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<br />Paragraph 5.06 will contain a provIsion or
<br />endorsement that the coverage afforded will not be
<br />canceled or materially changed or renewal refused
<br />until at least 30 days prior written notice has been
<br />given to Owner and Contractor and to each other
<br />additional insured to whom a certificate of insurance
<br />has been issued and will contain waiver provisions
<br />in accordance with Paragraph 5.07.
<br />
<br />D. Owner shall not be responsible for
<br />purchasing and maintaining any property insurance
<br />specified in this Paragraph 5,06 to protect the
<br />interests of Contractor, Subcontractors, or others in
<br />the Work to the extent of any deductible amounts
<br />that are identified in the Supplementary Conditions.
<br />The risk of loss within such identified deductible
<br />amount will be borne by Contractor, Subcontractors,
<br />or others suffering any such loss, and if any of them
<br />wishes property insurance coverage within the limits
<br />of such amounts, each may purchase and maintain
<br />it at the purchaser's own expense.
<br />
<br />E. If Contractor requests in writing that other
<br />special insurance be included in the property
<br />insurance policies provided under Paragraph 5.06,
<br />Owner shall, if possible, include such insurance, and
<br />the cost thereof will be charged to Contractor by
<br />appropriate Change Order. Prior to commencement
<br />of the Work at the Site, Owner shall in writing advise
<br />Contractor whether or not such other insurance has
<br />been procured by Owner.
<br />
<br />5.07 Waiver of Rights
<br />
<br />A. Owner and Contractor intend that all
<br />policies purchased in accordance with Paragraph
<br />5.06 will protect Owner, Contractor, Subcontractors,
<br />and Engineer, and all other individuals or entities
<br />identified in the Supplementary Conditions to be
<br />listed as insureds or additional insureds (and the
<br />officers, directors, partners, employees, agents,
<br />consultants and subcontractors of each and any of
<br />them) in such policies and will provide primary
<br />coverage for all losses and damages caused by the
<br />perils or causes of loss covered thereby. All such
<br />policies shall contain provisions to the effect that in
<br />the event of payment of any loss or damage the
<br />insurers will have no rights of recovery against any
<br />of the insureds or additional insureds thereunder.
<br />Owner and Contractor waive all rights against each
<br />other and their respective officers, directors,
<br />partners, employees, agents, consultants and
<br />subcontractors of each and any of them for all
<br />losses and damages caused by, arising out of or
<br />resulting from any of the perils or causes of loss
<br />covered by such policies and any other property
<br />insurance applicable to the Work; and, in addition,
<br />waive all such rights against Subcontractors, and
<br />Engineer, and all other individuals or entities
<br />
<br />identified in the Supplementary Conditions to be
<br />listed as insured or additional insured (and the
<br />officers, directors, partners, employees, agents,
<br />consultants and subcontractors of each and any of
<br />them) under such policies for losses and damages
<br />so caused. None of the above waivers shall extend
<br />to the rights that any party making such waiver may
<br />have to the proceeds of insurance held by Owner as
<br />trustee or otherwise payable under any policy so
<br />issued.
<br />
<br />B. Owner waives all rights against
<br />Contractor, Subcontractors, and Engineer, and the
<br />officers, directors, partners, employees, agents,
<br />consultants and subcontractors of each and any of
<br />them for:
<br />
<br />1. loss due to business interruption, loss of
<br />use, or other consequential loss extending beyond
<br />direct physical loss or damage to Owner's property
<br />or the Work caused by, arising out of, or resulting
<br />from fire or other perils whether or not insured by
<br />Owner; and
<br />
<br />2. loss or damage to the completed Project
<br />or part thereof caused by, arising out of, or resulting
<br />from fire or other insured peril or cause of loss
<br />covered by any property insurance maintained on
<br />the completed Project or part thereof by Owner
<br />during partial utilization pursuant to Paragraph
<br />14.05, after Substantial Completion pursuant to
<br />Paragraph 14.04, or after final payment pursuant to
<br />Paragraph 14.07.
<br />
<br />C. Any insurance policy maintained by
<br />Owner covering any loss, damage or consequential
<br />loss referred to in Paragraph 5.07.B shall contain
<br />provisions to the effect that in the event of payment
<br />of any such loss, damage, or consequential loss, the
<br />insurers will have no rights of recovery against
<br />Contractor, Subcontractors, or Engineer, and the
<br />officers, directors, partners, employees, agents,
<br />consultants and subcontractors of each and any of
<br />them.
<br />
<br />5.08 Receipt and Application of Insurance
<br />Proceeds
<br />
<br />A. Any insured loss under the policies of
<br />insurance required by Paragraph 5.06 will be
<br />adjusted with Owner and made payable to Owner as
<br />fiduciary for the insureds, as their interests may
<br />appear, subject to the requirements of any
<br />applicable mortgage clause and of Paragraph
<br />5.08.B. Owner shall deposit in a separate account
<br />any money so received and shall distribute it in
<br />accordance with such agreement as the parties in
<br />interest may reach. If no other special agreement is
<br />reached, the damaged Work shall be repaired or re-
<br />
<br />EJCDC C-700 Standard General Conditions of the Construction Contract.
<br />Copyright I\'j 2002 National Society of Professional Engineers for EJCDC. All rights reserved.
<br />00700 - 18
<br />
<br />Final Version 01/07
<br />
<br />03-4197
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