Attention! Your ePaper is waiting for publication!
By publishing your document, the content will be optimally indexed by Google via AI and sorted into the right category for over 500 million ePaper readers on YUMPU.
This will ensure high visibility and many readers!
3-123 | EPC TemplateSchedule IIInsuranceInsurance During ConstructionThe Parties shall maintain insurance during construction as follows:Owner shall use their best efforts to procure and establish an Owner Controlled InsuranceProgram (“OCIP) to insure against the Project construction risks normally covered by thefollowing types of insurance policies: (a) Subcontractor’s workers compensationinsurance; (b) Subcontractor’s comprehensive third party legal liability insurance; and (c)Contractor’s comprehensive third party legal liability. The OCIP shall include completedoperations coverage. If such insurance can be obtained at reasonable cost, Owner shallprocure such insurance at its expense; provided, however, that such OCIP expenses shallbe deemed to be included in the Guaranteed Maximum Price unless the expense of suchOCIP, including without limitation premium cost and administration expense, exceedsthe amounts budgeted for the corresponding insurance coverages in the estimated Projectbudget.In the event an OCIP is not available to Owner or in the event Owner determines that anOCIP is prohibitively expensive for the Project, then Contractor shall purchase andmaintain and/or cause its Subcontractors (except for subcontracts involving less than$100,000) to purchase the following types and amounts of insurance: Comprehensive third-party legal liability insurance and other such insurance as isappropriate for performance of this Agreement. Such insurance shall include, but not belimited to, protection from the following occurrences: Claims arising from Worker’s Compensation statutes or similar employee benefit acts,or third-party legal liability claims arising from bodily injury, sickness and disease, ordeath of employees. The minimum limits of such coverage shall be as required by Law. Third-party legal liability claims against Contractor arising from its operations and theoperations of Subcontractors with such protection extended to provide comprehensivecoverage, including personal injury, completed operations, explosion and collapsehazard, and underground hazard. The minimum combined limit for personal injury andproperty damage liability shall be [Coverage amount] per occurrence and [Coverageamount] in the aggregate. Third-party legal liability claims arising from bodily injury and/or damage to propertyof others from the ownership, maintenance or use of any motor vehicle, both on-site andoff site. The minimum combined limit for personal injury and property damage liabilityshall be [Coverage amount] per occurrence.Owner shall purchase and maintain property insurance (Builder’s Risk) covering theProject, including improvements to real property, as well as goods and materials on thePremises which are to be incorporated into the Project. Such property insurance shall befor the full insurable
3-124 | EPC Templatevalue of the property covered and shall be written on an “All Risk” basis coveringphysical loss and damage including theft, vandalism and malicious mischief, collapse,water damage, and such other perils as may be applicable to a Project. Such insuranceshall include the interest of Owner, Contractor, and all Subcontractors as their interestsmay appear.Contractor shall purchase and maintain excess liability /umbrella liability insurance on anoccurrence basis covering claims in excess of, and following the terms of, the insuranceset forth in this Schedule with a [Coverage amount] minimum limit per occurrence and[Coverage amount] annual aggregate limit. All insurance required by this Agreementshall be purchased and maintained with a company or companies lawfully authorized todo business in [Jurisdiction] . Such insurance shall be for limits of liability as specifiedfor the Project or legally required, whichever is greater.All required insurance policies shall be endorsed to provide 30 days prior written noticeby certified mail, of any material change, cancellation, or non-renewal to Owner. Proofof the required insurance and endorsements shall be made by submission to Owner, priorto commencement of a Project, of certificates of insurance and endorsements satisfactoryto Owner. All required insurance shall be maintained until Owner has accepted theProject and Final Payment has been made.
Change language