Init.
Contract Modifications and cost of materials supplied or installed by others, comprising total value for the entire
Project at the site on a replacement cost basis without optional deductibles. Such property insurance shall be
maintained, unless otherwise provided in the Contract Documents or otherwise agreed in writing by all persons and
entities who are beneficiaries of such insurance, until final payment has been made as provided in Section 9.10 or
until no person or entity other than the Owner has an insurable interest in the property required by this Section 11.3
to be covered, whichever is later. This insurance shall include interests of the Owner, the Contractor, Subcontractors
and Sub-subcontractors in the Project.
§ 11.3.1.1 Property insurance shall be on an "all-risk" or equivalent policy form and shall include, without limitation,
insurance against the perils of fire (with extended coverage) and physical loss or damage including, without
duplication of coverage, theft, vandalism, malicious mischief, collapse, earthquake, flood, windstorm, falsework,
testing and startup, temporary buildings and debris removal including demolition occasioned by enforcement of any
applicable legal requirements, and shall cover reasonable compensation for Architect’s and Contractor’s services
and expenses required as a result of such insured loss.
(Paragraphs deleted)
§ 11.3.1.4 This property insurance shall cover portions of the Work stored off the site, and also portions of the
Work in transit. The insurance shall include a permission to occupy endorsement.
§ 11.3.1.5 Partial occupancy or use in accordance with Section 9.9 shall not commence until the insurance company
or companies providing property insurance have consented to such partial occupancy or use by endorsement or
otherwise. The Owner and the Contractor shall take reasonable steps to obtain consent of the insurance company or
companies and shall, without mutual written consent, take no action with respect to partial occupancy or use that
would cause cancellation, lapse or reduction of insurance.
§ 11.3.2 BOILER AND MACHINERY INSURANCE (NOTE: Does the contract involve any new boilers, compressors or
pressure vessels? If so, keep Risk in the loop)
The Owner shall purchase and maintain boiler and machinery insurance required by the Contract Documents or by
law, which shall specifically cover such insured objects during installation and until final acceptance by the Owner;
this insurance shall include interests of the Owner, Contractor, Subcontractors and Sub-subcontractors in the Work,
and the Owner and Contractor shall be named insureds.
§ 11.3.3LOSS OF USE INSURANCE
The Owner, at the Owner’s option, may purchase and maintain such insurance as will insure the Owner against loss
of use of the Owner’s property due to fire or other hazards, however caused.
(Paragraphs deleted)
§ 11.3.6 Before an exposure to loss may occur, the Contractor shall file with the Owner a copy of each policy that
includes insurance coverages required by this Section 11.3. Each policy shall contain all generally applicable
conditions, definitions, exclusions and endorsements related to this Project. Each policy shall contain a provision
that the policy will not be canceled or allowed to expire, and that its limits will not be reduced, until at least 30 days’
prior written notice has been given to the Contractor.
(Paragraphs deleted)
§ 11.3.9 If required in writing by a party in interest, the Owner as fiduciary shall, upon occurrence of an insured loss,
give bond for proper performance of the Owner’s duties. The cost of required bonds shall be charged against
proceeds received as fiduciary. The Owner shall deposit in a separate account proceeds so received, which the
Owner shall distribute in accordance with such agreement as the parties in interest may reach, or as determined in
accordance with the method of binding dispute resolution selected in the Agreement between the Owner and
Contractor. If after such loss no other special agreement is made and unless the Owner terminates the Contract for
convenience, replacement of damaged property shall be performed by the Contractor after notification of a Change
in the Work in accordance with Article 7.
§ 11.3.10 The Owner as fiduciary shall have power to adjust and settle a loss with insurers.
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