7.3. SR 07-20-2015 - Laserfiche WebLink

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EXHIBIT C INSURANCE REQUIREMENTS I. PROPERTY INSURANCE As to Improvements while under construction: An ORIGINAL (or evidence acceptable to City of) Builder’s Risk “All-Risk”, Completed Value (Non-Reporting) Form POLICY naming Developer as an insured, and covering the interests of all contractors (of all tiers) in the Project, reflecting coverage of 100% of the insurable replacement cost, and written by a carrier approved by City with a current A.M. Best Company rating of at least A:VII (which is authorized to do business in the State of Minnesota), that includes: ____ City’s Loss Payable Endorsement naming the City of Elk River, Minnesota, in Elk River, Minnesota, as Mortgagee ____ 30-day notice to City in the event of cancellation or non-renewal by either party or material adverse change ____ Replacement Cost Measure of Recovery ____ Stipulated Value/Agreed Amount Endorsement (No Coinsurance) ____ Coverage for Foundations, Off-site (Unscheduled and Temporary Locations), Transit, Testing, Flood, Earthquake, Collapse, and Boiler and Machinery/Mechanical and Electrical Breakdown, in such amounts as City and Developer mutually agree is appropriate ____ Coverage for indirect loss exposures (customarily referred to as “soft cost” exposures), “Contingent Liability from Operation of Building Laws” coverage, “Demolition Costs” coverage, “Increased Cost of Construction” coverage, and “Increased Time to Rebuild” coverage, with such additional limits for such coverages as City may reasonably require ____ Policy to permit partial occupancy ____ No insurer subrogation action or recovery against any party whose interests are covered under the policy ____ Deductible not to exceed $5,000 ____ Coverage to become effective upon the date of the Notice to Proceed, the date of site mobilization, or the start of any shipment of materials, machinery or equipment to the site, whichever is earlier, and to remain in effect until replaced by the permanent All Risk Property Insurance described below, or until such other time as may be mutually agreed upon by City and Developer As to completed Improvements: An ORIGINAL (or evidence acceptable to City of) Special Form (or so-called All Risk) Hazard Insurance POLICY naming Developer as an insured, reflecting coverage of 100% of the replacement cost, and written by a carrier approved by City with a current A.M. Best Company rating of at least A:VII (which is authorized to do business in the State of Minnesota), that includes: C-19 455958v10 SJS EL185-31