Common use of Insurance Requirements During Construction Clause in Contracts

Insurance Requirements During Construction. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Xxxxxxxxx Garden 1 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. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Xxxxxxxxx Garden 1 Rehabilitation Xxxxxxx Place West 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, 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. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Xxxxxxxxx Garden 1 Rehabilitation Clarendon Court Renovation 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. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Xxxxxxxxx Garden 1 Xxxxxx House II Apartment Complex 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- 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. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Xxxxxxxxx Garden 1 Rehabilitation Columbia Hills West 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, 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. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Xxxxxxxxx Garden 1 Rehabilitation Xxxxxxx Place East 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, 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. In addition to the insurance coverage required pursuant to Section 5.02 below, prior to commencing the Xxxxxxxxx Garden 1 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- 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.