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<br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />E. <br /> <br />Installation Floater Insurance <br /> <br />1. Contractor shall purchase and maintain installation floater <br />insurance. <br /> <br />2. Equipment, such as pumps, compressors, basin equipment, motors, <br />switchgear, transformers, panel boards, control equipment, and <br />other similar equipment shall be insured under the installation <br />floater insurance when the aggregate value of the equipment exceeds <br />Ten Thousand Dollars ($10,000.00). This insurance shall pro- <br />tect Contractor, Owner, and Architect from all insurable risks <br />of physical loss or damage to materials and equipment not other- <br />wise covered under builder's risk insurance, while in warehouses <br />or storage areas, during installation, during testing, and after <br />the Work is completed. It shall be of the "all risk" type, with <br />coverages designed for the circumstances which may occur in the <br />particular Work included in the Contract Documents. The coverage <br />shall be for an amount not less than the insurable value of the <br />Work at completion, less the value of materials and equipment <br />insured under builder's risk insurance. The value shall include <br />the aggregate value of the Owner-furnished equipment and materials <br />to be erected or installed by Contractor not otherwise insured <br />under builder's risk insurance. Installation floater insurance <br />shall provide for losses to be payable to Contractor, Owner, and <br />Architect as their interest may appear. The policy shall contain <br />a provision that in the event of payment for any loss under the <br />coverage provided the insurance company shall have no rights or <br />recovery against the Contractor, Owner and Architect. <br /> <br />3. Certificates of insurance covering installation floater insurance <br />shall quote the insuring agreement and all exclusions as they <br />appear in the policy; or in lieu of certificates, copies of the <br />complete policy may be submitted. <br /> <br />F. <br /> <br />Builder's risk insurance policies shall contain a provision that the <br />coverage afforded will not be cancelled or materially changed until <br />at least 30 days prior written notice has been given to Owner. <br /> <br />G. <br /> <br />Insured losses under policies of insurance which include Owner's <br />interests shall be adjusted with Owner and made payable to Owner as <br />trustee for the insureds, as their interests may appear, subject to <br />the requirements of any applicable mortgage clause, and any direction <br />by arbitrators. Owner, as trustee, shall have the right to adjust and <br />settle losses with the insurers unless one of the parties in interest <br />shall object in writing within 5 days after the occurrence of loss to <br />Owner's exercise of this power and, if such objection be made, arbitra-. <br />tors shall be chosen as provided in the General Conditions. Owner, as <br />trustee, shall, in that case, make settlement with the insurers in <br />accordance with the direction of such arbitrators. If distribution <br />of the insurance proceeds by arbitration is required, the arbitrators <br />will direct such distribution. Owner and Contractor waive all rights <br />against each other and against Architect for damages caused by fire <br />or other perils to the extent covered by insurance except such rights <br />as they may have to the proceeds of such insurance held by Owner as <br />trustee. Contractor shall require similar waivers by Subcontractors. <br />Each waiver shall be in favor of all other parties enumerated in this <br />paragraph. <br /> <br />-39- <br />