Agenda - Council - 09/12/1994 - Laserfiche WebLink

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Draft 9/8/94 ARTICLE V INSURANCE AND CONDEMNATION Section 5.1. Insurance D~,tring Construction. (a) The Developer will provide and maintain, at all times during the process of construction the Minimum Improvements, an All Risk Board Form Basis Insurance Policy and, from time to time during that period, at the request of the City, furnish the City with proof of payment of premiums on policies covering the following: (i) Builder's risk insurance, written on the so-called "Builder's Risk -- Completed Value Basis," in an amount equal to one hundred percent (100%) of the insurable value of the Minimum Improvements at the date of completion, and with coverage available in non-reporting form on the so-called "all risk" form of policy. The interest of the City shall be protected in accordance with a clause in form and content satisfacto~, to the City; (ii) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an Owner's/Contractor's Policy with limits against bodily injury and property damage of no[ less than $1,000,000 for each occurrence. (To accomplish the above-required limits, an umbrella excess liability policy may be used); and (5i) Workers' compensation insurance, with statutory coverage. Section 5.2. Insurance After Completion. (a) Upon completion of the construction 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 time at the request of the City 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 risks as are ordinarily insured against by similar businesses. (ii) Comprehensive general public liability insurance, including personal injury liability (with employee exclusion deleted), against liability for injuries to persons, property, or 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. (ii/) Such other insurance, including workers' compensation insurance respecting all employees of the Developer, in such amount as is customarily carried by like organizations engaged in like activities of comparable size and 1/ability exposure; provided that the Developers may be self-insured with respect to all or any part of its liability for workers' compensation. (b) All insurance required in Article V of this Agreement shall be taken out and maintained in responsible insurance companies, selected by the Developer, which are authorized under the taws of the State to assume the risks covered thereby. Upon request, the Developer will deposit annually, with 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 in Article V of this Agreement, each policy shall contain a provision that the insurer shall not cancel nor modify it in such a way as to reduce the coverage provided below the amounts required herein without giving written notice to the Developer and the City at least thirty (30) days before the cancellation or modification becomes effective. In lieu of separate policies, the Developer may maintain a single pol~cy, blanket or umbrella policies, or a combination thereof, Page 10