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any other individuals or entities identified in the
<br />Supplementary Conditions, and the officers, directors,
<br />partners, employees, agents, consultants and
<br />subcontractors of each and any of them, each of whom is
<br />deemed to have an insurable interest and shall be listed as
<br />an insured or additional insured.
<br />C. All the policies of insurance (and the certificates or
<br />other evidence thereof) required to be purchased and
<br />maintained in accordance with Paragraph 5.06 will
<br />contain a provision or endorsement that the coverage
<br />afforded will not be canceled or materially changed or
<br />renewal refused until at least 30 days prior written notice
<br />has been given to Owner and Contractor and to each other
<br />additional insured to whom a certificate of insurance has
<br />been issued and will contain waiver provisions in accor-
<br />dance with Paragraph 5.07.
<br />D. Owner shall not be responsible for purchasing and
<br />maintaining any property insurance specified in this
<br />Paragraph 5.06 to protect the interests of Contractor,
<br />Subcontractors, or others in the Work to the extent of any
<br />deductible amounts that are identified in the Supple-
<br />mentary Conditions. The risk of loss within such
<br />identified deductible amount will be borne by Contractor,
<br />Subcontractors, or others suffering any such loss, and if
<br />any of them wishes property insurance coverage within
<br />the limits of such amounts, each may purchase and
<br />maintain it at the purchaser's own expense.
<br />E. If Contractor requests in writing that other special
<br />insurance be included in the property insurance policies
<br />provided under Paragraph 5.06, Owner shall, if possible,
<br />include such insurance, and the cost thereof will be
<br />charged to Contractor by appropriate Change Order. Prior
<br />to commencement of the Work at the Site, Owner shall in
<br />writing advise Contractor whether or not such other
<br />insurance has been procured by Owner.
<br />5.07 Waiver ofRights
<br />A. Owner and Contractor intend that all policies
<br />purchased in accordance with Paragraph 5.06 will protect
<br />Owner, Contractor, Subcontractors, and Engineer, and all
<br />other individuals or entities identified in the Supple-
<br />mentary Conditions to be listed as insureds or additional
<br />insureds (and the officers, directors, partners, employees,
<br />agents, consultants and subcontractors of each and any of
<br />them) in such policies and will provide primary coverage
<br />for all losses and damages caused by the perils or causes
<br />of loss covered thereby. All such policies shall contain
<br />provisions to the effect that in the event of payment of
<br />any loss or damage the insurers will have no rights of
<br />recovery against any of the insureds or additional insureds
<br />thereunder. Owner and Contractor waive all rights against
<br />each other and their respective officers, directors,
<br />partners, employees, agents, consultants and
<br />subcontractors of each and any of them for all losses and
<br />damages caused by, arising out of or resulting from any of
<br />the perils or causes of loss covered by such policies and
<br />any other property insurance applicable to the Work; and,
<br />in addition, waive all such rights against Subcontractors,
<br />and Engineer, and all other individuals or entities
<br />identified in the Supplementary Conditions to be listed as
<br />insured or additional insured (and the officers, directors,
<br />partners, employees, agents, consultants and
<br />subcontractors of each and any of them) under such
<br />policies for losses and damages so caused. None of the
<br />above waivers shall extend to the rights that any party
<br />making such waiver may have to the proceeds of
<br />insurance held by Owner as trustee or otherwise payable
<br />under any policy so issued.
<br />B. Owner waives all rights against Contractor,
<br />Subcontractors, and Engineer, and the officers, directors,
<br />partners, employees, agents, consultants and
<br />subcontractors of each and any of them for:
<br />1. loss due to business interruption, loss of use, or
<br />other consequential loss extending beyond direct
<br />physical loss or damage to Owner's property or the
<br />Work caused by, arising out of, or resulting from fire
<br />or other perils whether or not insured by Owner; and
<br />2. loss or damage to the completed Project or part
<br />thereof caused by, arising out of, or resulting from
<br />fire or other insured peril or cause of loss covered by
<br />any property insurance maintained on the completed
<br />Project or part thereof by Owner during partial
<br />utilization pursuant to Paragraph 14.05, after
<br />Substantial Completion pursuant to Paragraph 14.04,
<br />or after final payment pursuant to Paragraph 14.07.
<br />C. Any insurance policy maintained by Owner covering
<br />any loss, damage or consequential loss referred to in
<br />Paragraph 5.07.13 shall contain provisions to the effect
<br />that in the event of payment of any such loss, damage, or
<br />consequential loss, the insurers will have no rights of
<br />recovery against Contractor, Subcontractors, or Engineer,
<br />and the officers, directors, partners, employees, agents,
<br />consultants and subcontractors of each and any of them.
<br />5.08 Receipt and Application oflnsurance Proceeds
<br />A. Any insured loss under the policies of insurance
<br />required by Paragraph 5.06 will be adjusted with Owner
<br />and made payable to Owner as fiduciary for the insureds,
<br />as their interests may appear, subject to the requirements
<br />of any applicable mortgage clause and of Paragraph
<br />5.08.13. Owner shall deposit in a separate account any
<br />money so received and shall distribute it in accordance
<br />with such agreement as the parties in interest may reach.
<br />If no other special agreement is reached, the damaged
<br />Work shall be repaired or replaced, the moneys so
<br />received applied on account thereof, and the Work and the
<br />cost thereof covered by an appropriate Change Order.
<br />B. Owner as fiduciary shall have power to adjust and
<br />settle any loss with the insurers unless one of the parties
<br />in interest shall object in writing within 15 days after the
<br />occurrence of loss to Owner's exercise of this power. If
<br />such objection be made, Owner as fiduciary shall make
<br />EJCDC C-700 Standard General Conditions of the Construction Contract.
<br />Copyright © 2002 National Society of Professional Engineers for EJCDC. All rights reserved.
<br />00700- 17
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