Insurance Requirements During Construction. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Xxxxxx Rehabilitation Project, the Borrower shall maintain coverage of the type now known as builder’s completed value risk insurance, as delineated on a Builder’s Risk 100% Value Non-Reporting Form. Such insurance shall insure against direct physical loss or damage by fire, lightning wind, storm, explosion, collapse, earth movement, land movement or earthquake, flood, vandalism, malicious mischief, glass breakage and such other causes as are covered by such form of insurance. Such policy shall include (A) a “Replacement Cost Endorsement” in amount not less than 100% of the then full replacement cost, to be determined at least once annually and subject to reasonable approval by the County, and (B) an endorsement to include coverage for budgeted soft costs (including construction loan interest, building permit fees, construction inspection fees, builder’s risk insurance, and property taxes during Renovation). The replacement cost coverage shall be for work performed and equipment, supplies and materials furnished to and which become part of the Property without deduction for physical depreciation and with a deductible not exceeding $50,000.00 per occurrence.
Insurance Requirements During Construction. (i) Tenant shall secure, pay for, and maintain, or cause its contractors and subcontractors to secure, pay for, and maintain, during the continuance of construction and fixturing work within the Premises, all of the insurance policies required in the amounts as set forth herein, together with such insurance as may from time to time be required by city, county, state or federal laws, codes, regulations or authorities.
Insurance Requirements During Construction. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Construction Project, the Borrower shall maintain coverage of the type now known as builder’s completed value risk insurance, as delineated on a Builder’s Risk 100% Value Non-Reporting Form. Such insurance shall insure against direct physical loss or damage by fire, lightning wind, storm, explosion, collapse, underground hazards, flood, vandalism, malicious mischief, glass breakage and such other causes as are covered by such form of insurance. Such policy shall include (A) an endorsement for broad form property damage, breach of warranty, demolition costs and debris removal, (B) a “Replacement Cost Endorsement” in amount not less than 100% of the then full replacement cost, to be determined at least once annually and subject to reasonable approval by the County, and (C) an endorsement to include coverage for budgeted soft costs (including construction loan interest, building permit fees, construction inspection fees, builder’s risk insurance, and property taxes during Construction). The replacement cost coverage shall be for work performed and equipment, supplies and materials furnished to the Property or any adjoining sidewalks, streets and passageways, or to any bonded warehouse for storage pending incorporation into the work, without deduction for physical depreciation and with a deductible not exceeding $50,000.00 per occurrence. [Must confirm with the County Risk Manager to make sure the above provision is sufficient and/or applicable]
