Builders Risk definition

Builders Risk insurance against damage or destruction by fire and full extended coverage, including vandalism and malicious mischief, covering all improvements to be erected hereunder and all materials for the same which are on or about the Property, in an amount equal to the full insurable value of such improvements and materials; such insurance to be payable to the Owner, the Developer and the Lender as their interests may appear, with a standard mortgagee endorsement to the Lender or its assigns as mortgagee. The Developer shall furnish to the Owner and the Lender if required by the Lender, duplicate policies of insurance or certificates of insurance as set forth in subparagraphs (i), (ii), and (iii) hereof. Each of such policies shall, if the insurance carriers so permit, contain a provision to the effect that they may not be canceled except upon ten (10) days prior written notice to the Owner and the Lender.
Builders Risk. The Contractor shall purchase and maintain All Risk Builder's Risk insurance upon the entire Project to One Hundred Percent (100%) of the insurable value thereof for the benefit of the Owner and the Contractor. Such insurance shall include any and all direct damage to all structures under construction (including temporary structures) and all materials, supplies, machinery, and equipment at the work site which are or will be incorporated in the work, which is caused by hazards such as but not limited to, the hazards of fire, lightning, wind, earthquake, flood, vandalism, malicious mischief, and other hazards included in a standard Extended Coverage Endorsement. Check box if required only.
Builders Risk. An 'all risk' Builders Risk insurance policy, including earthquake and flood, shall be maintained during the course of Construction. Policy shall include coverage for materials anc equipment to be used while at the Site, offsite or while in transit to the Site. Coverage shall be written to cover the full replacement cost of the property. Limits and deductibles shall be approved by PG&E ES. PG&E ES shall be named as Loss Payee. (5) Additional Insurance Provisions: Before commencing performance of Work, SUBCONTRACTOR shall furnish PG&E ES with certificates of insurance and endorsements of all required insurance for SUBCONTRACTOR. The documentation shall state that coverage shall not be canceled except after thirty (30) days prior written notice has been give to PG&E ES. The documentation must be signed by a person authorized by that insurer to bind coverage on its behalf and shall be submitted to: PG&E Energy Services, Contracts Department, 345 Xxxxxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxxxx, XX 00000. XX&E ES may inspect the original polices or require complete certified copies upon request. Upon request, SUBCONTRACTOR shall furnish PG&E ES the same evidence of insurance for its lower-tiered subcontractors as PG&E ES requires of SUBCONTRACTOR.

Examples of Builders Risk in a sentence

  • The Contractor shall provide Builder's Risk and Fire and Extended Coverage insurance to protect the County and Contractor and subcontractors.

  • This Builders Risk insurance covering the work will have a deductible of $5,000 for each occurrence, which will be the responsibility of the Contractor.

  • In the event that the contract is for renovation, addition or modification of an existing structure and Builders Risk Insurance is not available, the Owner will accept an Installation Floater Insurance Policy with the above endorsements in lieu of the Builders’ Risk Insurance Policy.

  • If Builders Risk insurance is required on this Project, a full and certified copy of that policy is required when the Contractor delivers the signed Contract for the work.

  • Builders Risk insurance shall be written in the amount of the completed value of the project with no coinsurance provisions.


More Definitions of Builders Risk

Builders Risk insurance against damage or destruction by fire and full extended coverage, including vandalism and malicious mischief, covering all improvements to be erected hereunder and all materials for the same which are on or about the Premises, in an amount equal to the full insurable value of such improvements and materials; such insurance, to be payable to Owner, Contractor and Lender, if any, as their interests may appear, with, standard mortgage endorsement to Lender or its assigns as mortgagee.
Builders Risk insurance with respect to the Premises, reasonably satisfactory to Landlord, and (b) all of the insurance to be maintained by Tenant during the Term, including without limitation public liability and property damage insurance, fire and extended coverage insurance and special form insurance, boiler and machinery insurance, and workers compensation insurance, (ii) the provisions of the Paragraph in this Lease entitled "Indemnity and Exemption of Landlord from Liability" shall be operative, and (iii) the provisions of the Paragraph in this Lease entitled "Utilities and Services" shall be operative. Any Alterations pursuant to this Paragraph shall be subject to all the provisions of the Paragraph in this Lease entitled "Alterations". Nothing in this Paragraph shall be construed as (a) requiring Tenant to carry such insurance on the initial improvements to be performed by Landlord as Landlord's Work pursuant to Exhibit "C", or (b) granting permission to ----------- Tenant to enter the Premises, or to make any Alterations, prior to the Lease Commencement Date and no such right shall exist unless specified in Exhibit "C". -----------
Builders Risk. All-Risk” Property Insurance covering the work and materials used in developing the System with a limit of coverage at least equal to the full replacement value of the System. Such property insurance shall be written on a replacement cost basis, subject to standard exclusions, property limitations and conditions. Such insurance shall include the Purchaser, the County, the District and the Host, as Additional Named Insureds, 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). Licensee expressly waives all right of recovery against the Purchaser, the County, the District and the Host for damage to its tools and equipment and shall assure that the Builder’s Risk insurer agrees to waive of subrogation against the Purchaser, the County, the District and the Host.
Builders Risk. The City has Builder’s Risk coverage that is shared between members of the W.A.R.M. property pool. Depending upon the size of the project, the City shall have the right to require the Contractor to obtain Builder’s Risk Coverage (this would be listed as a separate pay item on the Proposal). The Contractor is responsible for obtaining insurance coverage for its own property at the job site.
Builders Risk. To cover structures being built, temporary structures at the building site, and building materials not yet having become part of the building. The building materials are covered while on the insured location, in transit, or in storage at another location.
Builders Risk policy, “Cargo” policy and “OCIPpolicies (as those terms are defined in Schedule 6.3) attached to the Borrower Guarantee Issuance Date Certificate are appropriate forms for purposes of Section I.a.1, I.a.2, and I.a.4 of Schedule 6.3. (Signature page follows)
Builders Risk insurance shall name Landlord and such other parties as Landlord may reasonably specify as the loss payee(s), as their interest may appear, with respect to all proceeds received therefrom. All of the insurance required to be carried by Tenant hereunder shall provide that it is primary insurance, and not excess over or contributory with any other valid, existing, and applicable insurance in force for or on behalf of Landlord, shall provide that Landlord shall receive thirty (30) days' written notice from the insurer prior to any cancellation or material reduction of coverage, and shall be placed with companies which are rated A:VII or better by Best's Insurance Guide and licensed to business in the State of California. All deductibles and self-insured retentions under Tenant's policies are subject to Landlord's reasonable approval, and all insurance, except Workers' Compensation, maintained by Tenant's Agents shall preclude subrogation claims by the insurer against anyone insured thereunder. Tenant's compliance with the provisions of this Section shall in no way limit Tenant's liability under any of the other provisions of the Lease.