Agenda - Council - 01/10/1995 - Laserfiche WebLink

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Draft 1/4/95 ARTICLE V INSURANCE AND CONDEMNATION Secfiof) 5.1. Insurance During Conswacfion. (a) ',The Developer will provide and maintain, at ali times during the process of construct/on o~ the Minimum Improvements, an All Risk Board Form Basis Insurance Policy and, from time to ttyne during that period, at the request of the City, furnish the City with proof of payment of premiums on policies covering the following: 0) Builder's ,,risk insurance, written on the so-called "Builder's Risk -- Complied Value Basis,' in an amount equal to one hundred percent (100%) of the insurabl~ value of the Minimum Improvements at the date of completion, and with coverage availabl~ in non-reporting form on the so-called "all risk" form of policy. The interest of the City ishall be protected in accordance with a clause in form and content satisfactory to the City;, r (ii) Comprehensive general liability insurance (including operations, contingent liability,': operations of subcontractors, completed operations and contractual liability insuranc{) together with an Owner's/Contractor's Policy with limits against bodily injury and pro~rty damage of not less than $1,000,000 for each occurrence. (To accomplish the above~required l~rnits, an umbrella excess liability policy may be used); and (iii) Workers' compensation insurance, with statutory coverage. Section 5.2. Insurance After Completion. (a) U!~n completion of the consnmction of the Minimum Improvements and prior to the Maturity Date~ the Developer shall maintain, or cause to be maintained, at its cost and expense, and from time to 0me, at the request of the City, shall furnish proof of the payment of premiums on, insurance as f~llows: (i) Insurance against loss and/or damage to the Minimum Improvements under a policy or policies covering such risks as are ordinarily insured against by similar businessesi (ii) Comprehensive general public liability insurance, including personal injury liability (v~ith employee exclusion deleted), against liability for injuries to persons, property, ~ both, in the minimum amount for each occurrence and for each year of $1,000,000 and shall be endorsed to show the City as additional insured. (iii) i Such other insurance, including workers' compensation insurance respecting ~ employees of the Developer, in such mount as is customarily carried by like organizat/o~ engaged in like activities of comparable size and liability exposure; provided that the DeVelopers may be self-insured with respect to all or any part of its liability for workers' corhp~nsation. (b) All ~surance required in Article V of this' Agreement shall be taken out and rn~intained in respof~sible insurance companies, selected by the Developer, which are authorized under the laws of th~ State to assume the risks covered thereby. Upon request, the Developer will deposit annually, wi~ the City, policies evidencing all such insurance, or a certificate or certificates or binders of the respective insurers stating that such insurance is in force and effect. Unless otherwise provided iff Article V of this Agreement, each policy shall contain a provision that the Page 10