Property Insurance Coverage Sample Clauses

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Property Insurance Coverage. (BUILDERS RISK INSURANCE) to be provided by the contractor, if the exposure exists. A. The “property” insurance amount must be at least equal to the total value of the structure(s), plus or minus any change orders. It must also include value of Engineering or Architect fees, claims preparation costs, and owner furnished equipment. B. Covered property must include property on the project work sites, property in transit, property stored off the project work sites, and any equipment furnished by City of Sheboygan. C. Coverage must be on a Replacement Cost basis, with no co-insurance penalties. D. The City of Sheboygan, Consultants, architects, architect consultants, engineers, engineer consultants, contractors, and subcontractors must be added as named insureds to the policy. E. Coverage must be written on a “special form” or “all risk” perils basis. Coverage to include collapse. F. Coverage must include coverage for Water Damage (including but not limited to flood, surface water, hydrostatic pressure) and Earth movement. G. Coverage must be included for Testing and Start up. H. If the exposure exists, coverage must include Boiler & Machinery including mechanical or electrical breakdown coverage. I. Coverage must include Building Ordinance or Law coverage with a limit of at least 5% of the contract amount. J. The policy must cover/allow Partial Utilization by owner. K. Coverage must include a “waiver of subrogation” against any named insureds or additional insureds. L. Contractor will be responsible for all deductibles and coinsurance penalties.
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Property Insurance Coverage. Owner shall take out and maintain during the life of this Agreement a Property Insurance Policy completed value form, issued to provide coverage on an “all risk” basis for the new work put in place by Contractor, including theft. The Owner shall be liable for and shall insure damage to existing structures. Owner shall be responsible for all deductibles. All parties with a financial interest in the Project shall be named as Insureds and a Blanket Waiver of Subrogation shall be granted in favor of all Insureds. Owner agrees to furnish to the Contractor a copy of the Property Insurance Policy. It is understood and agreed that owner is bearing all risk of loss to the property for which Owner has an insurable or financial interest during construction, and in the event of a loss during construction Owner agrees to look solely to the proceeds of the Property Insurance which Owner has agreed to furnish. Contractor should be paid by Owner for such work in place at the time of such loss regardless of whether or not such work was damaged in whole or in part by the peril. In the event of a loss requiring reconstruction of any part of the project, Contractor shall be entitled to be paid as provided in Article 5 for overseeing such reconstruction.
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Property Insurance Coverage. During the Lease Term, Tenant shall maintain special form property insurance coverage for the full replacement cost of the Facilities and Tenant’s Improvements, showing Landlord as an additional insured to the Facilities, as its interests appear.
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Property Insurance Coverage. Anything contained in this Instrument or the other Loan Documents to the contrary notwithstanding, Agent may not require Grantor, as a condition of receiving or maintaining this Instrument, to obtain insurance coverage against risks to the Improvements in an amount exceeding the replacement value of the Improvements in violation of laws of the State of Indiana.
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Property Insurance Coverage. At all times throughout the Term, Audubon, at its sole cost and expense, shall obtain, keep, and maintain, a property insurance policy (the "Audubon's Property Insurance") providing for coverage of the Improvements and Audubon's Property against loss or damage to the Improvements and Audubon's Property due to "Special Cause of Loss" perils, together with flood insurance, covering the Improvements, naming the City and Audubon, as loss payees, as their respective interests may appear, for a sum at least equal to one hundred percent (100%) of the then full cost of replacing the Improvements and Audubon's Property, and with any deductible not exceeding five percent (5%) of the insured value for wind coverage and $200,000 per occurrence (as adjusted every five (5) years after the Effective Date in accordance with the percentage change in the CPI since the Effective Date). The peril of flood will be insured in the amount of at least $10,000,000 applicable to the Improvements and Audubon's Property with a deductible not exceeding $100,000. Audubon's Property Insurance shall also include an agreed amount clause or waiver of coinsurance and shall not contain any exclusion for freezing, mechanical breakdown, loss or damage covered under any guarantee or warranty or any exclusion for resultant damage caused by faulty workmanship, design or materials. Audubon shall be entitled to carry a lower wind limit if it provides to the City a probable maximum loss risk assessment from a reputable third party, acceptable to the City, indicating a lower wind limit is adequate coverage.
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Property Insurance Coverage. Property Insur- ance in the amount of Thirty-Three Million Dollars ($33,000,000) listing the DMUs as the covered property.
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Property Insurance Coverage. Tenant, at its expense, shall maintain during the Term a policy of “Causes of Loss - Special Form” property insurance on a repair and replacement basis covering the full replacement value of all improvements to the Premises, including all Tenant Work or other improvements then under construction (including without limitation Builder’s Risk coverage during construction of the Tenant Work or any other permitted alterations). Tenant also agrees to carry such property insurance in form and amount as is satisfactory to Landlord on Tenant’s fixtures, furnishings, wall coverings, carpeting, drapes, equipment and all other items of personal property of Tenant located on or within the Premises.
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Related to Property Insurance Coverage

  • Property Insurance Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage,” and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to ▇▇▇▇▇▇’s right to disapprove Borrower’s choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender’s option and ▇▇▇▇▇▇▇▇’s expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower’s equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by ▇▇▇▇▇▇ under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by ▇▇▇▇▇▇ and renewals of such policies shall be subject to ▇▇▇▇▇▇’s right to disapprove such policies, shall include a standard mortgage clause, and shall name ▇▇▇▇▇▇ as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name ▇▇▇▇▇▇ as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by ▇▇▇▇▇▇▇▇. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender’s security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until ▇▇▇▇▇▇ has had an opportunity to inspect such Property to ensure the work has been completed to Lender’s satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Lender’s security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If ▇▇▇▇▇▇▇▇ abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If ▇▇▇▇▇▇▇▇ does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then ▇▇▇▇▇▇ may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower’s rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower’s rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.

  • Insurance Coverage The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure.

  • Insurance Coverages The Consultant shall procure and maintain, at its sole cost and expense, in a form and content satisfactory to City, during the entire term of this Agreement including any extension thereof, the following policies of insurance which shall cover all elected and appointed officers, employees and agents of City: (a) General Liability Insurance (Occurrence Form CG0001 or equivalent). A policy of comprehensive general liability insurance written on a per occurrence basis for bodily injury, personal injury and property damage. The policy of insurance shall be in an amount not less than $1,000,000.00 per occurrence or if a general aggregate limit is used, then the general aggregate limit shall be twice the occurrence limit.

  • REINSURANCE COVERAGE Reinsurance under this Agreement will apply to insurance issued by Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below or on a facultative basis, subject to the requirements set forth in Section B below. The specifications for all reinsurance under this Agreement are provided in Schedule A. A. Requirements for Automatic Reinsurance For risks which meet the requirements for automatic reinsurance as set forth below, Reinsurer will participate in a reinsurance pool whereby Reinsurer will automatically reinsure a portion of the insurance risks as indicated in Schedule A. The requirements for automatic reinsurance are as follows: 1. Each life must be a resident of the United States or Canada at the time of application. 2. Each life must be underwritten according to the Ceding Company's standard underwriting practices and guidelines. Any life falling into the category of special underwriting programs will be excluded from this Agreement unless previously agreed to by the Reinsurer via a written amendment. 3. Any risk offered on a facultative basis by the Ceding Company to the Reinsurer or any other company will not qualify for automatic reinsurance under this Agreement for the same risk and same life. 4. The maximum issue age on any risk will be age 85. 5. The mortality rating on each risk must not exceed Table 16, Table P, or 500%, or its equivalent, as shown in the Ceding Company's retention schedule, on a flat extra premium basis. However, one life may be uninsurable if the other life meets the preceding requirements. 6. The total face amount of insurance for the Plans of Insurance in Schedule A to be reinsured on an automatic basis must not exceed the Automatic Issue Limits in Exhibit II. 7. The total amount of insurance issued and applied for in all companies on each life must not exceed the jumbo limits as stated in Exhibit II. 8. The Ceding Company shall retain it's maximum limit of retention for the age and risk classification of each life, as shown in Exhibit II, either on previous insurance or insurance currently applied for.

  • Insurance Cover Without prejudice to the provisions contained in Clause 26.1, the Concessionaire shall, during the Operation Period, procure and maintain Insurance Cover including but not limited to the following: (a) Loss, damage or destruction of the Project Assets, including assets handed over by the Authority to the Concessionaire, at replacement value; (b) Comprehensive third party liability insurance including injury to or death of personnel of the Authority or others caused by the Project; (c) The Concessionaire’s general liability arising out of the Concession; (d) Liability to third parties for goods or property damage; (e) Workmen’s compensation insurance; and (f) any other insurance that may be necessary to protect the Concessionaire and its employees, including all Force Majeure Events that are insurable at commercially reasonable premiums and not otherwise covered in items(a) to (e) above.