Orange County NC Website
Browse       Search
• Prior to the expiration of any such policy, the County will furnish the Trustee evidence <br />satisfactory to the Trustee that the policy has been renewed or replaced or is no longer <br />required by this Contract. <br />(ii) In the alternative, the County or the School Board may maintain the <br />insurance required by subsection (a) above (A) by one or more blanket or umbrella <br />insurance policies or (B) by means of an adequate self-insurance fund or risk-retention <br />program, or by participation in a group risk pool or similar program. <br />(iii) If the County obtains blanket or umbrella coverage, the County will provide <br />to the Trustee, upon request, a certificate or certificates of the respective insurers <br />evidencing such coverage and, with respect to property insurance, stating the amount of <br />coverage provided with respect to the Facilities (or any covered portion thereof). If the <br />County provides for any such alternative risk management programs, the County's risk <br />manager or an independent insurance consultant will review such programs annually for <br />sufficiency. The County shall provide to the Trustee such evidence as to the sufficiency <br />of any such alternative program as it may reasonably request. <br />(c) No County agent or employee will have the power to adjust or settle any <br />property damage loss greater than $1,000,000 with respect to the Facilities, whether or <br />not covered by insurance, without the Trustee's prior written consent. <br />• d The Trustee will not be res onsible for the sufficiency or adequacy of any <br />() P <br />required insurance and will be fully protected in accepting payment on account of such <br />insurance or any adjustment, compromise or settlement of any loss agreed to by the <br />Trustee. <br />3.10. Right of Entry and Inspection. The Company and its representatives and <br />agents will have the right to enter upon the Sites and inspect .the Facilities from time to <br />time during construction and at any other time during the Contract term, and the County <br />shall cause any contractor or subcontractor to cooperate with any such parties and agents <br />during such inspections. <br />No right of inspection or approval granted in this Section will be deemed to <br />impose upon any party any duty or obligation whatsoever to undertake any inspection or <br />to make any approval. No inspection made or approval given by any party will be <br />deemed to impose upon any party any duty or obligation whatsoever to identify or correct <br />any defects in the Facilities or to notify any person with respect thereto, and no liability <br />will be imposed upon any parry and no warranties (either express or implied) are made by <br />the Company as to the quality or fitness of any improvement, any such inspection and <br />approval being made solely for the Company's benefit. <br />• 3.11. Cooperation. The Company and the County shall cooperate fully <br />with each other in filing any claim or proof of loss with respect to any bond or insurance <br /> <br />