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Addendum 1 Page 9 <br />CITY OF EVERETT ⋅ 3200 Cedar Street ⋅ Everett, WA 98201 ⋅ (425) 257-8800 ⋅ Fax (425) 257-8882 <br /> <br />Item 11 - SPECIFICATION 00 72 00 GENERAL CONDITIONS: <br />Delete Section 15.3.14.2 in its entirety. Add Sections 15.4, 15.4.1, 15.4.2, <br />15.4.3, 15.4.4, and 15.4.5 as follows: <br /> “15.4 PROPERTY INSURANCE <br />15.4.1 The Owner shall purchase and maintain, in a company or companies <br />lawfully authorized to do business in the jurisdiction in which the Project is <br />located, property insurance written on a builder’s risk equivalent to today’s <br />industry accepted standard policy form to cover the course of construction in <br />the amount of the full insurable value thereof, except as otherwise provided in <br />this Section 15.4, less costs of clearing, preparation and excavation of the site <br />under this Agreement. Such property insurance shall be maintained, unless <br />otherwise provided in the Contract Documents or otherwise agreed in writing <br />by all persons and entities who are beneficiaries of such insurance, until final <br />payment has been made or until no person or entity other than the Owner has <br />an insurable interest in the property required by this Section 15.4 to be <br />covered, whichever is later. This insurance shall include interests of the <br />Owner, the Contractor, Subcontractors and Sub-subcontractors in the Project. <br />This insurance shall insure against the perils of fire and extended coverage <br />and physical loss or damage and shall provide coverage equivalent to today’s <br />industry accepted standard policy form for the interests of the Owner, the <br />Contractor and Subcontractors as named insureds, as their respective <br />interests appear. Upon written request, the Owner will provide a copy of its <br />policy to the Contractor. Each loss may be subject to a deductible of at least <br />$1,000 but not more than $100,000. Losses up to the deductible amount or <br />otherwise not covered by insurance shall be the responsibility of the <br />Contractor. The policy shall be endorsed to allow complete or partial <br />occupancy by the Owner before or after Substantial Completion without the <br />insurer’s approval. All tools and equipment of the Contractor and <br />Subcontractors of any tier not intended as part of the construction or <br />installation of the Work will be the sole responsibility of the Contractor. <br />15.4.2 Property insurance shall be on builder’s risk equivalent to today’s <br />industry accepted standard policy form and shall include, without limitation, <br />insurance against the perils of fire (with extended coverage) and physical loss <br />or damage including, without duplication of coverage, theft, vandalism, <br />malicious mischief, collapse, earthquake, flood, windstorm, falsework, testing <br />and startup, temporary buildings and debris removal including demolition <br />occasioned by enforcement of any applicable legal requirements, and shall <br />cover reasonable compensation for Contractor’s services and expenses <br />required as a result of such insured loss. With respect to earthquake and <br />flood coverages, Owner will procure insurance, if any, in amount(s) and <br />deductible(s) that the Owner, in its sole discretion, determines to be <br />reasonable for the Project.