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The policies of insurance so required by this paragraph 5.4 to be purchased and maintained shall: 5.4.7. with respect to insurance required by paragraphs 5.4.3 through 5.4.6 inclusive, include as additional insureds (subject to any customary exclusion in respect of profes- sional liability) OWNER, ENGINEER, ENGINEER's Con- sultants and any other persons or entities identified in the Supplementary Conditions, all of whom shall be listed as additional insureds, and include coverage for the respective officers and employees of all such additional insureds; 5.4.8. include the specific coverages and be written for not less than the limits of liability provided in the Supple- mentary Conditions or required by Laws or Regulations, whichever is greater; 5.4.9. include completed operations insurance; 5.4.10. include contractual liability insurance covering CONTR4CTOR's indemnity obligations under paragraphs 6.12, 6.16 and 6.31 through 6.33; 5.4.11. contain a provision or endorsement that the coverage afforded will not be cancelled, materially changed or renewal refused until at least thirty days prior written notice has been given to OWNER and CONTRACTOR and to each other additional insured identified in the Supplemen- tary Conditions to whom a certificate of insurance has been issued (and the certificates of insurance furnished by the CONTRACTOR pursuant to paragraph 5.3 .2 will so pro- vide); 5.4.12. remain in effect at least until final payment and at all times thereafter when CONTRACTOR may be correct- ing, removing or replacing defective Work in accordance with paragraph 13.12; and 5.4.13. with respect to completed operations insurance, and any insurance coverage written on a claims -made basis, remain in effect for at least two years after final payment (and CONTRACTOR shall furnish OWNER and each other additional insured identified in the Supplementary Condi- tions to whom a certificate of insurance has been issued evidence satisfactory to OWNER and any such additional insured of continuation of such insurance at final payment and one year thereafter). OWNER's Liability Insurance: 5.5. In addition to the insurance required to be provided by CONTRACTOR under paragraph 5.4, OWNER, at OWNER's option, may purchase and maintain at OWNER's expense OWNER's own liability insurance as will protect OWNER against claims which may arise from operations under the Contract Documents. Properly Insurance: 5.6. Unless otherwise provided in the Supplementary Con- ditions, OWNER shall purchase and maintain property insur- 21 ance upon the Work at the site in the amount of the full replacement cost thereof (subject to such deductible amounts as may be provided in the Supplementary Conditions or required by Laws and Regulations). This insurance shall: 5.6.1. include he interests of OWNER, CONTRAC- TOR, Subcontractors, ENGINEER, ENGINEER's Con- sultants and any other persons or entities identified in the Supplementary Conditions, each of whom is deemed to have an insurable interest and shall be listed as an insured or additional insured; 5.6.2. be written on a Builder's Risk "all -risk" or open peril or special causes of loss policy form that shall at least include insurance for physical loss or damage to the Work, temporary buildings, falsework and Work in transit and shall insure against at least the following perils fire, lightning, extended coverage, theft, vandalism and malicious mischief, earthquake, collapse, debris removal, demolition occasioned by enforcement of Laws and Regulations, water damage, and such other perils as may be specifically required by the Supplementary Conditions; 5.6.3. include expenses incurred in the repair or replace- ment of any insured property (including but not limited to fees and charges of engineers and architects); 5.6.4. cover materials and equipment stored at the site or at another location that was agreed to in writing by OWNER prior to being incorporated in the Work, provided that such materials and equipment have been included in an Applica- tion for Payment recommended by ENGINEER; and 5.6.5. be maintained in effect until final payment is made unless otherwise agreed to in writing by OWNER, CON- TRACTOR and ENGINEER with thirty days written notice to each other additional insured to whom a certificate of insurance has been issued. 5.7. OWNER shall purchase and maintain such boiler and machinery insurance or additional property insurance as may be required by the Supplementary Conditions or Laws and Regulations which will include the interests of OWNER, CONTRACTOR, Subcontractors, ENGINEER, ENGINEER's Consultants and any other persons or entities identified in the Supplementary Conditions, each of whom is deemed to have an insurable interest and shall be listed as an insured or additional insured. 5.8. All the policies of insurance (and the certificates or other evidence thereof) required to be purchased and main- tained by OWNER in accordance with paragraphs 5.6 and 5.7 will contain a provision or endorsement that the coverage afforded will not be cancelled or materially changed or renewal refused until at least thirty days' prior written notice has been given to OWNER and CONTRACTOR and to each other additional insured to whom a certificate of insurance has been issued and will contain waiver provisions in accordance with paragraph 5.11.