Owner Insurance. During the Term, Owner shall obtain and maintain, with insurers of recognized responsibility authorized to do business in the state where the Site is located and assigned an A.M. Best rating of no less than A-/X, All Risk Property Damage/Machinery Breakdown Insurance, in an amount sufficient to cover one hundred percent (100%) of the replacement cost of the Project. This policy shall provide an express waiver of subrogation in favor of O&M Contractor, Subcontractors, Seller and the insurers of all of them. Coverage shall be written on an “All Risk” basis including flood and earthquake coverage, including mechanical and electrical breakdown insurance covering resulting damage with respect to consequence of design, workmanship or material defect (LEG 2/96 or better), the perils of flood, earthquake, named windstorm, strike, sabotage, riot and civil commotion, vandalism and malicious mischief, subject to terms that are consistent with current industry practice insuring all real and personal property of O&M Contractor whether at a fixed (including non-owned location for off-site repair or refurbishment), off- site storage or a warehouse location or while in the course of inland or ocean transit (as the case may be), for an amount of not less than the full replacement cost value of the property and equipment at each location without the presence of coinsurance. The policy shall contain a Notice of Cancellation provision of no less than sixty (60) days and business interruption coverage following all perils. Sub-limits are permitted with respect to the following perils:
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Samples: Operation and Maintenance Agreement, Operation and Maintenance Agreement, Operation and Maintenance Agreement
