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GENERAL CONDITIONS FOR WASHINGTON STATE FAC... CONSTRUCTION <br />Part 2 <br />or performance bond is required if the Contract Sum is endorsement or otherwise. A waiver of <br />$25,000 or less and Contractor agrees that Owner may, in subrogation shall be effective to a person or entity <br />Eau of the bond, retain 50% of the Contract Sum for the even though that person or entity would otherwise <br />period allowed by RCW 39.O8.010. have a duty of indemnification, contractual or <br />otherwise, did not pay the insurance premium <br />215 ADDITIONAL BOND SECURITY directly or indirectly, and whether or not the <br />person or entity had an insurable interest in the <br />Contractor shall romptly furnish additional security property damaged. <br />req rived to protect Owner and persons supplying labor <br />or materiaLs required by the Contract Documents if. <br />A. Owner has a reasonable objection to the surety, or <br />B. Any surety fails to furnish reports on its financial <br />condition if requested by Owner. <br />2.06 BUILDER'S RISK <br />A. Contractor shall purchase and maintain property <br />insurance in the amount of the Contract Sum <br />including all Change Orders for the Work on a <br />replacement cost basis until Final Completion. <br />The insurance shall cover the interest of Owner, <br />Contractor, and any Subcontractors, as their <br />interests may appear. <br />B. Contractor property insurance shall be placed on <br />an 'all risk' basis and insure against the perils of <br />fire and extended coverage and physical loss or <br />damage including theft, vandalism, malicious <br />mischief, collapse, false work, temporary buildings, <br />debris removal including demolition occasioned by <br />enforcement of any applicable legal requirements, <br />and shall cover reasonable compensation for <br />A/E's services and expenses required as a result <br />of an insured loss. <br />C. Owner and Contractor waive all subrogation rights <br />against each other, any Subcontractors, A/E, <br />A/E's subconsultants, separate contractors <br />described in section 5.20, if any, and any of their <br />subcontractors, for damages caused by fire or <br />other perils to the extent covered by property <br />insurance obtained pursuant to the section or <br />other property insurance applicable to the Work, <br />except such rights as they have to proceeds of such <br />insurance held by Owner as fiduciary. The policies <br />shall provide such waivers uf subrogation by <br />July 1, 1992 00700 - page 7 <br />