FLOOD06073 - Laserfiche WebLink

Home Browse Search

All the policies of insurance (or the certificat ,. e thereot) required to be purchas . main.. tained by 0 . accordance wit raphs 5.6 and 5.7 will contain a proVIS e ment that the coverage afforded will not be can or lly chang(:d or renewal refused until at irty days' prior w otice has bee'n given TRACTOR by certified mail an . ~n er provisions in accordance with paragraph 5.11.. II' 5.9. OWNER shall not be responsible for purchasing and maintaining any property insurance to protect the interests of CONTRACTOR, Subcontractors or others in the Work to the extent of any deductible amounts that are provided in the Supplementary Conditions. The risk of loss within the deductible amount, will be borne by CONTRACTOR, Sub- contractor or others suffering any such loss and ifany of them wishes property insurance coverage within the limits of such amounts, each may purchase and maintain it at the purchas.. cr's own expense. 5.10. If CONTRACTOR requests in writing that other special insurance be included in the property insurance pol- icy, OWNER shall, if possible, include such insurance, and the cost thereof will be charged to CONTRACTOR by appro- pliate Change Order or Written Amendment. Prior to com- mencement of the Work at the site, OWNER shall in writing advise CONTRACTOR whether or not such other insurance has been procured by OWNER. Waiver of Rights: 5.11.1. OWNER and CONTRACTOR waive all rights against each other for all losses and damages caused by any of the perils covered by the policies of insurance provided in response to paragraphs 5,6 and 5,7 and any other property insurance applicable to the Work, and also waive all such rights against the Subcontractors, ENGI- NEER, ENGINEER's consultants and all other parties named as insureds in such policies for losses and damages so caused. As required by paragraph 6.11, each subcon- tract between CONTRACTOR and a Subcontractor will contain similar waiver provisions by the Subcontractor in favor of OWNER, CONTRACTOR, ENGINEER, ENGI- NEER's consultants and all other parties named as insureds. None of the above waivers shall extend to the rights that any of the insured parties may have to the proceeds of insurance held by OWNER as trustee or otherwise P!lY- able under any policy so issued. 5.11.2. OWNER and CONTRACTOR intend that any policies provided in response to paragraphs 5,6 and 5,7 shall protect all of the parties insured and provide primary coverage for all losses and damages caused by the perils covered thereby. Accordingly, all such policies shall con- tain provisions to the effect that in the event of payment of any loss or damage the insurer will have no rights of recovery against any of the parties named as insureds or additional insureds, and if the insurers require separate waiver forms to be signed by ENGINEER or ENGI- NEER's consultant OWNER will obtain the same, and if such \vaiver forms are required of any' Subcontractor, CONTRACTOR wil.! obtain the same. Receipt and Application of Proceeds: 5.12, Any insured loss under the policies of insurance required by paragraphs 5.6 and 5.7 will be adjusted With OWNER and made payable to OWNER as trustee for the insureds, as thl~irinterests may appear, subject to the require- ments of any applicable mortgage clause and of paragraph 5.13. OWNER shall deposit in a separate account any money so received, and shall distribute it in accordance with such agreement as the parties in interest may reach. If no other special agreement is reached the damaged Work shall be repaired or replaced, the moneys so received applied on account thereof and the Work and the cost thereof covered by an appropriate Change Order or Written Amendment. 5.13. OWNER as trustee shall have power to adjust and settle any loss with the insurers unless one of the parties in intere-st shall object in writing within fifteen days after the occurrence of loss to OWNER's exercise of this power. If such objection be made, OWNER as trustee shall make set- tlement with the insurers in accordance with such agreement as the parties in interest may reach. If required in writing by any party in interest, OWNER as trustee shall, upon the occurn~nce of an insured loss, give bond for the proper per- formam:c of sllch duties, Acceptafl(:e of Insurance: 5.14. If OWNER has any objection to the coverage afforded by or other provisions of the insurance reqt:ired to be pur~ chased and maintained by CONTRACTOR in accordance with paragraphs 5.3 and 5.4 on the basis of its not complying with the Contract Documents, OWNER shall notify CON- TRACTOR in writing lhereof \vithin ten days of the date of delivery of such certificates to OWNER in accordance with paragraph 2.7. If CONTRACTOR has any objection to the coverage afforded by or other provisions of the policies of insurancl~ required to be purchased and maintained by O\VNER in accordance with paragraphs 5.6 and 5.7 on the basis of their not complying with the Contract Documents, CON- TRACTOR shall notify OWNER in writing thereof within ten days of the date of delivery of such certificates to CON- TRACTOR in accordance with paragraph 2.7. OWNER and CONTRACTOR shall each provide to the other such addi- tional information in r<;:spect of insurance provided by each as the other may reasonably request. Failure by O\VNER or CONTRACTOR to give any such notice of objection within the time provided shall constitute acceptance of such insur- ance purchased by the other as complying with the Contract Documents. Partial Utilization-Property Insurance: 5.15. ]f OWNER flnds it necessary to occupy or use a portion or portions oflhe Work prior to Substantial Comple- tion of all the Work, such use or occupancy may be accom- plished in accordance with paragraph 14,10: provided that no 13