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§ 7 . 1 . 3 Certificates of Insurance acceptable to the Owner shall be delivered to the Owner immediately after execution of this Part 2 Agreement . These Certificates and the insurance policies required by this Section 7 . 1 shall contain a provision that coverages afforded under the policies will not be canceled or allowed to expire until at least 30 days' prior written notice has been given to the Owner. If any of the foregoing insurance coverages are required to remain in force after final payment , an additional certificate evidencing continuation of such coverage shall be submitted with the application for final payment . Information concerning reduction of coverage shall be furnished by the Design / Builder with reasonable promptness in accordance with the Design/ Builder' s information and belief. R 7 . 2 OWNER' S' S 1 IABI1 ITY INSURANCE 7 . 2 , 11 The Owner shall be responsible fer purohaGiRg a d maintaining the Own sing and Part 2 Agreement . The Design/ Builder shall not be responsible fer PUFGhaa � mm 0V maintaining this eptional Owner' s ability insuFanGe URless speGifiGally Feq &ed by the § 7 . 3 PROPERTY INSURANCE § 7 . 3 . 1 Unless otherwise provided under this Part 2 Agreement , the Design/ Builder Owee shall maintain , in a company or companies authorized to do business in the jurisdiction in which the principal improvements are to be located propeFt Builder' s Risk "All Risk" insurance upon the Work to the full insurable value thereof on a replacement cost basis without e0enal dedUGtibles . Such pfopefty insurance shall be maintained , unless otherwise provided in the Contract Documents or otherwise agreed in writing by all persons and entities who are beneficiaries of such insurance , until final payment has been made or until no person or entity other than the Owner has an insurable interest in the property required by this Section 7 . 3 to be insured , whichever is earlier . This insurance shall include interests of the Owner, the Design / Builder , and their respective contractors and subcontractors in the Work . § 7 . 3 . 2 Property insurance shall be on an all - risk policy form and shall insure against the perils of fire and extended coverage and physical loss or damage including , without duplication of coverage , theft , vandalism , malicious mischief, collapse , falsework , temporary buildings and debris removal including demolition occasioned by enforcement of any applicable legal requirements , and shall cover reasonable compensation for the services and expenses of the Design/ Builder' s Architect and other professionals required as a result of such insured loss . Coverage for other perils shall not be required unless otherwise provided in the Contract Documents . this Part 2 Agr he Goverages 0 n the amount desGribed above , t Owner shall se unform the Design/ Bu M ! der PFOOF t() GE) rnmenGernent of the GE) nStF Gtien . The Design/ Builder may then effeGt insuranGe which will preteGt the inteFests of the 12