CCP 06-15-1992 - Laserfiche WebLink

Home Browse Search

. full insurable replacement value of the Minimum Improvements, but any such policy may have a deductible amount of not more than $25,000. no policy of insurance shall be so written that the proceeds thereof will produce less than the minimum coverage required by the preceding sentence, by reason of co- insurance provisions or otherwise, without the prior consent thereto in writing by the Administrator. The term "full insurable replacement value" shall mean the actual replacement cost of the Minimum Improvements (excluding foundation and excavation costs and costs of underground flues, pipes, drains and other uninsurable items) and equipment. (ii) Comprehensive general public liabil i ty insurance, including personal injury liabi li ty (with employee exclusion deleted), and automobile insurance, including owned, non-owned and hired automobiles, against liability for injuries to persons and/or property, in the minimum amount for each occurrence and for each year of $1,000,000.00, for public liability not arising from ownership or operation of automobi- les (or other motor vehic les) , and in the minimum amount of $300,000 for each occurrence and for each year for liability arising out of ownership or operation of automobiles. (iii) Such other insurance, including worker's compensa- tion insurance respecting all employees of the Developer . engaged in work with respect to the construction of the Minimum Improvements, in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure; provided that the Developer may be self-insured with respect to all or any part of its liability for worker's compensation. (c) All insurance required in Article IV of this Agreement shall be taken out and maintained in responsible insurance companies selected by the Developer which are authorized under the laws of the State to assume the risks covered thereby. The Developer will deposit annually with the Administrator policies evidencing all such insurance, or a certificate or certificates or binders of the respective insurers stating that such insurance is in force and effect. -., (d) The Developer agrees to notify the Administrator immediately in the case of damage exceeding $50,000 in amount to, or destruction of, the Minimum Improvements or any portion thereof resulting from fire or other casualty. In the event that any such damage does not exceed $50,000, the Developer will forthwith repair, reconstruct and restore the Minimum Improvements to substantially the same or an improved condition or value as it existed prior to the event causing such damage and, to the extent necessary to accomplish such repair, reconstruction and restora- . tion, the Developer \oIi11 apply the Net Proceeds of any insurance relating to such damage received by the Developer to the payment 10