Special Perils definition

Special Perils builders’ all risk insurance written in “100% builders risk completed value, non-reporting form”, including coverage therein for “completion and/or premises occupancy”, such insurance to be in the amounts and terms specified in subparagraph (ii) above, plus, (1) coverage for all materials which will become a part of the new building, whether at the construction site, stored elsewhere, or in transit; (2) soft costs coverage including 100% of the loan interest, and coverage for recurring expenses including but not limited to plans, specifications, blueprints and models, real estate taxes, real estate commissions, advertising, architectural and engineering supervisory costs, legal and accounting costs, and delayed completion business income/rental interruption (if any) on an actual loss sustained basis; (3) provide for permission for partial occupancy.
Special Perils as required pursuant to Subsection 3.1(a)(i), (C) including permission to occupy such Property, and (D) with an agreed amount endorsement waiving co-insurance provisions;
Special Perils coverage The policy or policies shall be issued by a company or companies licensed to do business in the state in which the Premises is located and shall name Landlord as an additional insured. Tenant shall deliver to Landlord certificates for all insurance policies required to be maintained by Tenant within thirty (30) days after Landlord’s written request. Tenant may elect to carry its insurance pursuant to a captive-carrier or self-insurance program [subject to customary and reasonable requirements to be established]. [CHI’s risk department to review this section; additional discussion needed.] c.

Examples of Special Perils in a sentence

  • Course of Construction) insurance utilizing an “All Risk” (Special Perils) coverage form, with limits equal to the completed value of the project and no coinsurance penalty provisions.

  • Builder’s Risk (Course of Construction): Insurance utilizing an “All Risk” (Special Perils) coverage form, with limits equal to the completed value of the project and no coinsurance penalty provisions.

  • Contractor/Consultant Signature Builder’s Risk (Course of Construction): Insurance utilizing an “All Risk” (Special Perils) coverage form, with limits equal to the completed value of the project and no coinsurance penalty provisions.

  • Such insurance shall be written on the ISO Special Perils form including but not limited to the perils of fire, extended coverage, windstorm, vandalism, malicious mischief and sprinkler leakage, for the full replacement cost value of the covered items and in amounts that meet any co-insurance clause of the policies of insurance with a deductible amount not to exceed $10,000.

  • The insurance coverage on handing over of the system must include all conditions of Standard Fire and Special Perils Policy (Material Damage).


More Definitions of Special Perils

Special Perils or equivalent policy form of builder’s risk insurance in the amount of one hundred percent (100%) of the completed value of the Improvements, plus the value of subsequent Construction Contract modifications, if any, and cost of materials supplied or installed by others, comprising the total value of the Improvements, which shall be converted to permanent property hazard insurance for all Improvements included within the Project upon issuance of a certificate of occupancy for each such building, and, for both forms of coverage, Developer’s and Owner’s lenders’ interests shall be protected under a loss payable clause. The builder’s risk insurance policy must provide (A) a permission to occupy endorsement (B) include coverage for the perils of collapse, flood and/or surface water, and earthquake/volcanic action, where applicable (C) intentionally deleted, (D) include coverage for soft costs and (E) include coverage for materials temporarily stored off site and/or in transit (unless such risk of loss is transferred to others by written contract). Owner and Developer shall each be included as an additional insured;
Special Perils property insurance in an amount adequate to cover the full replacement cost of all Tenant Additions, equipment, installations, fixtures and contents of the Premises in the event of loss; (d) in the event a motor vehicle is to be used by Tenant in connection with its business operation from the Premises, Comprehensive Automobile Liability Insurance coverage with limits of not less than One Million and No/100 Dollars ($1,000,000.00) combined single limit coverage against bodily injury liability and property damage liability arising out of the use by or on behalf of Tenant, its agents and employees in connection with this Lease, of any owned, non-owned or hired motor vehicles; and (e) such other insurance or coverages as Landlord reasonably requires provided such other insurance or coverages are consistent with the requirements of landlords of buildings similar to the Building in the San Francisco Bay Area.
Special Perils including “windstorm” and “hurricane” and (b) the lender required “Named Storm” additional coverage for those locations 25 miles or less from the Coast.
Special Perils or “All Risks” form of property insurance insuring against all risks of physical loss, including, without limitation, fire, extended coverage, vandalism, malicious mischief, earthquake, wind, flood and collapse, insuring to the extent of the full replacement cost of the improvements on the Property without deduction for depreciation, either without co-insurance requirements or with agreed amount endorsement attached and having a deductible of no more than $50,000.00 per occurrence. [2] General liability insurance covering all liabilities incident to the ownership, possession, occupancy and operation of the Property and naming Lender as an additional insured thereunder, having limits of not less than $1,000,000 each accident, $1,000,000 each person, and $2,000,000.00 property damage, and having a deductible of no more than $50,000.00 per occurrence. Lender reserves the right to require increased coverage under this Subparagraph [2]. [3] Rent or business interruption insurance against loss of income arising out of any hazard against which the Property is required to be insured under Subparagraph 1.3A[1] above, in an amount not less than twelve (12) months’ gross rental income from the Property. [4] Flood hazard insurance, if the Property is in an area which is, at any time during the term of this Deed of Trust, identified by the Secretary of Housing and Urban Development or the Federal Emergency Management Agency as having special flood or mud slide hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, as amended;
Special Perils property insurance shall provide that the policy shall not be invalidated should the insured waive in writing prior to a loss, any or all rights of recovery against any other party for losses covered by such policies. Tenant shall deliver to Landlord, certificates of insurance and at Landlord's request, copies of all policies and renewals thereof to be maintained by Tenant hereunder, not less than ten (10) days prior to the Commencement Date and not less than ten (10) days prior to the expiration date of each policy.
Special Perils basis (special form cause of loss) for one hundred percent (100%) of the replacement value of each Site, as applicable, with customary deductibles as approved by Landlord. The policy shall contain the following endorsements: (a) Replacement Cost (without any deduction made for depreciation); (b) Agreed Amount (waiving co-insurance penalties); (c) a standard landlord clause acceptable to Landlord; and (d) a standard mortgagee clause acceptable to Mortgagee, if any. Each such policy shall also include the following coverage if applicable: (i) comprehensive boiler and machinery coverage in amounts as determined by Landlord; (ii) earthquake and earth movement for the full replacement cost of the subject Site, or the amount as would (in light of the risks insured and the cost of premiums for such insurance) in Landlord's judgment be maintained by a prudent operator of property similar in use and locale; and (iii) flood insurance if the Improvements located on a Site are located in a special flood hazard area as designated by the Director of the Federal Emergency Management Agency, in sufficient amounts as reasonably determined by Landlord provided, that such coverage in such amounts are generally available at commercially reasonable costs.
Special Perils. (including flood if any property where the Collateral is located in a special flood hazard zone), Comprehensive Business Insurance Program, including but not limited to, a multi-peril package policy, workers' compensation, Commercial automobile, business interruption, extra expense, loss of rents, employee dishonesty, umbrella liability and professional liability. The appropriate policies shall cover all personal property and other assets comprising the Collateral and shall name the Bank as Loss Payee under a Lender's Loss Payable Clause. All such policies to be written for the full insurable value of the Collateral (without deduction for depreciation or obsolescence) . If a blanket policy is issued, a certified copy of said policy shall be furnished together with an endorsement indicating that the Bank is the insured under said policy in the proper designated amount. The Borrowers shall also carry such other insurance as may reasonably be required by the Bank.