage (based on each occurrence), demolition and increased cost of construction coverage, delay in completion and delay in rents/startup coverage. Unless waived by Bondowner Representative, the policy shall include: no exclusions for acts of terrorism, earthquake coverage, boiler and machinery coverage, sprinkler leakage coverage and vandalism and malicious mischief coverage and such other endorsements and coverages as Bondowner Representative may require.
Builder’s Risk Policy. During the time the Project is being constructed, Lessee shall, at its expense, maintain a standard form Builder's Risk Policy on a replacement cost basis, with an "all-risk" endorsement, a course of construction endorsement, and with a collapse provision, in an amount approved by Lessor.
Builder’s Risk Policy. The Contractor shall maintain Builder’s Risk and Boiler and Machinery Coverage property insurance for “all risks” of direct physical loss or damage to the entire work equal to the contract price, plus all change orders and other amendments. Any payment under Builder’s Risk or Boiler and Machinery Coverage will be made jointly to County and the Contractor and will be placed into a joint account until such funds are reinvested in the construction project G. Umbrella or Excess Liability Insurance. CONTRACTOR shall obtain and maintain an umbrella or excess liability insurance policy with limits of not less than $4,000,000 that will provide bodily injury, personal injury and property damage liability coverage at least as broad as the primary coverages set forth above, including commercial general liability and employer’s liability. Such policy or policies shall include the following terms and conditions: • A dropdown feature requiring the policy to respond in the event that any primary insurance that would otherwise have applied proves to be uncollectable in whole or in part for any reason; • Pay on behalf of wording as opposed to reimbursement; • Concurrency of effective dates with primary policies; and • Policies shall “follow form” to the underlying primary policies. • Insureds under primary policies shall also be insureds under the umbrella or excess policies.
