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26 <br /> 14 <br /> a) Full insurance value of the Work, or <br /> b) Amount equal to the Contract Price for the Work, whichever is higher. <br /> The Design-Builder is responsible for all physical damage to owned or rented machinery, tools, <br /> equipment, forms, and other items owned, rented or used by the Design-Builder and/or <br /> Subcontractor(s) in the performance of the Work. The insurance coverage evidencing such shall <br /> include a waiver of subrogation in favor of the Owner. <br /> 5.1.7 Valuable Papers and Records <br /> The Design-Builder shall provide valuable papers and records insurance with coverage in an <br /> amount commensurate with project scope and set forth in the Supplementary Conditions. <br /> 5.1.8 Claims <br /> The Design-Builder shall notify the Owner within twenty-four(24) hours of any claims or alleged <br /> claims received by the Design-Builder covered by any of the policies of insurance required in <br /> the Agreement. The Design-Builder shall provide a written copy of the claim or alleged claim to <br /> the Owner within three (3) days of the Design-Builder's receipt of the claim or alleged claim. If a <br /> claim is settled to the satisfaction of the claimant, the Design-Builder shall submit a copy of the <br /> claimant's release to the Owner. If a claim or alleged claim is rejected by the Design-Builder <br /> and/or its insurance company, the Design-Builder shall immediately report this fact to the <br /> Owner. <br /> Should thirty (30) days elapse after the claim or alleged claim has been received by the Design- <br /> Builder, and the Design-Builder is not able to report a settlement or rejection of the claim, it shall <br /> report to the Owner the steps being taken with respect to the claim. Without limiting the <br /> foregoing, the Design-Builder shall notify in writing the county risk manager of any paid or <br /> incurred claims which may impair annual aggregate or general liability. <br /> 5.1.9 Deductibles and Self-insured Retentions <br /> Any deductibles or self-insured retentions must be declared to and approved by the Owner. At <br /> the option of the Owner, either: a) the insurer shall reduce to a maximum of$250,000 or <br /> eliminate such deductibles or self-insured retentions with respect to the Owner, or(b) the <br /> Design-Builder shall provide evidence of collateral provided to insurers or procure a bond <br /> guaranteeing payment of losses and related investigations, claim administration, and defense <br /> expenses within the deductible or self-insured retention amount. Any self-insured retention or <br /> deductible amount on the policy shall not reduce the amount of collectible limits or liability. <br /> 5.1.10 Subcontractors <br /> The Design-Builder shall include all Subcontractors as Insureds under its policies, or shall <br /> furnish separate certificates, policies, and endorsements for each Subcontractor the Design- <br /> Builder intends to use. If a Subcontractor does not take out insurance in its own name and the <br /> Design-Builder wishes to provide insurance protection for such Subcontractor and such <br /> Subcontractor's employees, the Design-Builder shall either(a) procure appropriate policies in <br /> the name of the Subcontractor, or(b) cause a rider or riders to be attached to the Design- <br /> Builder's policies which shall identify the Subcontractor thereby covered; provided, however, in <br /> the case of the latter option, such a rider need not be attached to the Design-Builder's workers' <br /> compensation policy if such policy by its terms is sufficiently broad to cover the employees of all <br /> Revised 2/17 <br />