CCP 09-22-1997 - Laserfiche WebLink

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. ARTICLE V IDinrance SInd Condemnation Section 5.1. Insurance (a) The Redeveloper will provide and maintain or cause to be provided and maintained at all times during the process of constrUcting the Minimum IlJ1provements and, from time to time at the request of the Authority, furnish Ihe Authority with proof of payment ofprcmi~~ on: (i) Builder's risk or hazard insurance, written on the so-called "Builder's Risk - Completed Value Basis," in an amount equal to one hundred percenl (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" fonn of policy. The interest of the Authority shall be protected in accordance with a clause in fonn 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 injllI)' and property damage of not less than $2,000,000.00 fol' each occurrence (to accomplish the above-required limits, an umbrella excess liability policy may be used); and (iii) Worker's compensation insurance, with slatulory coverage and employer's liability protection. (b) Upon cOlIlpletion of construction of the Minimum Improvements and priOl' to the Termination Date, the Redeveloper shall maintain, at its cost and expense, and from time to time at the request of the Authority 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 risk as are ordinarily insured against by similar businesses, including (without limiting the generality of the foregoing) fire, extended coverage, all risk vandalism and malicious mischief, boiler explosion, water damage, demolition cost, debris removal, and collapse in an amoWlt not less than the full insurable replacement value of the Minimum Improvements, but any such policy may have a deduclible amount of not more than $25,000, No policy of insurance shall be 50 written that the proceeds thereof will produce less than the minimum coverage required by the prC\;eding sentence, by reason of co-insurance provisions or otherwise, without the prior 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 and costs of1lllderground flues, pipes, drains and other uninsurable items) and equipment, and shall be detennined from time to time at the 18 ~'d 6N'l1. l.G6 <:19 'I;j'd '3)1130 '8 A3I(II:l<lll 8t:St 1.661-61-d3S