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§17 1 14 Other Ins-iranne Provided by the GontraGtef
<br /> Coverage L +ts
<br /> §17.2 Owner's Insurance
<br /> §17.2.1 Owner's Liability Insurance
<br /> The Owner shall be responsible for purchasing and maintaining the Owner's usual liability insurance.
<br /> §17.2.2 Property Insurance
<br /> §17.2.2.1 The Owner shall purchase and maintain,from an insurance company or insurance companies lawfully
<br /> authorized to issue insurance in the jurisdiction where the Project is located,property insurance written on a
<br /> builder's risk"all-risks"completed value or equivalent policy form and sufficient to cover the total value of the
<br /> entire Project on a replacement cost basis.The Owner's property insurance coverage shall be no less than the
<br /> amount of the initial Contract Sum,plus the value of subsequent Modifications and labor performed or materials or
<br /> equipment supplied by others.The property insurance shall be maintained until Substantial Completion and
<br /> thereafter as provided in Section 17.2.2.2,unless otherwise provided in the Contract Documents or otherwise agreed
<br /> in writing by the parties to this Agreement.This insurance shall include the interests of the Owner,Contractor,
<br /> Subcontractors,and Sub-subcontractors in the Project as insureds.This insurance shall include the interests of
<br /> mortgagees as loss payees.
<br /> §17.2.2.2 Unless the parties agree otherwise,upon Substantial Completion,the Owner shall continue the insurance
<br /> required by Section 17.2.2.1 or,if necessary,replace the insurance policy required under Section 17.2.2.1 with
<br /> property insurance written for the total value of the Project that shall remain in effect until expiration of the period
<br /> for correction of the Work set forth in Section 18.4.
<br /> §17.2.2.3 If the insurance required by this Section 17.2.2 is subject to deductibles or self-insured retentions,the
<br /> Owner shall be responsible for all loss not covered because of such deductibles or retentions.
<br /> §17.2.2.4 If the Work involves remodeling an existing structure or constructing an addition to an existing structure,
<br /> the Owner shall purchase and maintain,until the expiration of the period for correction of Work as set forth in
<br /> Section 18.4,"all-risks"property insurance,on a replacement cost basis,protecting the existing structure against
<br /> direct physical loss or damage,notwithstanding the undertaking of the Work.The Owner shall be responsible for all
<br /> co-insurance penalties.
<br /> §17.2.2.5 Prior to commencement of the Work,the Owner shall secure the insurance,and provide evidence of the
<br /> coverage,required under this Section 17.2.2 and,upon the Contractor's request,provide a copy of the property
<br /> insurance policy or policies required by this Section 17.2.2.The copy of the policy or policies provided shall contain
<br /> all applicable conditions,definitions,exclusions,and endorsements.
<br /> §17.2.2.6 Within three(3)business days of the date the Owner becomes aware of an impending or actual
<br /> cancellation or expiration of any insurance required by this Section 17.2.2,the Owner shall provide notice to the
<br /> Contractor of such impending or actual cancellation or expiration.Unless the lapse in coverage arises from an act or
<br /> omission of the Contractor:(1)the Contractor,upon receipt of notice from the Owner,shall have the right to stop
<br /> the Work until the lapse in coverage has been cured by the procurement of replacement coverage by either the
<br /> Owner or the Contractor;(2)the Contract Time and Contract Sum shall be equitably adjusted;and(3)the Owner
<br /> waives all rights against the Contractor,Subcontractors,and Sub-subcontractors to the extent any loss to the Owner
<br /> would have been covered by the insurance had it not expired or been cancelled.If the Contractor purchases
<br /> replacement coverage,the cost of the insurance shall be charged to the Owner by an appropriate Change Order.The
<br /> furnishing of notice by the Owner shall not relieve the Owner of any contractual obligation to provide required
<br /> insurance.
<br /> §17.2.2.7 Waiver of Subrogation
<br /> §17.2.2.7.1 The Owner and Contractor waive all rights against(1)each other and any of their subcontractors,sub-
<br /> subcontractors,agents,and employees,each of the other;(2)the Architect and Architect's consultants;and(3)
<br /> Separate Contractors,if any,and any of their subcontractors,sub-subcontractors,agents,and employees,for
<br /> Init. AIA Document A104—2017(formerly A107TM—2007).Copyright @ 1936,1951,1958,1961,1963,1966,1970,1974,1978,1987,1997,2007 and 2017.All
<br /> rights reserved."The American Institute of Architects,""American Institute of Architects,""AIA,"the AIA Logo,and"AIA Contract Documents"are trademarks of 21
<br /> The American Institute of Architects.This document was produced at 14:33:21 CT on 01/31/2024 under Order No.3104238599 which expires on 05/21/2024,is
<br /> not for resale,is licensed for one-time use only,and may only be used in accordance with the AIA Contract Documents®Terms of Service.To report copyright
<br /> violations,e-mail docinfo@aiacontracts.com.
<br /> User Notes: (389ADA313)
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