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officers , directors , partners , employees , agents , and 5 .08 Receipt and Application of Insurance
<br /> other consultants and subcontractors of each and any Proceeds
<br /> i of them for all losses and damages caused by, arising A An insured loss under the policies of
<br /> out of or resulting from any of the perils or causes of insurance required by paragraph 5 .06 will be adjusted
<br /> loss covered by such policies and any other property able to OWNER as
<br /> ' insurance applicable to the Work; and , in addition , with fiduciary Iforthe insureds ,Rand made Pas their
<br /> interests may
<br /> waive all such rights against Subcontractors ,
<br /> ENGINEER, ENGINEER's Consultants , and all other appear, subject to the requirements of any applicable
<br /> individuals or entities identified in the Supplementary mortgage
<br /> deposit
<br /> guse and of n a separate account araph ny money so
<br /> ' . B . OWNER
<br /> Conditions to be listed as insureds oadditional shall
<br /> insureds (and the officers , directors , partners , received and shall distribute it in accordance with such
<br /> employees , agents , and other consultants and agreement as the parties in interest may damaged
<br /> each , If no
<br /> subcontractors of each and any of them) under such other special agreement is reached , the
<br /> moneys so
<br /> ' policies for losses and damages so caused . None of Work shall bed onrepaired or replaced ,hereof, and the
<br />Work
<br /> the above waivers shall extend to the rights that any received applied
<br /> parry making such waiver may have to the
<br /> proceeds and the cost thereof covered y otherotherwise Change Order or Written Amendment, an appropriate
<br /> of insurance held by OWNER as trustee o
<br /> payable under any policy so issued . B . OWNER as fiduciary shall have power to
<br /> rers unless one
<br /> B . OWNER waives all rights against adjust and of the partiestienterest shall object nany loss with the uwrting within
<br /> 15
<br /> CONTRACTOR, Subcontractors , ENGINEER,
<br /> ENGINEER' s Consultants , and the officers , directors , days after the occurrence of loss to OWNER's
<br /> partners , employees , agion be made ,
<br /> ents , and other consultants OWNER ascise of tfiducary shall make shis power. if such ettletment
<br /> with he
<br /> and subcontractors of each and any of them for: insurers in accordance with such agreement as the
<br /> 1 , loss due to business interruption , loss parties in interest mamong te ay reach . If no such agreement
<br /> as
<br /> of use , or other consequential loss extending fid c aryh shapftiadjust nand ssettle athe loses in iteret is
<br /> reched , OsWwi hRthe
<br /> o
<br /> beyond direct physical loss 9
<br /> OWNER' s property or the Work caused by, insurers and , if required in writing by any
<br /> parry in
<br /> arising out of, or resulting from fire or other peril interest, O o NER a of such as fiduciary
<br /> sh .11 give bond for the
<br /> ' whether or not insured by OWNER; and proper P
<br /> 2 , loss or damage to the completed Pro- 5 .Og Acceptance of Bonds and Insurance; Option
<br /> ject or part thereof caused by, arising out of,
<br /> or to Replace
<br /> resulting from fire or other insured peril or A If either OWNER or CONTRACTOR has any
<br /> cause of loss covered by any propertyafforded by or
<br /> insurance maintained on the completed Project s ojnst1 of toon the
<br /> Bondsor
<br /> coverage insurance required other to
<br /> or part thereof by OWNER during partial
<br /> utilization pursuant to paragraph 14 .05 , after purchased and maintained by the other party in accor-
<br /> Substantial Completion pursuant to paragraph dance with Article 5 cu the basis of non-conformance
<br /> party
<br /> shall
<br /> or14 .04 , or after final payment pursuant to with the Contract Docum n w�itin objecting
<br /> h n10 days after
<br /> paragraph 14 .07 . re notify the other parry ' 9
<br /> receipt of the certificates (or other evidence
<br /> . OWNER
<br /> C . Any insurance policy maintained ue OWNER oss and CONTRACTORested) required bshall paragraph
<br /> prov deCto the other
<br /> ' covering any loss , damage or consequerespect
<br /> referred to in paragraphf shall contain
<br /> on payment providedsuch dals the otheratmay � reasonablyorequest insurancef
<br /> the event o
<br /> provisions to the effect that In arty
<br /> any such loss , damage , or consequential loss , the either P does not purchase or maintain all
<br /> of the
<br /> s and
<br /> ired of
<br /> by
<br /> ' insurers will have no rights of recoveryagainst
<br /> or Cont act Documentsesuch uparty shallcnotifyh a othee
<br /> CONTRACTOR, Subcontractors ,
<br /> ENGINEER's Consultants and the officers , directors , party in writing of such failure to purchase prior to the
<br /> of the
<br /> or
<br /> such
<br /> to
<br /> partners , employees , agents , and other consultants st prejudice rt change or ,the f required failure cove age maintain
<br /> priortWithout
<br /> and subcontractors of each and any of them . to any other right or remedy, the other party
<br /> may elect to obtain equivalent Bonds or insurance to
<br /> protect such other party's interests at the expense of
<br /> 00700- 19
<br /> 0386- 00700 - General Conditions
<br /> F :\Engineering\Capital Projects\0386-Pelican Island Upland Restoration\0386-Pelican Island -Contract Docs\0386- 00700 - General
<br /> Conditions .doc
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