Agenda - 06-26-2007-4dd - Laserfiche WebLink

Browse Search

contain provisions that waive all rights the contracting parties may have against one another for damages caused by fire or other perils covered by insurance as provided herein. Insurance monies received from any loss shall be divided as the respective interest of the parties affected shall appear. 5.2 PROPERTY INSURANCE The CM shall be responsible for purchasing and maintaining insurance to protect the Project from perils of physical loss. The insurance shall provide for the cost of replacement for the Work at the time of any loss. The insurance shall include as named insureds the Owner, the CM, the Contractors and their Subcontractors and shall insure against the loss from the perils of fire and all risk coverage for physical lass or damage due to theft, vandalism, collapse, malicious mischief, transit, flood, earthquake, testing, damages resulting from defective design, negligent workmanship or defective material. The CM shall increase the coverage limits as necessary to reflect changes in the estimated replacement cost of the Project. The CM shall provide the Contractor, if requested, with copies of all policies thus obtained for the Project. The CM shall provide the Contractor with thirty (30} days notice of cancellation, non-renewal or endorsement reducing or restricting coverage. The Contractor and the CM waive all rights against each other and against the other separate contractors, the Owner, and their respective consultants, agents and employees for damages occurring during construction and covered by builder's risk and any property insurance required for this Project excluding Owners' Property insurance. The Contractor and the CM shall each require appropriate similar waivers from the Owner, the other separate contractors, their Subcontractors, and their consultants and agents. This waiver does not apply to design liability. The Contractor is responsible for all physical damage to awned or rented machinery, tools, equipment, forms, and other items owned, rented or used by the Contractor andlor Subcontractors} in the performance of the Work. The insurance coverage evidencing such shall include a waiver of subrogation in favor of the CM, the Owner and the Designer and their respective consultants and agents. The Contractor shall provide valuable papers and records insurance with coverage in an amount commensurate with project scope as set forth in the Supplementary General Conditions. If the Project includes as addition to or is adjacent to an existing structure, the CM, the separate Contractors and the Subcontractors shall be named as additional insureds for the Owner's property insurance covering such structure and its contents. If the Owner occupies or uses a part or parts of the Project prior to Substantial Completion thereof, such occupancy shall not occur until the Owner obtains property insurance far the structure and until all insurance companies providing insurance far the Project consent to such occupancy by endorsement to the insurance policies. 5.3 OWNER CONTROLLED PROJECT SPECIFIC INSURANCE In the event the Owner elects to purchase project-specific insurance affording coverage to the Contractor and Subcontractors, the terms and conditions of such coverage shall be set forth in the Supplementary Conditions. 5.4 CONTRACTOR AS JOINT VENTURE GENERAL CONDITIONS FOR CM AT RISK PROJECT 14 of 43 JUNE 2007 EDITION