Contractor’s Builder’s Risk Completed Value Insurance. The County shall be required to procure and maintain or cause to be procured and maintained, at no cost to BB&T until the County Courthouse is accepted and insured by the County, standard, all risk of loss builder’s risk completed value insurance upon the County Courthouse. Such policy shall not prohibit the waiver of any rights, including but not limited to the right of subrogation, by the County and any contract with respect to each other, their officers, agents and employees relating to claims covered by such policy. The policy shall include a provision prohibiting cancellation or termination without 30 days prior notice by certified mail to BB&T and the County, and may have a deductible clause in such amount as may be approved by BB&T and the County; provided, however, that neither the County nor BB&T shall thereby be deemed to have incurred any obligation to reimburse any other person for the amount of the deductible. A copy of such insurance policy, or a certificate with respect thereto, shall be provided to the County and BB&T. Such insurance coverage shall be in an amount at least equal to the sum of all construction contracts. In the event of any change order resulting in the performance of additional work in connection with the County Courthouse, the amount of such insurance shall be increased to include the cost of such additional work. Such builder’s risk completed value insurance policy shall name the County, BB&T, and each contractor as insured, and shall designate BB&T as loss payee for deposit as provided herein. Each such insured shall designate BB&T as its agent for purposes of settlement and payment of proceeds, and no such insured shall have the power to adjust or settle any loss with respect to the County Courthouse without the prior written consent of BB&T.
Contractor’s Builder’s Risk Completed Value Insurance. The County will procure and maintain, or will require each contractor entering into a Construction Contract for the construction of each of the Projects, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk for the construction of each of the Projects, to procure and maintain, property insurance (builder’s risk) on all construction, improving, equipping and furnishing of the Projects (excluding contractor’s tools and equipment) at the full and insurable value thereof. Such insurance will include the interest of the County and the contractor as additional insureds, and shall insure against “all risk” subject to standard policy conditions and exclusions. With respect to any of the Projects in a flood plain, flood insurance is required up to, but not exceeding, the maximum attainable amount of coverage under Federal flood insurance. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, shall purchase and maintain similar property insurance for portions of the work stored off the real property upon which the Projects are located or in transit when such portions of the work are to be included in an application for payment. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, is responsible for the payment of any deductible amounts associated with this insurance.
Contractor’s Builder’s Risk Completed Value Insurance. Unless otherwise obtained by the Board or the Authority, each Contractor and subcontractor retained by the Board or the Authority in connection with a Construction Contract shall be required to procure and maintain during the term of his contract and until such Project is accepted and insured by the Authority and the Board, builder’s risk completed value insurance upon the building, facilities or improvements constructed or to be constructed, in whole or in part, by such contractor or subcontractor, insuring against loss or damage caused by fire, malicious mischief, vandalism and such other hazards as may be insured against in the standard extended coverage provisions of such policies used in the State. Such policies may contain deductible amounts of not more than the amount that is then customary for such policies. Such insurance coverage shall be in an amount at least equal to the contract price for such contractor’s or subcontractor’s work. In the event of any change order resulting in the performance of additional work in connection with a Project, the amount of such insurance shall be increased to include the cost of such additional work, as well as materials and fixtures to be incorporated in such Project. Such builder’s risk completed value insurance policies shall carry loss payable endorsements in favor of the Trustee under the Indenture. No agency or employee of the Board or the Authority shall have the power to adjust or settle any loss with respect to a Project without the prior written consent of the Trustee. Such insurance shall contain provisions prohibiting cancellation or amendment without ten (10) days’ prior written notice to the Authority and the Trustee.
Contractor’s Builder’s Risk Completed Value Insurance. The Town will procure and maintain, or will require each contractor entering into a Construction Contract for the construction of the Project, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk for the construction of the Project, to procure and maintain, property insurance (builder’s risk) on all construction, improving, equipping and furnishing of the Project (excluding contractor’s tools and equipment) at the full and insurable value thereof. Such insurance will include the interest of the Town and the contractor as additional insureds, and shall insure against “all risk” subject to standard policy conditions and exclusions. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, shall purchase and maintain similar property insurance for portions of the work stored off the real property on which the Project is located or in transit when such portions of the work are to be included in an application for payment. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, is responsible for the payment of any deductible amounts associated with this insurance.
Contractor’s Builder’s Risk Completed Value Insurance. The County will procure and maintain, or will require each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, entering into a construction contract related to the Project to procure and maintain property insurance (builder’s risk) on all acquisition, construction and equipping related to the Project (excluding contractor’s tools and equipment) at the Project at the full and insurable value thereof. This insurance will include the interest of the County, the Trustee and the contractor as additional insureds; and shall insure against “all risk” subject to standard policy conditions and exclusions. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, shall purchase and maintain similar property insurance for portions of the work stored off the sites on which the Project are located or in transit when such portions of the work are to be included in an application for payment. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, is responsible for the payment of any deductible amounts associated with this insurance.
Contractor’s Builder’s Risk Completed Value Insurance. The general contractor for any Project Contract for the Project shall be required to procure and maintain, at its own cost and expense, during the term of the applicable Project Contract standard, all risk of loss builder’s risk completed value insurance upon the Project. Such policy shall contain a waiver of subrogation by the issuer of such policy with respect to the County and the Trustee, and their officers, agents and employees while acting within the scope of their employment. The policy may have a deductible clause in an amount not to exceed $25,000. A certified copy of such insurance policy, or a certificate with respect thereto with appropriate endorsements attached, shall be provided by the County to the Trustee. Such insurance coverage shall be in an amount at least equal to the total contract price for such contractor’s work. In the event of any change order resulting in the performance of additional work, the amount of such insurance shall be increased to include the cost of such additional work, as well as related materials and fixtures. Such builder’s risk completed value insurance policy shall name the County and the Trustee as mortgagee/trustee and loss payees and additional insureds, as their respective interests may appear. No agent or employee of the County shall have the power to adjust or settle any loss with respect to the Project without the prior written consent of the Trustee; except that losses not exceeding $5,000 may be adjusted or settled by the County without the Trustee’s consent.
Contractor’s Builder’s Risk Completed Value Insurance. The County will procure and maintain, or will require each contractor entering into a Construction Contract for the construction of the Project, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk for the construction of the Project, to procure and maintain, property insurance (builder’s risk) on all construction and equipping of the Project (excluding contractor’s tools and equipment) at the full and insurable value thereof. Such insurance will include the interest of the County and the contractor as additional insureds, and shall insure against “all risk” subject to standard policy conditions and exclusions. With respect to any of the Project in a flood plain, flood insurance is required up to, but not exceeding, the maximum attainable amount of coverage under Federal flood insurance. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, shall purchase and maintain similar property insurance for portions of the work stored off the real property upon which the Project are located or in transit when such portions of the work are to be included in an application for payment. Each contractor, or the construction manager at risk or any first-tier subcontractor entering into a construction contract with the construction manager at risk, is responsible for the payment of any deductible amounts associated with this insurance.
Contractor’s Builder’s Risk Completed Value Insurance. The Town will provide for each contractor entering into a Construction Contract to purchase and maintain property insurance (builder's risk) upon all construction, acquisition, installation and equipping of the Facilities (excluding contractor's tools and equipment) at the Sites at the full insurable value thereof. This insurance will include the Corporation and the Trustee as additional insureds or loss payees, and will insure against "all risk" subject to standard policy conditions and exclusions. The contractor will purchase and maintain similar property insurance for portions of the work stored off the Sites or in transit when such portions of the work are to be included in an application for payment. The contractor will be responsible for the payment of any deductible amounts associated with this insurance.
