7.3 SR 05-15-2023 - Laserfiche WebLink

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ARTICLE V ADDITIONAL PROVISIONS Section 5.1 Insurance. (1) The Developer will provide and maintain at all times during the process of constructing the Project an All -Risk Broad 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: (a) Builder's risk insurance, written on the so-called `Builder's Risk -- Completed Value Basis," in an amount equal to 100% of the aggregate principal amount of the Tax Abatement Notes, and with coverage available in nonreporting form on the so- called "all risk" form of policy. The interests of the City shall be protected in accordance with a clause in form and content satisfactory to the City; (b) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations, and contractual liability insurance) together with an Owner's Protective Liability Policy with limits against bodily injury and property damage of not less than $1,000,000 for each occurrence (to accomplish the above -required limits, an umbrella excess liability policy may be used). The City shall be listed as an additional insured parry on the policy; and (c) Workers' compensation insurance, with statutory coverage, provided that the Developer may be self -insured with respect to all or any part of its liability for workers' compensation. (2) Upon completion of construction of the Project and prior to the Termination 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: (a) Insurance against loss and/or damage to the Project under a policy or policies covering such risks as are ordinarily insured against by similar businesses. (b) Comprehensive general public liability insurance, including personal injury liability (with employee exclusion deleted), against liability for injuries to persons and/or property, in the minimum amount for each occurrence and for each year of $1,000,000, and shall be endorsed to show the City as an additional insured parry. (c) 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 liability exposure; 15 EL 185\74\870137.v5