10-10524 - Laserfiche WebLink

Browse Search

17.1.2 On all insurance coverage that the Contractor is required to obtain and maintain under this Agreement the Owner shall be named as additional insured. Copies of the Certificates of Insurance for each type of coverage and amounts shall be sent to the Owner. 17.2 The Owner shall be responsible for purchasing and maintaining the Owner's usual liability insurance. Optionally, the Owner may purchase and maintain other insurance for self protection against claims which may arise from operations under the Contract. The Contractor shall not be responsible for purchasing and maintaining this optional Owner's liability insurance unless specifically required by the Contract Documents. 17.3 The Owner shall purchase and maintain, in a company or companies lawfully authorized to do business in the jurisdiction in which the Project is located, property insurance upon the entire Work at the site to the full insurable value thereof. This insurance shall be on an all -risk policy form and shall include interests of the Owner, the Contractor, Subcontractors and Sub - subcontractors in the Work and shall insure against the perils of fire and extended coverage and physical loss or damage including, without duplication of coverage, theft, vandalism and malicious mischief. 17.4 A loss insured under Owner's property insurance shall be adjusted with the Owner and made payable to the Owner as fiduciary for the insureds, as their interests may appear, subject to the requirements of any applicable mortgagee clause. The Owner shall be responsible for any deductible related to the property insurance. 17.5 The Owner shall file a copy of each policy with the Contractor before an exposure to loss may occur. Each policy shall contain a provision that the policy will not be canceled or allowed to expire until at least 30 days' prior written notice has been given to the Contractor. 17.6 The Owner and Contractor waive all rights against each other and the Architect, Architect's consultants, separate contractors described in Article 12, if any, and any of their subcontractors, sub - subcontractors, agents and employees, for damages caused by fire or other perils to the extent covered by property insurance obtained pursuant to this Article 17 or any other property insurance applicable to the Work, except such rights as they may have to the proceeds of such insurance held by the Owner as fiduciary. The Contractor shall require similar waivers in favor of the Owner and the Contractor by Subcontractors and Sub - subcontractors, agents and employees of any of them. 17.7 Bond. At Owner's cost, Owner shall have the right to require Contractor to furnish bonds in an amount equal to 100% of the Contract Sum covering faithful performance of the Contract and payment of obligations arising thereunder. The bonds shall comply with the requirements of the state where the Project is located. "Conditional" Payment Bonds shall not be acceptable. Proper Power of Attorney shall accompany said bonds. Said bonds shall be delivered to the Owner for recording with the Notice of Commencement. No Work shall commence on the Project until the Notice of Commencement and copies of the Payment Bonds are recorded and certified copies thereof are posted at the Project site ARTICLE 18 - CORRECTION OF WORK 14