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7.3.4 Unless otherwise provided, the Owner shall purchase
<br />and maintain such boiler and machinery imurance required by
<br />this Part 2 Agreement or by law, which shall specifically cover
<br />such insured objects during installation and until final
<br />acceptance by the Owner. This insurance shall include
<br />interests of the Owner, the DesigrffBuilder, the
<br />Design/Builder's contractors and subcontractors in the Work,
<br />and the Design/Builder's Architect and other design
<br />professionals. The Owner and the Design/Builder shall be
<br />named insureds.
<br />
<br />7.3.6 A loss insured under the Ozmzr': ~
<br />property insurance shall be adjusted by the &:mcr
<br />Desi_ma_/Builder as trustee and made payable to the &;,v, er
<br />Desi_m~Builder as trustee for the insureds, as their interests
<br />may appear, subject to requirements of any applicable
<br />mortgagee clause and of Subparagraph 7.3.10. The
<br />Design/Builder shall pay contractor~ their shares of insurance
<br />proceeds received by the Design/Builder, and by appropriate
<br />agreement, written where legally required for validity, shall
<br />require contractors to make payments to their subcontractors in
<br />similar manner.
<br />
<br />7.3.6 Before an exposure to loss may occur, the
<br />Desi_mgBuilder shall file ,~4th th,
<br /> ............ ~, ....... Owr~er a
<br />copy of each policy that includes insurance coverages required
<br />by this Paragraph 7.3. Each policy shall contain all generally
<br />applicable conditions, definitions, exclusions and
<br />endorsements related to this Project. Each policy shall contain
<br />a provision that the policy will not be canceled or allowed to
<br />expire until at least 30 days' prior written notice has been
<br />given to the Design/Builder,
<br />
<br />7.3.7 If the Design/Builder requests in writing that
<br />insurance for risks other than those described herein or for
<br />oth~r special hazards be included in the property insurance
<br />policy, the C~rmm Desi_mffBu/lder shall, if possible, obtain
<br />such insurance, and the cost thereof shall be charged to the
<br />Design/Builder by appropriate Change Order.
<br />
<br />7.3.8 The Owner and the Design/Builder waive all rights
<br />against each other and the Architect and other design
<br />professionals, contractors, subcontractors, agents and
<br />employees, each of the other, for damages caused by £u-e or
<br />other perils to the extent covered by property insurance
<br />obtained pursuant to this Paragraph 7.3 or other property
<br />insurance applicable to the Work, except such rights as they
<br />may have to proceeds of such insurance held by the C~:mer
<br />Desi_m~13uilder as trustee. The Owner or Design/Builder, as
<br />appropriate, shall require from contractors and subcontractors
<br />by appropriate agreements, written where legally required for
<br />validity, similar waivers each in favor of other parties
<br />enumerated in this Paragraph 7.3. The policies shall provide
<br />such waivers of subrogation by endorsement or othendse. A
<br />waiver of subrogation shall be effective as to a person or entity
<br />even though that person or entity would otherwise have a duty
<br />of indemnification, contractual or otherwise, did not pay the
<br />insurance premium directly or indirectly, and whether or not
<br />the person or entity had an insurable interest in the property
<br />damaged.
<br />
<br />7.3.9 If required in writing by a party in interest, the
<br />~,mer~ as trustee shall, upon occurrence of an
<br />insured loss, give bond for proper performance of the ~:,'ner'
<br />l~gll~lildfflkduties. The cost of required bonds shall be
<br />charged agaimt proceeds received as fiduciary. The
<br />l~l~fi!lld~shall deposit in a separate account proceeds so
<br />received, which the ~:.,mer I~Jllla/]~lil~i~shall distribute in
<br />accordance with such agreement as the parties in interest may
<br />reach, or in accordance with an arbitration award in which case
<br />the procedure shall be as provided in Article 10. If after such
<br />loss no other special agreement is made, replacement of
<br />damaged Work shall be covered by appropriate Change Order.'
<br />
<br />7.3.'10 The O;;mm- Desi-m'vrBuilder as trustee shall have
<br />power to adjust and settle a loss with insurers unless one of the
<br />parties in interest shall object in writing within five (5) days
<br />after occurrence of loss to the ~:,.mer'~ Desi_m~'Buildefs
<br />exercise of this power, if such objection be made, the parties
<br />shall enter into dispute resolution under procedures provided
<br />in Article 10. ff distribution of insurance proceeds by
<br />arbitration is required, the arbitrators will direct such
<br />distribution.
<br />
<br />7.3.11 Partial occupancy or use prior to Substantial
<br />Completion shall not commence until the insurance company
<br />or companies providing property insurance have consented to
<br />such partial occupancy or use by endorsement or otherwise.
<br />The Owner and the Design/Builder shall take reasonable steps
<br />to obtain consent of the insurance company or companies and
<br />shall not, without mutual written consent, take any action with
<br />respect to partial occupancy or use that would cause
<br />cancellation, lapse or reduction of coverage.
<br />
<br />W'g~991 §3.4
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