Finance Committee - Agenda - 4/6/2022 - P200
suspend the contract, or terminate the contract. CONTRACTOR further agrees, if applicable, as a precondition to the
performance of any work under this contract and as a precondition to any obligation of the OWNER to make any
payment under this contract to provide the OWNER with a certificate of a qualified insurer.
5.05 Property Insurance
A. CONTRACTOR must purchase and maintain property insurance upon the Work at the Site in the amount of the full
replacement cost of the Work. This insurance shall:
1. include the interests of OWNER, CONTRACTOR, Subcontractors, ENGINEER, ENGINEER’s Consultants and any
other individuals or entities identified in the Supplementary Conditions, and the officers, directors, partners,
employees, agents and other consultants and subcontractors of any of them each of whom is deemed to have an
insurable interest and shall be listed as an insured or additional insured;
2. include expenses incurred in the repair or replacement of any insured property (including but not limited to fees
and charges of ENGINEERs and architects);
3.cover materials and equipment stored at the Site or at another location that was agreed to in writing by OWNER
prior to being incorporated in the Work, provided that the materials and equipment have been included in an
application for payment recommended by ENGINEER; and
4. allow for partial utilization of the Work by OWNER:
5. include testing and startup; and
6. be maintained in effect until final payment is made unless otherwise agreed to in writing by OWNER,
CONTRACTOR and ENGINEER with 30 days written notice to each other additional insured to whom a certificate of
insurance has been issued.
B. CONTRACTOR shall be responsible for any deductible or self-insured retention. The risk of loss within the identified
deductible amount will be borne by CONTRACTOR, Subcontractors, or others suffering any such loss, and if any of
them wishes property insurance coverage within the limits of such amounts, each may purchase and maintain it at the
purchaser’s own expense. OWNER shall not be responsible for purchasing and maintaining any property insurance
specified in this paragraph 5.06 to protect the interests of CONTRACTOR, Subcontractors, or others in the Work to the
extent of any deductible amounts that are identified in the Supplementary Conditions.
C. All the policies of insurance (and the certificates or other evidence of the policy) required to be purchased and
maintained in accordance with paragraph 5.06 will contain a provision or endorsement that the coverage afforded will
not be canceled or materially changed or renewal refused until at least 30 days after written notice has been given to
OWNER and CONTRACTOR and to each other additional insured to whom a certificate of insurance has been issued
and will contain waiver provisions in accordance with paragraph 5.07.
5.06 Waiver of Rights
A. CONTRACTOR intends that all policies purchased in accordance with paragraph 5.06 will protect OWNER,
CONTRACTOR, Subcontractors, ENGINEER, ENGINEER’s Consultants, and all other individuals or entities identified in
the Supplementary Conditions to be listed as insured ({ and the officers, directors, partners, employees, agents, and
other consultants and subcontractors of each and any of them) in such policies and will provide primary coverage for
all losses and damages caused by the perils or causes of loss covered by the policy. All CONTRACTOR policies must
contain provisions to the effect that in the event of payment of any loss or damage the insurers will have no rights of
recovery against any of the insured or additional insured there under. CONTRACTOR waive all rights against OWNER
each other and their respective officers, directors, partners, employees, agents, and other consultants and
subcontractors of each and any of them for all losses and damages caused by, arising out of or resulting from any of
GC-190f55
