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Contractor in this Agreement. The Contractor shall provide a written copy of the claim or <br />alleged claim to the CMAR within three (3} days of the Contractor's receipt of the claim or <br />alleged claim. if a claim is settled to the satisfaction of the claimant, the Contractor shall <br />submit a copy of the claimant's release to the CMAR. <br />If a claim or alleged claim 1s rejected by the Contractor andlor its insurance company, the <br />Contractor shalt immediately report this fact to the CMAR. <br />Should thirty (30}days elapse after the claim or alleged claim has been received by the <br />Contractor, and the Contractor is not able to reporE a settlement or rejection of the claim, it <br />shall report to the CMAR the steps being taken with respect to the claim. <br />Without limiting the foregoing, the Contractor shall notify the CMAR in writing of any paid or <br />incurred claims which may impa'sr annual aggregate or general liability. <br />5.1.7 Deductibles and Self-insured Retentions <br />Any deductibles or self-insured retentions must be declared to and approved by the CMAR. <br />At the option of the CMAR, either: the insurer shall reduce to a maximum of $250,000 or <br />eliminate such deductibles or self-insured retentions with respect to the CMAR, or the <br />Contractor shall provide evidence of collateral provided to insurers ar procure a bond <br />guaranteeing payment of losses and related investigations, claim administration, and <br />defense expenses within the deductible or self-Insured retention amount. Any self-insured <br />retention or deductible amount on the policy shall not reduce the amount of collectible limits <br />or liability. <br />5.1.8 Subcontractors <br />The Contractor shall include alt Subcontractors as insureds under its policies, or shall <br />furnish separate certificates, policies, and endorsements for each Subcontractor the <br />Contractor intends to use. If a Subcontractor does not take out insurance in its own name <br />and the Contractor wishes to provide insurance protection for such Subcontractor and such <br />Subcontractor's employees, the Contractor shalt either (a} procure appropriate policies in <br />the name of the Subcontractor, or (b} cause a rider or riders to be attached to the <br />Contractor's policies which shall identify the Subcontractor thereby covered; provided, <br />however, in the case of the latter option, such a rider need not be attached to the <br />Contractor's workers' compensation policy if such policy by its terms is sufficiently broad to <br />cover the employees of ail Subcontractors performing Work under the Contract Documents. <br />Except as otherwise approved by the CMAR in writing, L[mits of Liability and coverage <br />scope must be at a minimum as stringent as required of the Contractor by the Contract <br />Documents. Atl Work performed for the Contractor by any Subcontractor shall.be pursuant <br />to an appropriate agreement between the Contractor and the Subcontractor which shall <br />contain provisions that waive alt rights the contracting parties may have against one <br />another for damages caused by fire ar other perils covered by insurance as provided <br />herein. insurance monies received from any loss shalt be divided as the respective interest <br />of the parties affected shall appear. <br />5.2 PROPERTY INSURANCE <br />The CMAR shall be responsible for purchasing and maintaining insurance to protect the <br />Project from perils of physical loss. The insurance shall provide #or the cost of replacemen# <br />for the Work at the time of any loss. The insurance shall include as named insureds the <br />Owner, the CMAR, the Contractors and their Subcontractors and shalt insure against the <br />loss from the perils of fire and all risk coverage for physical loss or damage due to theft, <br />vandalism, collapse, malicious mischief, transit, flood, earthquake, testing, damages <br />resulting from defec#ive design, negligent workmanship or defective material. The CMAR <br />GENERAL CONDITIONS FOR CM AT RISK PROJECT 13 0# 42 JUNE 2007 EDITION <br />