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This insurance shall protect the Contractor against all claims in excess of the limits provided <br /> under the workmen's compensation and employer's liability, comprehensive automobile <br /> liability, and general liability policies. The liability limits of the umbrella liability policy <br /> ' shall not be less than$5,000,000. <br /> E. Contractor covenants and agrees that the insurance coverage and limits required by the Contract <br /> ' Documents shall in no way be considered or used in any manner as a limit or cap of any kind on <br /> any liability or obligation that Contractor may otherwise have, including, without limitation, <br /> liability under the indemnification provisions contained herein_ <br /> ' 1. by requiring such insurance and insurance limits, neither Owner nor Engineer represents that <br /> such coverage and limits will necessarily be adequate to protect Contractor. <br /> ' 2. Contractor shall be responsible for any deductible or self-insured retention. <br /> ' 5.05 Owner's Liability Insurance <br /> A. In addition to the insurance required to be provided by Contractor under Paragraph 5.04, Owner, <br /> at Owner's option, may purchase and maintain at Owner's expense Owner's own liability <br /> ' insurance as will protect Owner against claims which may arise from operations under the <br /> Contract Documents. <br /> ' 5.06 Property Insurance <br /> A. Contractor shall purchase and maintain Builder's Risk insurance for the Work at the Site in the <br /> ' amount of the full replacement cost thereof (subject to such deductible amounts as may be <br /> provided in the Contract Documents or required by law). Contractor shall be responsible for all <br /> associated costs for such insurance. This insurance shall: <br /> ' 1. include the interests of Owner, Contractor, Subcontractors, and Engineer, and any other <br /> individuals or entities identified in the Contract Documents, and the officers, directors, <br /> ' members,partners, employees, agents, consultants, and subcontractors of each and any of <br /> them, each of whom is deemed to have an insurable interest and shall be listed as a loss <br /> ' payee; <br /> 2. be written on a Builder's Risk "all-risk" policy form that shall at least include insurance <br /> for physical loss or damage to the Work, temporary buildings, false work, and materials <br /> ' and equipment in transit, and shall insure against at least the following perils or causes of <br /> loss: fire, lightning, extended coverage, theft, vandalism and malicious mischief, <br /> earthquake, collapse, debris removal, demolition occasioned by enforcement of Laws and <br /> ' Regulations, water damage (other than that caused by flood), and such other perils or <br /> causes of loss as may be specifically required by the Contract Documents. <br /> t 3. include expenses incurred in the repair or replacement of any insured property(including <br /> but not limited to fees and charges of engineers and architects); <br /> ' 4. cover materials and equipment stored at the Site or at another location that was agreed to <br /> in writing by Owner prior to being incorporated in the Work, provided that such materials <br /> ' EJCDC C-700 Modified Standard General Conditions of the Construction Contract <br /> Copyright©2007 National Society of Professional Engineers for EJCDC. All rights reserved. <br /> Page 23 of 81 <br />