POLICIES TO BE OBTAINED BY OWNER Sample Clauses
The "Policies to be Obtained by Owner" clause requires the property owner to secure specific insurance policies related to the project or property. Typically, this includes coverage such as property insurance, liability insurance, or builder’s risk insurance, depending on the nature of the agreement. By clearly assigning responsibility for obtaining and maintaining these policies, the clause ensures that adequate protection is in place against potential risks, thereby safeguarding both the owner and other parties involved in the project.
POLICIES TO BE OBTAINED BY OWNER. 26.3.1 From and after the earlier of the Notice to Proceed Date and such other date as the Parties may mutually agree upon in writing (whether earlier or later) through Final Completion, Owner shall obtain and maintain in full force and effect at its cost, the following insurance with respect to the procurement, construction, erection, Pre-Commissioning, Commissioning, testing and pre-completion operation of the Materials, the Work at the Job Site and the Facility; provided that Owner shall not be obligated to obtain Construction and Erection All Risk insurance before the date upon which Contractor or any Subcontractor will begin Work at, or deliver Materials to, the Job Site:
(a) Construction and Erection All Risk insurance (excluding Contractor’s and Subcontractors’ equipment and property not intended to be installed into the Facility). Such insurance policy shall be written on a replacement cost basis and be in the joint names of Owner and the Lenders as named insureds and Contractor and Subcontractors as additional insureds with a waiver of the insurer’s rights of subrogation in favor of all such named insureds and additional insureds. The deductible under such insurance shall be consistent with the terms reasonably and commercially available in the insurance marketplace considering the equipment and maturity of its design and location. The policy shall also provide, in amounts reasonably acceptable to the Lenders, (i) coverage for removal of debris, (ii) transit coverage with worldwide coverage territory including the continental boundaries of the United States of America and intracoastal waterways adjacent thereto, not including air and ocean marine coverage, (iii) off-site storage coverage, (iv) pollution clean-up and removal (with per occurrence and policy aggregate sublimits), (v) professional fees, (vi) operational and performance testing, (vii) earth movement, flood, named windstorm, expediting expense (with per occurrence and policy aggregate sublimits), (viii) minimization of loss expense, (ix) design defect clause no more restrictive than LEG 2/96, (x) 50/50 hidden damage clause, (xi) advance payment clause and (xii) fire department charges clause. The deductible under such insurance shall be for Owner’s account. Owner may, in its sole discretion, carry and maintain Delay in Commissioning or Start-up insurance covering at least Owner’s debt service payments (principal and interest), and as the Lenders may require, continuous fixed expenses an...
POLICIES TO BE OBTAINED BY OWNER. 26.3.1 From and after the earlier of the Notice to Proceed Date and such other date as the Parties may mutually agree upon in writing (whether earlier or later) through Final Completion, Owner shall obtain and maintain in full force and effect at its cost, the following insurance with respect to the procurement, construction, erection, Pre-Commissioning, Commissioning, testing and pre-completion operation of the Materials, the Work at the Job Site and the Facility; provided that Owner shall not be obligated to obtain Construction and Erection All Risk insurance before the date upon which Contractor or any Subcontractor will begin Work at, or deliver Materials to, the Job Site: