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ARTICLE V <br />Insurance a�d Condem�nation <br />Section 5.1. Insurance. (a) The Developer will pravide and maintain at aIl times during the <br />process af constructing the Minimum Improvements an All Risk Broad Forna Basis Insurance Policy and, <br />fronn tima ta time during #hat period, at the :request of ihe City, furnish the City wi�h proof af payment of <br />pre�niums on policies covering the foIlowing: <br />(i) Builder's risk insurance, written �n the so-called "Builder's Risk -- Completed <br />Value Basis," in an amaunt equal to one hundred percent (IUO%) of the insurable value of the <br />Minimum Impravements at the date of completion, and with coverage a�ailable in nozzreporting <br />form on the so-called "ali risk" form of policy. <br />(ii) Comprehensive general liability insurance (incluc�ing operations, confingent <br />liability, operations of subcontractors, completed aperations a�ad contractual liability insurance) <br />together with an Owner's Protective Liability Policy with timits against bodily injury and <br />property damage of not less than $ I,000,000 for each occurrence (to accoznplish the above- <br />required limits, an umbrella excess liability policy rnay be used}. <br />{iii) Workers' compensation insurance, with statutory coverage, if the Developer �as <br />employees. <br />(b} Upon completion of construction of the Minimum Improvernents and priar to ihe <br />Maturity Date, #he Developer shaIl maintain, or cause to be maintained, at its cost and expense, and frorn <br />titne to tirne at fihe request of the City shall furnish prooF of the payment of premiums on, insurance as <br />follows: <br />(i} Insurance against Ioss and/or damag� to the Minimum Improvements under a <br />policy or poiic�es covering such risks as are ordinarily insured against by similar businesses. <br />(ii} Comprehensive general public liability insurance, including personal injury <br />liability (with employee exclusion deleted), against liability for injuries to persons and/ar <br />properiy, in ti�e tninimum amount for each occurrence and for each year of $i,000,00d, and shall <br />be �ndorsed to show the City as additionai insured. <br />{iii) Such ot�.er insurance, including workers' compensation insurance respecting all <br />empIoyees of the Developer, in such amount as is customarily carried by like organizations <br />engaged fn like activities of comparab�� size and liabElity exposure; provided that the Developer <br />may be self-insured with respect to all or any part of its liability for workers' campensation. <br />(c) Ali insurance required in Article V of this Agreemen.t shall be talcen out and maintained <br />in responsible insurance companies selected by the Developer which are authorized under the laws of the <br />State to assume the risks covered thereby. Upon request, the Developer will deposit annually with th� <br />City policies evidencing all such insurance, or a certificate or certi�cates or binders of the respective <br />insurers stating that such insurance is in force and effect. Unless otherwise provided in tk�is Ar�icle V of <br />#his Agreement each policy shall contain a provision that the insurer shall nat cancel nar modify it in such <br />a way as to reduce the coverage �rovided beIow the amoeants required herein without giving written notice <br />to the Developer and the City at least thirty {30) days before the cancellation. or modifcation becomes <br />effective. In lieu af separate policies, the Developer may main�ain a single policy, blanket or umbreila <br />378990vb SJB AR2D0-10 15 <br />