|
Manager’s request, provide a copy of the property insurance policy or policies required by Section B.2.3. The copy
<br />of the policy or policies provided shall contain all applicable conditions, definitions, exclusions, and endorsements.
<br />§ B.2.2LiabilityInsurance
<br />The Owner shall be responsible for purchasing and maintaining the Owner’s usual general liability insurance.
<br />§ B.2.3RequiredPropertyInsurance
<br />§ B.2.3.1 Unless this obligation is placed on the Construction Managerpursuant to Section B.3.3.2.1, the Owner shall
<br />purchase and maintain, from an insurance company or insurance companies lawfully authorized to issue insurance in
<br />the jurisdiction where the Project is located, property insurance written on a builder's risk “all-risks” completed
<br />value or equivalent policy form and sufficient to cover the total value of the entire Project on a replacement cost
<br />basis. The Owner’s property insurance coverage shall be no less than the amount of the initial Contract Sum, plus
<br />the value of subsequent Modifications and labor performed and materialsor equipment supplied by others. The
<br />property insurance shall be maintained until Substantial Completion and thereafter as provided in Section B.2.3.1.3,
<br />unless otherwise provided in the Contract Documents or otherwise agreed in writing by the parties to this
<br />Agreement. This insurance shall include the interests of the Owner, Construction Manager, Subcontractors, and Sub-
<br />subcontractors in the Project as insureds. This insurance shall include the interests of mortgagees as loss payees.
<br />§ B.2.3.1.1CausesofLoss.The insurance required by this Section B.2.3.1 shall provide coverage for direct physical
<br />loss or damage, and shall not exclude the risks of fire, explosion, theft, vandalism, malicious mischief, collapse,
<br />earthquake, flood, or windstorm. The insurance shall also provide coverage for ensuing loss or resulting damage
<br />from error, omission, or deficiency in construction methods, design, specifications, workmanship, or materials. Sub-
<br />limits, if any, are as follows:
<br />(Indicate below the cause of loss and any applicable sub-limit.)
<br />Cause of LossSub-Limit
<br />Flood No less than $1,000,000 for Flood Zone B.
<br />EarthquakeNo less than $5,000,000.
<br />§ B.2.3.1.2SpecificRequiredCoverages.The insurance required by this Section B.2.3.1 shall provide coverage for
<br />loss or damage to falsework and other temporary structures, and to building systems from testing and startup, and
<br />for portions of the Work stored off the site and portions of the Work in transit. The insurance shall also cover debris
<br />removal, including demolition occasioned by enforcement of any applicable legal requirements, and reasonable
<br />compensation for the Architect’s and Construction Manager’s services and expenses required as a result of such
<br />insured loss, including claim preparation expenses. Sub-limits, if any, are as follows:
<br />(Indicate below type of coverage and any applicable sub-limit for specific required coverages.)
<br />CoverageSub-Limit
<br />
<br />§ B.2.3.1.3 Unless the parties agree otherwise, upon Substantial Completion, the Owner shall continue the insurance
<br />required by Section B.2.3.1 or, if necessary, replace the insurance policy required under Section B.2.3.1 with
<br />property insurance written for the total value of the Project that shall remain in effect until expiration of the period
<br />for correction of the Work set forth in Section12.2.2 of the General Conditions.
<br />§ B.2.3.1.4 DeductiblesandSelf-InsuredRetentions.If the insurance required by this Section B.2.3 is subject to
<br />deductibles or self-insured retentions, the Owner shall be responsible for all loss not covered because of such
<br />deductibles or retentions.
<br />§ B.2.3.2 OccupancyorUsePriortoSubstantialCompletion.The Owner’s occupancy or use of any completed or
<br />partially completed portion of the Work prior to Substantial Completion shall not commence until the insurance
<br />company or companies providing the insurance under Section B.2.3.1 have consented in writing to the continuance
<br />of coverage. The Owner and the Construction Managershall take no action with respect to partial occupancy or use
<br />that would cause cancellation, lapse, or reduction of insurance, unless they agree otherwise in writing.
<br />®
<br />AIA Document A133™–2019 Exhibit B. Copyright © 2019 by The American Institute of Architects. All rights reserved. WARNING: This AIA
<br />®
<br />Document is protected by U.S. Copyright Law and International Treaties. Unauthorized reproduction or distribution of this AIA Document,
<br />2
<br />or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the
<br />law. This draft was produced by AIA software at 11:22:07 ET on 01/24/2020 under Order No.7449099792 which expires on 12/13/2020, and is
<br />not for resale.
<br />User Notes: (1750479714)
<br />Qbhf!269!pg!74:
<br />
<br />
|