CCP 08-18-1997 - Laserfiche WebLink

Home Browse Search

i . ARTJCLE V Insnrance and Cnndemnation Section 5.1. Insurance (a) Thc Redeveloper will provide and maintain or cause to be provided and maintained at all timcs during the process of constructing the Minimum Improvements and, from time to time at the request of the Authority, furnish the Authority with proof of payment ofpremiulls on: (i) Builder's risk or hazard insurance, written on the so-called "Bui lder's Risk -- Completed Value Basis," in an amount equal to one hundred percent (100%) of the insurable value of tbe Minimum Improvements at the date of completion, and with coverage available in nonreporting foml on the so called "all risk" form of policy. The interest of the Authority shall be protected in accordance with a clause in form and content satisfactory to the Authority; (ii) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations, Broadening Endorsement including contractual liability insurance) together with an Owner's Contractor's Policy with limits against bodily injury and property damage of not less than 52,000,000.00 for cach . occurrence (to accomplish the above-required limits, an umbrella excess liability policy may be used); and (iii) Worker's compensation insurance, with statutory coverage and employer's liability protection. - (b) Upon completion of construction of the Minimum Improvements and prior to the - Termination Date, the Redeveloper shall maintain, at its cost and expense, and from time to time - at the request of tbe Authority shaH furnish proof of the payment of premiums on, insurance as follows: - (i) Insur.mce against loss and/or damage to the Minimum Improvements under a I policy or policies covering such risk as are ordinarily insured against by similar businesses, including (without limiting the generality of the foregoing) fire, extended I coverage, all risk vandalism and malicious mischief. boiler explosion, water damage, demolition cost, debris removal, and collapse in an amount not less than the full insurable replacement value of the Minimum Improvements, but any such policy may have a I deductible amount of not more than $5,000. No policy of insurance shall be so written that the proceeds thereof wilt produce less than the minimmn coverage required by the preceding sentence, by reason of co-insurance provisions or otherwise, without the prior I consent thereto in writing by the Authority. The term "full insurable replacement value" shall mean the actual replacement cost of the Minimum Improvements (excluding .. foundation and excavating costs an.d costs of underground flues, pipes, drains and other uninsurable items) and equipment, and shall be detennined frOll time to time at the 18 H//.0'd I 6t'0/. /.26 2,9 'U'd <3~I3a ~ ^3laU~a ,2:9, /'66,-H-mU