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18.6 Insurance <br /> Any outside design professions performing City Work shall carry professional errors and <br /> omissions insurance in an amount not less than $3,000,000.00; provided, however, coverage of <br /> only $1,000,000.00 shall be required for minor consultants and design professionals (not <br /> including general civil and soil engineers) and exceptions otherwise granted upon the approval of <br /> OM, not to be unreasonably withheld. The general contractors performing the City Work shall <br /> carry customary commercial general liability and "builder's risk" insurance in the amount of <br /> $3,000,000.00 provided, however, coverage of only $1,000,000.00 shall be required for minor <br /> contractors and exceptions otherwise granted upon the approval of OM, not to be unreasonably <br /> withheld. The commercial general liability policy shall name OM and OM's contractor(s) as <br /> additional insureds. All policies shall contain a waiver of subrogation with respect to City <br /> Property loss or damage and a mutual waiver of recovery to the extent of City Property loss or <br /> damage covered or required to be covered by insurance. OM agrees to carry the same types and <br /> minimum coverages with respect to any work caused to be performed that is or will be dedicated <br /> to the City. <br /> 19. SPECIAL PROVISIONS <br /> 19.1 Insurance <br /> 19.1.1 Property Insurance <br /> From and after Closing and thereafter continuing until the issuance of a Final Certificate <br /> of Completion, OM shall continuously obtain and maintain, with no coinsurance penalty, <br /> insurance for the benefit of itself and the City in the following amounts and with the following <br /> deductibles: <br /> (a) on all real property in the Development owned by OM, including but not <br /> limited to all of the structural and nonstructural components, foundations, cores, shells <br /> and roofs of all improvements in the Development (the "Development Improvements") <br /> against "all risks," including earthquake(unless owners of other similar developments are <br /> no longer purchasing such coverage because the premium cost is no longer available at <br /> commercially reasonable rates and OM's secured lenders are not requiring such coverage) <br /> and flood, for the full replacement value of the Development Improvements and at <br /> premium levels reasonably attainable based upon prevailing insurance market conditions <br /> but shall contain an Inflation Guard Endorsement (or equivalent); and <br /> (b) against such other risks that, at the time, are commonly insured against by <br /> the owners of properties used for similar development ("Comparable Properties"), with <br /> due regard to the then-existing circumstances and to the type, construction, design, use <br /> and occupancy of the components of the Development. <br /> "Full replacement value" means the cost of repairing, replacing, or reinstating, including <br /> demolishing, any of the insured real property, with materials of like kind and quality in <br /> compliance with (and without an exclusion pertaining to application of), any governmental <br /> requirement regulating repair or construction at the time of loss and without deduction for <br /> physical, accounting, or any other depreciation, in an amount sufficient to meet the requirements <br /> -46- <br /> 06107-0063'LEGAL 13023969.1 <br />