Common use of Builder’s Risk Clause in Contracts

Builder’s Risk. Contractor shall provide an option price to Owner to purchase and maintain property insurance upon the entire complete Work at the Project Site from the beginning of Phase 2 until Substantial Completion. Owner must decide whether it will exercise it option to have Contractor supply such insurance prior to Phase 2 commencing. If Owner elects to purchase Builders Risk Insurance on its own, Contractor shall not include any cost in its price for such insurance. . Such property insurance shall be written on a repair or replacement cost basis, subject to standard exclusions, property limitations and conditions. Owner shall have the right to review all policy terms and conditions prior to deciding whether to exercise the option to have Contractor procure and maintain the Builder’s risk insurance. Such insurance shall include the interest of Owner, the Financing trustee or collateral agent, Contractor, and all Subcontractors, including their respective officers, representatives, agents and employees, in the Work and shall insure against fire, extended coverage and all risk perils (including resultant loss or damage from or as a consequence of faulty materials, workmanship or design). Contractor shall bear the actual deductible for such policy of insurance up to a maximum of $250,000 per occurrence to the extent that the loss covered by such deductible is caused in whole or substantial part (including, without limitation, the failure to perform obligations under this Agreement) by Contractor or Subcontractors or other persons performing Work on behalf of Contractor or any Subcontractor, and Owner shall bear any remaining portion of such deductible. If required by the lenders, the policy under this Section 1.1 shall be written such that the proceeds of this insurance shall be payable to the Financing trustee or collateral agent for application as provided in the Financing documents. Owner and Contractor (and Contractor shall cause each Subcontractor to) waive all rights against each other and the Financing trustee or collateral agent for damages caused by fire and other perils and for the loss of use to the extent covered by property insurance obtained pursuant to this Section 1, or other property insurance applicable to the Work or any other real or personal property of Owner, Contractor or the Subcontractors, including the existing structures, buildings and their contents, furniture and fixtures, except such rights as they may have to the proceeds of such insurance.

Builder’s Risk. Concessionaire shall obtain, pay for and maintain, from the effective date of this Agreement until the completion of the TTMS Work, builder’s risk insurance for the ▇▇▇▇ Ex Project. The builder’s risk insurance shall be on an “all risk” form (or equivalent policy) and shall include insurance against the perils of fire (with extended coverage) and physical loss or damage including, theft, vandalism, malicious mischief, collapse, earthquake, flood, windstorm, falsework, and excavation collapse, but not including insurance for the machinery, tools, or equipment used by Contractor in the performance of the ▇▇▇▇ Ex TTMS Work, or coverage for underground/subsurface structures and conditions. Concessionaire shall add Contractor and its Subcontractors as additional insureds on the builder’s risk insurance policy. Concessionaire shall include a waiver of subrogation against Contractor and its Subcontractors in the builder’s risk insurance policy. No limitations or requirements are imposed on Concessionaire with respect to the amount of deductible(s) under the builder’s risk insurance policy. Contractor shall provide an option price be responsible to Owner pay, or otherwise satisfy, the deductible portion of any loss, claim or occurrence under the builder’s risk insurance policy that arises out of, or relates to, any act, omission, fault, default or negligence of Contractor or Contractor’s employees, agents representatives, Subcontractors, or any other Person performing a portion of the ▇▇▇▇ Ex TTMS Work by, through or under Contractor or Contractor’s failure to purchase fully and maintain property correctly perform its obligations under either the Comprehensive Agreement or this Agreement; provided, however, that Contractor’s obligation to pay, or satisfy the deductible portion of a loss, claim or occurrence under the builder’s risk insurance upon policy shall not exceed $50,000 per deductible, per loss, claim or occurrence. Contractor shall, at all times, comply with the entire complete Work at terms of the Project Site from the beginning of Phase 2 until Substantial Completionbuilder’s risk insurance policy. Owner must decide whether it will exercise it option to have Contractor supply such insurance prior to Phase 2 commencing. If Owner elects to purchase Builders Risk Insurance on its ownIn addition, Contractor shall be responsible for any losses, claims, damages, costs and expenses are not include any cost in its price for such insurance. . Such property insurance shall be written on a repair or replacement cost basis, subject to standard exclusions, property limitations and conditions. Owner shall have indemnified under the right to review all policy terms and conditions prior to deciding whether to exercise the option to have Contractor procure and maintain the Builderbuilder’s risk insurance. Such insurance shall include the interest of Owner, the Financing trustee or collateral agent, policy due to Contractor, and all Subcontractors, including their respective officers, representatives, agents and employees, in the Work and shall insure against fire, extended coverage and all risk perils (including resultant loss or damage from or as a consequence of faulty materials, workmanship or design). Contractor shall bear the actual deductible for such policy of insurance up to a maximum of $250,000 per occurrence to the extent that the loss covered by such deductible is caused in whole or substantial part (including, without limitation, the ’s failure to perform its obligations under the builder’s risk insurance policy. All insurance proceeds received by Concessionaire for any insured loss under the builder’s risk insurance policy shall be paid into a separate insurance proceeds account and shall be held in trust for the purpose of distribution to Contractor or its Subcontractors, as applicable, as if they were otherwise named as loss payees on the builder’s risk insurance policy, and in accordance with this Agreement) by Contractor or Subcontractors or other persons performing Work on behalf of Contractor or any Subcontractor, and Owner shall bear any remaining portion of such deductible. If required by the lenders, the policy under this Section 1.1 shall be written such that the proceeds of this insurance shall be payable to the Financing trustee or collateral agent for application as provided in the Financing documents. Owner and Contractor (and Contractor shall cause each Subcontractor to) waive all rights against each other and the Financing trustee or collateral agent for damages caused by fire and other perils and for the loss of use to the extent covered by property insurance obtained pursuant to this Section 1, or other property insurance applicable to the Work or any other real or personal property of Owner, Contractor or the Subcontractors, including the existing structures, buildings and their contents, furniture and fixtures, except such rights as they may have to the proceeds of such insurance.

Builder’s Risk. The Contractor shall provide an option price maintain builder’s risk insurance, if relevant to Owner to purchase and maintain property insurance upon the entire complete Work at the Project Site from or if required by Owner, at replacement cost, covering the beginning full value of Phase 2 until Substantial Completion. Owner must decide whether it will exercise it option to have Contractor supply such insurance prior to Phase 2 commencing. If Owner elects to purchase Builders Risk Insurance on its ownthe construction being performed, Contractor shall not include any cost in its price for such insurance. including where applicable, the existing structure. Such property insurance policy shall be written on an all-risk form policy that includes coverage for losses as a repair or replacement cost basisresult of windstorm and flood, subject to standard exclusionsand shall include coverage for reasonable compensation for the Contractor’s services and expenses required as a result of such insured loss. This insurance shall insure the interests of the Contractor, property limitations subcontractors and conditionssub-subcontractors in the Work. Owner shall have Property covered by the right to review all policy terms and conditions prior to deciding whether to exercise the option to have Contractor procure and maintain the Builder’s risk insurance. Such insurance shall include temporary building(s) or structure(s) at the interest Project site, other than any of Contractor’s office trailer(s) (which shall be covered under separate policy). In addition, such insurance shall cover portions of the Work stored off the site, after written approval of the Owner, at the Financing trustee or collateral agent, Contractorvalue established in the approval, and all Subcontractors, including their respective officers, representatives, agents and employees, in portions of the Work in transit. As provided below and without limiting the requirements set forth below, Owner (i.e., The Florida International University Board of Trustees) shall insure against firebe named as additional insureds on such policy. The policy shall include a waiver of subrogation endorsement, extended coverage additional insured endorsement and a severability of interests endorsement. The deductible under the policy shall not exceed $10,000.00 for all risk perils (including resultant risks, except named storm, for which the deductible shall not exceed 1% of current value. When the Work includes the repair, removal, installation and/or testing of live steam boilers, valves, pipes or lines, then such insurance shall include boiler and machine coverage, written on an ISO form or its equivalent. A loss or damage from or as a consequence of faulty materials, workmanship or design)losses insured under this insurance policy shall be adjusted by the Contractor and its insurance company. The Contractor shall bear repair or replace the actual deductible damaged property with the proceeds from the builder’s risk policy. The Contractor shall be responsible for such policy of insurance up to a maximum of $250,000 per occurrence to the extent that all damages and necessary repairs whether or not the loss is covered by such deductible is caused in whole or substantial part (including, without limitation, the failure to perform obligations under this Agreement) by Contractor or Subcontractors or other persons performing Work on behalf of Contractor or any Subcontractor, and Owner shall bear any remaining portion of such deductible. If required by the lenders, the policy under this Section 1.1 shall be written such that the proceeds of this insurance shall be payable to the Financing trustee or collateral agent for application as provided in the Financing documents. Owner and Contractor (and Contractor shall cause each Subcontractor to) waive all rights against each other and the Financing trustee or collateral agent for damages caused by fire and other perils and for the loss of use to the extent covered by property insurance obtained pursuant to this Section 1, or other property insurance applicable to the Work or any other real or personal property of Owner, Contractor or the Subcontractors, including the existing structures, buildings and their contents, furniture and fixtures, except such rights as they may have to the proceeds of such insurancebuilder’s risk policy.

Builder’s Risk. The Contractor shall provide an option price to maintain builder’s risk insurance, unless otherwise directed by Owner to purchase and maintain property insurance upon in writing, at replacement cost, covering the entire complete Work at full value of the Project Site from construction being performed, including where applicable, the beginning of Phase 2 until Substantial Completion. Owner must decide whether it will exercise it option to have Contractor supply such insurance prior to Phase 2 commencing. If Owner elects to purchase Builders Risk Insurance on its own, Contractor shall not include any cost in its price for such insurance. existing structure. Such property insurance policy shall be written on an all-risk form policy that includes coverage for losses as a repair or replacement cost basisresult of windstorm and flood, subject to standard exclusionsand shall include coverage for reasonable compensation for the Contractor’s services and expenses required as a result of such insured loss. This insurance shall insure the interests of the Contractor, property limitations subcontractors and conditionssub- subcontractors in the Work. Owner shall have Property covered by the right to review all policy terms and conditions prior to deciding whether to exercise the option to have Contractor procure and maintain the Builder’s risk insurance. Such insurance shall include temporary building(s) or structure(s) at the interest Project site, other than any of Contractor’s office trailer(s) (which shall be covered under separate policy). In addition, such insurance shall cover portions of the Work stored off the site, after written approval of the Owner, at the Financing trustee or collateral agent, Contractorvalue established in the approval, and all Subcontractors, including their respective officers, representatives, agents and employees, in portions of the Work in transit. As provided below and without limiting the requirements set forth below, Owner (i.e., The Florida International University Board of Trustees) shall insure against firebe named as additional insureds on such policy. The policy shall include a waiver of subrogation endorsement, extended coverage additional insured endorsement and a severability of interests endorsement. The deductible under the policy shall not exceed $10,000.00 for all risk perils (including resultant risks, except named storm, for which the deductible shall not exceed 1% of current value. When the Work includes the repair, removal, installation and/or testing of live steam boilers, valves, pipes or lines, then such insurance shall include boiler and machine coverage, written on an ISO form or its equivalent. A loss or damage from or as a consequence of faulty materials, workmanship or design)losses insured under this insurance policy shall be adjusted by the Contractor and its insurance company. The Contractor shall bear repair or replace the actual deductible damaged property with the proceeds from the builder’s risk policy. The Contractor shall be responsible for such policy of insurance up to a maximum of $250,000 per occurrence to the extent that all damages and necessary repairs whether or not the loss is covered by such deductible is caused in whole or substantial part (including, without limitation, the failure to perform obligations under this Agreement) by Contractor or Subcontractors or other persons performing Work on behalf of Contractor or any Subcontractor, and Owner shall bear any remaining portion of such deductible. If required by the lenders, the policy under this Section 1.1 shall be written such that the proceeds of this insurance shall be payable to the Financing trustee or collateral agent for application as provided in the Financing documents. Owner and Contractor (and Contractor shall cause each Subcontractor to) waive all rights against each other and the Financing trustee or collateral agent for damages caused by fire and other perils and for the loss of use to the extent covered by property insurance obtained pursuant to this Section 1, or other property insurance applicable to the Work or any other real or personal property of Owner, Contractor or the Subcontractors, including the existing structures, buildings and their contents, furniture and fixtures, except such rights as they may have to the proceeds of such insurancebuilder’s risk policy.

Builder’s Risk. Concessionaire shall obtain, pay for and maintain, from the effective date of this Agreement until the completion of the TTMS Work, builder’s risk insurance for the 395 Project. The builder’s risk insurance shall be on an “all risk” form (or equivalent policy) and shall include insurance against the perils of fire (with extended coverage) and physical loss or damage including, theft, vandalism, malicious mischief, collapse, earthquake, flood, windstorm, falsework, and excavation collapse, but not including insurance for the machinery, tools, or equipment used by Contractor in the performance of the 395 TTMS Work, or coverage for underground/subsurface structures and conditions. Concessionaire shall add Contractor and its Subcontractors as additional insureds on the builder’s risk insurance policy. Concessionaire shall include a waiver of subrogation against Contractor and its Subcontractors in the builder’s risk insurance policy. No limitations or requirements are imposed on Concessionaire with respect to the amount of deductible(s) under the builder’s risk insurance policy. Contractor shall provide an option price be responsible to Owner pay, or otherwise satisfy, the deductible portion of any loss, claim or occurrence under the builder’s risk insurance policy that arises out of, or relates to, any act, omission, fault, default or negligence of Contractor or Contractor’s employees, agents representatives, Subcontractors, or any other Person performing a portion of the 395 TTMS Work by, through or under Contractor or Contractor’s failure to purchase fully and maintain property correctly perform its obligations under either the Comprehensive Agreement or this Agreement; provided, however, that Contractor’s obligation to pay, or satisfy the deductible portion of a loss, claim or occurrence under the builder’s risk insurance upon policy shall not exceed $50,000 per deductible, per loss, claim or occurrence. Contractor shall, at all times, comply with the entire complete Work at terms of the Project Site from the beginning of Phase 2 until Substantial Completionbuilder’s risk insurance policy. Owner must decide whether it will exercise it option to have Contractor supply such insurance prior to Phase 2 commencing. If Owner elects to purchase Builders Risk Insurance on its ownIn addition, Contractor shall be responsible for any losses, claims, damages, costs and expenses are not include any cost in its price for such insurance. . Such property insurance shall be written on a repair or replacement cost basis, subject to standard exclusions, property limitations and conditions. Owner shall have indemnified under the right to review all policy terms and conditions prior to deciding whether to exercise the option to have Contractor procure and maintain the Builderbuilder’s risk insurance. Such insurance shall include the interest of Owner, the Financing trustee or collateral agent, policy due to Contractor, and all Subcontractors, including their respective officers, representatives, agents and employees, in the Work and shall insure against fire, extended coverage and all risk perils (including resultant loss or damage from or as a consequence of faulty materials, workmanship or design). Contractor shall bear the actual deductible for such policy of insurance up to a maximum of $250,000 per occurrence to the extent that the loss covered by such deductible is caused in whole or substantial part (including, without limitation, the ’s failure to perform its obligations under the builder’s risk insurance policy. All insurance proceeds received by Concessionaire for any insured loss under the builder’s risk insurance policy shall be paid into a separate insurance proceeds account and shall be held in trust for the purpose of distribution to Contractor or its Subcontractors, as applicable, as if they were otherwise named as loss payees on the builder’s risk insurance policy, and in accordance with this Agreement) by Contractor or Subcontractors or other persons performing Work on behalf of Contractor or any Subcontractor, and Owner shall bear any remaining portion of such deductible. If required by the lenders, the policy under this Section 1.1 shall be written such that the proceeds of this insurance shall be payable to the Financing trustee or collateral agent for application as provided in the Financing documents. Owner and Contractor (and Contractor shall cause each Subcontractor to) waive all rights against each other and the Financing trustee or collateral agent for damages caused by fire and other perils and for the loss of use to the extent covered by property insurance obtained pursuant to this Section 1, or other property insurance applicable to the Work or any other real or personal property of Owner, Contractor or the Subcontractors, including the existing structures, buildings and their contents, furniture and fixtures, except such rights as they may have to the proceeds of such insurance.

Builder’s Risk. Contractor shall provide an option price (1) The Fund shall, except as otherwise specified in the Agreement, beginning with the Notice to Owner to purchase Proceed and maintain property insurance upon the entire complete Work at the Project Site from the beginning of Phase 2 all times during construction and until Substantial Completion. Owner must decide whether it will exercise it option to have Contractor supply such insurance prior to Phase 2 commencing. If Owner elects to purchase Builders Risk Insurance on its own, Contractor shall not include any cost in its price for such insurance. . Such property insurance shall be written on a repair or replacement cost basis, subject to standard exclusions, property limitations and conditions. Owner shall have the right to review all policy terms and conditions prior to deciding whether to exercise the option to have Contractor procure and maintain the Builder’s risk insuranceRisk insurance (the “BRI”) at the sole cost and expense of the Fund. Such insurance shall include The Contractor and subcontractors will be provided coverage under the interest of OwnerBRI for the Contractor’s work under the Agreement. The Fund shall, at the Financing trustee or collateral agentFund’s discretion, Contractor, have the sole authority to adjust and all Subcontractors, including their respective officers, representatives, agents and employees, in the Work and shall insure against fire, extended coverage and all risk perils (including resultant to settle any loss or damage from or as a consequence of faulty materialsclaim under the BRI. Reimbursement for loss, workmanship or design). Contractor shall bear the actual deductible for such policy of insurance up to a maximum of $250,000 per occurrence to the extent that the loss covered by such deductible is caused in whole or substantial part (includingif any, without limitation, the failure to perform obligations under this Agreement) by Contractor or Subcontractors or other persons performing Work on behalf of Contractor or any Subcontractor, and Owner shall bear any remaining portion of such deductible. If required by the lenders, the policy under this Section 1.1 shall be written such that the proceeds of this insurance shall be made payable to the Financing trustee Fund. (2) BRI coverage shall also apply to materials and equipment stored offsite as defined under the terms of the Contract, the coverage shall include a broad form extended coverage endorsement in an amount equal to 100 percent of the value thereof, which coverage shall be maintained until said materials and equipment have been incorporated into the Project. (3) The Contractor, at its sole cost and expense, shall be responsible to fully cooperate with the Fund and the BRI insurer by timely providing all necessary information and documentation to permit prompt reporting of any loss or collateral agent for application claim to the BRI insurer and/or its representatives and by furnishing the Fund and/or the BRI insurer with all necessary details relating to any occurrence of loss and/or claim, the amount thereof, and by further participating in any investigation, proceedings, or otherwise, as provided may be reasonably requested in connection therewith. In the Financing documents. Owner event the Contractor fails to fully and Contractor (and adequately take such action, the Contractor shall cause each Subcontractor to) indemnify and save the Fund harmless from any and all costs, charges, expenses and liabilities incurred by the Fund as a result thereof. The Fund, the Contractor and all subcontractors of the Contractor waive all rights rights, each against each other and the Financing trustee or collateral agent others, for damages caused by fire and or other perils and for the loss of use to the extent covered by property insurance obtained pursuant to provided under the terms of this Section 1, or other property insurance applicable to the Work or any other real or personal property of Owner, Contractor or the Subcontractors, including the existing structures, buildings and their contents, furniture and fixturesArticle, except such rights as they may have to the proceeds of insurance received; provided, however, this waiver shall not apply to any manufacturer, supplier or similar agent under any guarantee or warranty. (4) The Contractor shall not violate or permit to be violated any condition of the BRI and shall at all times satisfy the fire safety requirements of the Fund and the insurance company issuing the same. (5) The procurement and maintenance of the BRI shall in no way be construed or be deemed to relieve the Contractor from any of the obligations and risks imposed upon it by the Agreement or to be a limitation on the nature or extent of such insuranceobligations and risks nor limit Contractor’s liability for damages and/or losses to the project.”

Builder’s Risk. Contractor shall provide an option price Prior to Owner to purchase and maintain property insurance upon the entire complete commencement of the physical Work at of -------------- construction on the Project Site from the beginning of Phase 2 until Substantial Completion. Owner must decide whether it will exercise it option to have Contractor supply such insurance prior to Phase 2 commencing. If Owner elects to purchase Builders Risk Insurance on its ownProject, or any portion thereof, Contractor shall not include any cost in its price for such insurance. . Such property procure or cause to be procured, the following insurance shall be written on a repair or replacement cost basis, subject coverage with respect to standard exclusions, property limitations and conditions. Owner shall have the right to review all policy terms and conditions prior to deciding whether to exercise the option to have Contractor procure and maintain the Builder’s risk insuranceProject. Such insurance shall include be issued by insurance carriers to which Owner makes no reasonable objection, and shall be maintained in full force and effect throughout the interest term of this Agreement. The cost of such insurance shall be paid by Owner, which cost shall be included by Contractor in the Financing trustee Contract Sum. (a) A broad-form builder's risk insurance with course of construction, vandalism, and malicious mischief clauses attached, insuring against all risks of physical loss, in an amount not less than one hundred percent (100%) of the insurable value of the Project, on (1) the structures upon which the Project is to be constructed; (2) the Project; (3) all work in progress including materials to be incorporated in the Project which qualifies for payment under the terms of this Agreement, regardless of whether said materials are stored on the site or collateral agentactually incorporated into the Project; and (4) all special equipment or forms, owned or rented by Contractor, especially designed for the Project. Owner shall be provided with a duplicate copy of the insurance policy evidencing such coverage, which shall name Owner as additional insured and shall provide that the policy shall not be canceled, reduced or modified by the insurer until after thirty (30) days' written notice to Owner and to Contractor. Contractor assumes the risk and liability of all casualty losses with respect to the risks described above which are within loss deductible clauses. (b) The broad-form builder's risk insurance coverage herein required shall be for the benefit of Contractor and Owner as their interest may appear; and all Subcontractorssums payable thereunder shall be paid to Owner as trustee for the insured and held in a trust fund for the purpose of paying the costs, including their respective officers, representatives, agents and employees, in the Work and shall insure against fire, extended coverage and all risk perils (including resultant loss or damage from or as a consequence of faulty materials, workmanship or design). Contractor shall bear the actual deductible for such policy of insurance up to a maximum of $250,000 per occurrence to the extent that the loss covered by such deductible is caused in whole or substantial part in part, or restoring or rebuilding the Project to be constructed in order to assure contractor's compliance with the obligation to complete the Project. (including, without limitation, c) Contractor and Owner each hereby grant to the failure to perform obligations under this Agreement) by Contractor or Subcontractors or other persons performing Work on behalf of Contractor any insurer providing insurance required by this Section, a waiver or any Subcontractorright of subrogation which such insurer may acquire against the other by virtue of payment of any loss under such insurance; provided, however, that any such waiver shall be effective only in the event that, and Owner shall bear any remaining portion of such deductible. If required by the lendersonly so long as, the party waiving subrogation rights is empowered to grant such a waiver under the terms of the policy under this Section 1.1 shall be written such that or policies involved without affecting the proceeds of this insurance shall be payable to the Financing trustee or collateral agent for application as provided in the Financing documents. Owner and Contractor (and Contractor shall cause each Subcontractor to) waive all rights against each other and the Financing trustee or collateral agent for damages caused by fire and other perils and for the loss of use to the extent covered by property insurance obtained pursuant to this Section 1, or other property insurance applicable to the Work or any other real or personal property of Owner, Contractor or the Subcontractors, including the existing structures, buildings and their contents, furniture and fixtures, except such rights as they may have to the proceeds of such insurancecoverage.