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f. In addition to the foregoing limits the Contractor shall carry an umbrella <br /> policy with a minimum of $ 5 , 000 , 000 . 00 coverage . <br /> 5 . Insert at the end of Subparagraph 11 . 1 . 3 the following : "Furnish one copy of <br /> certificates herein required for each copy of the agreements , specifically set forth <br /> evidence of all coverage required by Clause 11 . 1 . 2 . 4 of the GENERAL <br /> CONDITIONS . " <br /> Be Paragraph 11 . 3 "PROJECT MANAGEMENT PROTECTIVE LIABILITY <br /> INSURANCE" is deleted in its entirety. <br /> C . Paragraph 11 . 4 " PROPERTY INSURANCE " <br /> 1 . Insert the following at the end of Subparagraph 11 . 4 . 1 : "The Owner will provide <br /> "All Risk " Insurance with a $ 10, 000 deductible . The $ 10 , 000 deductible <br /> provision of the Owner 's "All Risk " Insurance is to be covered by the General <br /> Contractor , <br /> 2 . In Clause 11 . 4 . 1 . 1 in the first sentence place a period after the words " applicable <br /> legal requirements . " and delete the remainder of the first sentence only. <br /> 3 . In Clause 11 . 4 . 1 . 3 delete the word "Owner" in the first sentence and substitute in <br /> lieu thereof " Contractor" . <br /> 4 . In Subparagraph 11 . 4 . 3 delete the second sentence . <br /> 5 . In Subparagraph 11 . 4 . 6 , delete the first sentence and restate it as <br /> follows : <br /> "Before an exposure to loss may occur, the Owner shall file with the Contractor a <br /> certificate of insurance for coverages required by this Paragraph 11 . 4 . " <br /> 6 . Delete Subparagraph 11 . 4 . 9 and insert in its stead the following new <br /> Subparagraph 11 . 4 . 9 : "The Owner shall deposit in a separate account proceeds <br /> so received , which the Owner shall distribute in accordance with such agreement <br /> as the parties in interest may reach, or in accordance with an award . " <br /> 7 . Delete Subparagraph 11 . 4 . 10 and insert in its stead the following new <br /> Subparagraph 11 . 4 . 109 "The Owner as fiduciary shall have the power to adjust <br /> and settle any loss with the insurers . " <br /> D . Paragraph 11 . 5 " PERFORMANCE BOND AND PAYMENT BOND " <br /> Delete Subparagraph 11 . 5 . 1 in its entirety and substitute in its stead the following new <br /> Subparagraph 11 . 5 . 1 : <br /> 11 . 5 . 1 The Contractor, on the date of execution of the Contract, shall furnish a <br /> performance bond and payment bond with a surety licensed to conduct business in the <br /> state where the project is located and whose limits of insurability measured by the current <br /> United States Treasury Department listing of treasury limits are at least equal to the <br /> amount of the Contract, guaranteeing the completion of the Work and performance of the <br /> Contract and the payment for all labor and materials incorporated in the Work . The <br /> amount of coverage for said bonds shall be 100 percent of the Contract Sum . <br /> SGC - 16 <br />