CCP 06-15-1992 - Laserfiche WebLink

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C 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 hunared 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 risk" form of policy. (ii) Comprehens i ve general 1 iabil i ty insurance (including operations, contingent liability, operations of subcontrac- tors, completed operations and contractual liability in- surance) together with an Owner's Contractor's Policy 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 (ii) 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 Developer 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 businessesl including (without limiting the generality of the foregoing) fi re, extended coverage, vandalism and malicious mischie f, boiler explosion, water damage, demolition cost, debris \ removal, collapse and flood in an amount not lesll than the . 9