AG 2002 07 22 (Regular) - Laserfiche WebLink

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canceled or allowed to expire until at least 30 days' prior written notice has been given to the Owner. If any of the foregoing insurance coverages are required to remain in force ai~er final payment, an additional certificate evidencing continuation of such coverage shall be submitted with the application for final payment. Information concerning reduction of coverage shall be furnished by the Design/Builder with reasonable promptness in accordance with the Design/Builder's information and belief. Insert AC: 7.1.4 Prior to commencing any work oil the job site. the Desi_~Bullder shall famish to thc Owner Certificate(s) of Insurance as evidence flint the following insuranc~ is in effect: 7.1.4. ! The Desi_m~Builder's liability_ insurance shall be written for mounts of not less than the following__ and greater if required by law: (1) workers' compensation - Statutory; (2) employer's liability_ - $1.000.000: (3) Commercial General Liability_ (including premises-operations, independent contractor's protective: personal in.iury, products and completed operations: broad form property_ damage (including X. C. U coverage where applicable), contractual, including specified provision for Desi_m'ffBuilder's obligation under 11.5.1 of Part 2) - $2,000,000 each occurrence/$2.000,000 general _ag.~_ egate: (.4) Comprehensive Automobile (including non-owned and hired motor vehicles) - $1.000.000 combirlcd singJ_ e limit; (5) Umbrella Liability Coverage - $2.000.000. In the event Owner wants Desi_~tBuilder to increase its Umbrella Liability Coverage to $5.000.000. Desi_m~Builder shall fumish such insurance and a Change Order shall be issued for an amount not to exceed $7.000, " 7.1.4.2 Products and completed operations coverage shall be maintained for one year after final payment of retention for work provided under the Contract Documents, or for such lon_~er time as required elsewhere in the Contract Documents. 7.1.5 Errors & Omissions. Coverage of a minimum of $500.000 per occurrence is required. The Desi_mx/Builder shall comply with Errors & Omissions insurance requirements through coverage by the desi~ Architect and Engineer~, 7.1.6' The Owner shall be named as an additional insured on the coverage required in this paxa?a_ ph 7.1. The work,r~' compensation policy for the Desi_mVBuilder shall contain a waiver of subro~tion _against the Owner. 7.1.7 The Desi_an/Builder agr_ ees to deliver to the Owner within 10 days after execution of the Contract certified copies of-all imuranee policies required under this para_m'aph 7.1. unless the Owner agrees to accept certificates of insurance, Insert AD: 7.1.8 Performance Bond and Payraent Bond._The Desi_mv13uilder shall furnish bonds covering faithful performance of the contract and payment of obligations arishag thereunder for the Desi_mv13uilder in an amount equal to the Contract Sum. The bonds shall be written on AIA A312 and shall be executed by a responsible surety properly licensed in the state of North Carolirla and acceptable tO the Owner, 7.2 OWNER'S LIABILITY INSURANCE 7.2.1 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 this Part 2 Agreement. The Design/Builder shall not be responsible for purchasing and maintaining this optional Owner's liability insurance unless specifically required by the Contract Documents. 7.3 PROPERTY INSURANCE ^ ........ ~ O;~.~r The Desima/Builder shall purchase and maintain, in a company or companies authorized to do business in the jurisdiction in which the principal improvements are to be located, property insurance upon the Work to the full insurable value thereof 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 or until no person or entity other than the Owner has an insurable interest in the property required by this Paragraph 7.3 to be insured, whichever is earlier. This insurance shall include interests of the Owner, the Design/Builder, and their respective contractors and subcontractors in the Work. 7.3.1.1 If the prope~_ insurance requires deductibles, the Owner shall pay eom not covered because of such deductibles. The terms of this coverag_e shall include a maximum $500 deductible of any insured loss. and the amount of this deductible and any other losses not specifically covered · by the policy_ shall be borne by the Desi_en/Builder. 7.3.2 Property insurance shall be on an all-risk policy form and shall insure against the perils of fire and extended coverage and physical loss or damage including without duplication of coverage, theft, vandalism, malicious mischief, collapse, falsework, temporary buildings and debris removal including demolition occasioned by enforcement of any applicable legal requirements, and shall cover reasonable compensation for the services and expenses of the Design/Builder's Architect and other professionals required as a result of such insured loss. Coverage for other perils shall not be required unless otherwise provided in the Contract Documents.