CCP 08-18-1997 - Laserfiche WebLink

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. request of the Authority, but not more frequently than once very three years, by an insurance consultant or insurer, selected and paid for by the Redeveloper and approved by the Authority. All policies evidencing insllrance required by this subparagraph (i) with respect to the Minimum Improvements shall be carried in the names of the Redeveloper and the Authority as their respective interests may appear and shall contain standard clallSes which provide for Net Proceeds of insurance res\tlting from claims per casualty thereunder to the Minimum Improvements to be made payable jointly to the Authority and Redeveloper. The Authority and the Redeveloper shall jointly agree on the arnotlltt of settlement. - (ii) Comprehensive general liability insurance, including personal injury liability (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 anlount for each occurrence and for each year of $2,000,000.00, for public liability and shall be endorsed to show the Authority as additional insured. (iii) Such other insurance, including worker's compensation insurance respecting all employees of the Redeveloper, in such amount as is customarily carried by like organizations engaged in like activities of comparable size and liability exposure; provided that the Redeveloper may be self-insured with respect to all or any part of its . liability for worker's compensation. - (c) All insurance required in Article V of this Agreement shall be taken out and maintained in responsible insurance companics selected by the Redeveloper which are authorized under the laws of the State to asswne the risk covered thereby. The Redeveloper will dcposit ~ annually with the Authority binders evidcncing all such insurance, or a certificate or certificates of the respective insurers stating that such insurance is in force and effect. Unless otherwise - provided in this Article V of this Agreement each policy shall contaill a provision that the insurer - shall not cancel or modify it without giving written notice to the Redeveloper and the Authority at least thirty (30) days before the cancellation or modification becomes effective. Not less than - fifteen (15) days prior to the expiration of any policy, the Redeveloper shall furnish the Authority I evidence satisfactory to the Authority that the policy has beyn renewed or replaced by another policy confonning to the provisions of this Article V of this Agreement, or that there is no necessity therefor under the terms hereof. in lieu of separate policies, the Redeveloper may I maintain a single policy, blanket aT umbrella policies, or a combination thereof, having the coverage rcquired hcrcin, in which event the Redcvc10pcr shall deposit with thc Authority a certificate or certificates of the respective insurers as to the aJ110unt of coverage in force upon the I Minimum Improvements. (d) The Redeveloper agrees to notify the Authority immediately in the case of I damage to or destruction of, the Minimum Improvements or any portion thercof resulting from fire or other casualty. In the event of any such damage or deslfllclion, the Redeveloper wj]J .. forthwith repair, reconstruct and restore the Minimum Improvements to substantially the same or an improved condition or value as existed prior to the event causing such damage and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Redeveloper will 19 I n/80'd 61"0<' <';;6 ,,19 '~'d '3~13a ~ ^3Ia~da 1[:91 <.661-n-m~ - ------------