CCP 09-22-1997 - Laserfiche WebLink

Home Browse Search

. 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 insurance 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 clauses which provide for Net Proceeds of insurance resulting from claims per casualty thereunder to the Minimum Improvements to be made payable jointly 10 the Authority and Redeveloper. The Authority and the Redcweloper shall jointly agree on the amount of settlement. ~ (ii) Comprehensive general liability insurancc, including personal injury liability (with employee exclusion deleted), and aUlomobile insurance, including owned, non- owned and hired automobiles, against liabilily for injuries to persons and/or property, in the minimum amOWlI for each occurrence and for each year of $2,000,000.00, for public liability and shall be endorsed 10 show the Authority as additional insured, (iii) Such other insurance, including workcr'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 Agreemenl shall be taken out and maintained in responsible insurance companies selecled by the Redeveloper which are authorized under the laws of the State to asS\lIl1e the risk covered thereby. The Redeveloper will deposil annually with the Authority binders evidencing 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 oflliis Agreement each policy shall contain 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 evidence satisfactory 10 the Authority that the policy has been renewed or replaced by another policy conforming 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 maintain a single policy, blanket or umbrella policies, or a combination thereof, having the coverage required herein, in which event the Redeveloper shall deposit with the Authority a certificate OT certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements, (d) The Redeveloper agrees to notify the Authority immediately in the case of damage to or destruction of, the Minimum Improvements or any portion thereof resulting from fire or other casualty. In the event of any "partial" damage or destruction (as opposed to "substantial damage", as defined below), the Redeveloper will forthwith repair, reconstruct and . restore the Minimwn Improvements to substantially the same or an improved condition or value as existed prior to the event causing such damage and, to the extent necessll1j' to accomplish sueh 19 t'c'd 61'01. 1.G6 c~9 't:J'd '3>1130 '8 )'3lCItli:la 8t :St 1.66t-6t-<135 ------.-.---