CCP 06-15-1992 - Laserfiche WebLink

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L- ARTICLE IV . Insurance Section 4,1. Insurance, (a) The Developer will provide and maintain at all times during the process of constructing the Minimum Improvements and, from time to time at the request of the Administrator, furnish the Administrator with proof of payment of premiums on: (i) Builder's risk insurance, written on the so-called "Builder's Risk -- Completed Value Basis," in an amount equal to one hundred percent (100") of the insurable value of the Minimum Improvements at the date of completion, and with coverage available in nonreporting form on the so-called "all riskH form of policy. (H) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontrac- tors, completed operations and contractual liability in- surance) together with an Owner's Contractor's Pol icy with limits against bOdily injury and property damage of not less than $1,000,000.00 for each occurrence (to accomplish the above required limits, an umbrella excess liability policy may be used) . . ~- ( iii) Worker's compensation insurance, with statutory coverage. The policies of insurance required pursuant to clauses (i) and (iil above shall be in form and content satisfactory to the Ad- ministrator and shall be placed with financially sound and reputable insurers licensed to transact business in the State. The policy of insurance delivered pursuant to clause (i) above shall contain an agreement of the insurer to give not less than thirty ( 30) days' advance written notice to the Administrator in the event of cancellation of such policy or change affecting the coverage thereunder. (b) Upon completion of construction of the Minimum Improve- ments and prior to the Maturity Date, the D~eloper shall maintain, or cause to be maintained, at its cost and expense, and from time to time at the request of the Administrator shall furnish proof of the payment of premiums on, insurance as follows: (i) Insurance against loss and/or damage to the Minimum Improvements under a policy or policies covering such risks as are ordinarily insured against by similar businesses, including ( without limiting the generality of the foregoing) fire, extended coverage, vandalism and malicious mise hie f, . ( boiler explosion, ,.,.ater damage, demoli t ion cost, debris removal, collapse and flood in an amount not leslI than the 9