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 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 fire, lightning, wind, collapse, flood and/or surface water, earthquake/volcanic action, theft, vandalism, malicious mischief, and terrorism, (C) include coverage for soft costs and (D) 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 be included as a named insured;
Examples of Special Perils in a sentence
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.
Such insurance shall include 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.
Any Special Perils Insurance policy shall contain a coinsurance waiver and replacement cost value endorsement without reduction for depreciation.
As an extension to Special Perils Insurance, Flood Insurance, and Boiler and Machinery Insurance, Borrower shall obtain and maintain business interruption insurance on an “actual loss sustained” basis (“Business Interruption Insurance”).
Such insurance shall be in an amount equal to the full replacement cost of the aggregate of the foregoing and shall provide coverage comparable to (or better than) the coverage afforded under policies using the ISO Special Causes of Loss Form (CP 10 30) or on an All Risk or Special Perils form.
More Definitions of Special Perils
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.
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 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 property insurance coverage in an amount not less than one hundred percent (100%) of the replacement cost of all insurable elements of the Real Property and of all tangible Personal Property, with coinsurance waived, or if a coinsurance clause is in effect, with an agreed amount endorsement acceptable to the Lender. Coverage shall extend to the Real Property and to all tangible Personal Property.
Special Perils property insurance covering INFLOW's personal property and premises in the building in the amount of its full replacement cost at the time of the loss.
Special Perils insurance policy (whether or not such policy is actually carried by the Port Authority at the time of such fire or other casualty) the premises or other areas of the World Trade Center are damaged so as to render the premises untenantable in whole or in part, then the Port Authority within forty-five (45) days after the occurrence of such casualty shall provide the Lessee in writing with a statement from its Chief Engineer setting forth his good faith estimate of the anticipated time Credit Suisse 042799 necessary to complete the repairs and rebuilding caused by such casualty and:
Special Perils insurance policy (whether or not such policy is actually carried by the Port Authority at the time of such fire or other casualty), the Port Authority within forty-five (45) days after the occurrence of the damage will provide the Lessee in writing with a statement from its Chief Engineer setting forth his good faith estimate of the anticipated time necessary to complete the repairs or rebuilding. In the event the Port Authority's Chief Engineer estimates Credit Suisse 042799 that the repairs or rebuilding to the premises, together with repairs or rebuilding to areas other than the premises, cannot be completed within two hundred seventy (270) days after the occurrence of the damage, then the Lessee shall have the right (i) to terminate the letting as to the entire premises under this Agreement with the same force and effect as if the effective date of termination were the original expiration date provided in this Agreement, or (ii) if such damage affects one or more, but not all, of the Areas constituting the premises, to terminate the letting under this Agreement only as to the Area or Areas so affected (such termination to be of any such Area or Areas in their entirety only), and the basic rental and additional basic rental shall be abated as provided in Section 18 of this Agreement entitled "Abatement of Rental" either, as the case may require, (x) for the period from the occurrence of the damage to the completion of the repairs or rebuilding, or (y) for the period from the occurrence of the damage to the effective date of termination, provided that in the event the Lessee elects to exercise its right of termination under either of (i) or (ii), above, the Lessee shall give to the Port Authority notice of such termination within thirty (30) days after receipt of the Port Authority's statement of its Chief Engineer, such termination to be effective sixty (60) days after the date of the giving of such notice.