1990-12-17 Resolution 26 - Laserfiche WebLink

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• and in an amount not less than Five Hundred Thousand Dollars in the aggregate during each policy period, each of which shall be not longer than one year. The Authority further covenants that all contracts for the construction of said Project will or do require the contractor to carry such insurance as will protect the contractor from liability under the Indiana Workers' Compensation and Workers' Occupational Diseases Acts. Certificates of the insurance coverage required under Subsection (b) of this section and the preceding sentence shall be furnished to the Trustee. Sec. 6.02. The Authority covenants that, after the completion of the Project, it will carry or cause to be carried: (a) Insurance on the Project against physical loss or damage thereto, however caused, with such exceptions as are ordinarily required by insurers of buildings or facilities of a similar type, which insurance shall be in an amount at least equal to the greater of (i) the option to purchase price under the Lease, or (ii) one hundred percent (1000 of the full replacement cost of the Project as certified by a registered architect, a registered engineer, or a professional appraisal engineer selected by the Authority with the approval of the Trustee, on the effective date of such insurance and on or before April 1 of each year thereafter (such appraisal may be based on a recognized index of conversion factors); provided that such certification shall not be required so long as the amount of such insurance shall be in an amount at least equal to the option to purchase price under the Lease; such insurance may contain a provision for a deductible in an amount not exceeding $10,000; and (b) Rent or rental value insurance in an amount least equal to the full rental value of the Project for a period of two (2) years against physical loss or damage of the type insured against under Sec. 6.02(a) above; and (c) Public liability and property damage insurance in amounts customarily carried for similar properties; provided however, that, notwithstanding Sec. 6.03, such insurance may be provided under the public liability self insurance program of the City of South Bend. Sec. 6.03. Except as provided in Sec. 6.02(c), such insurance policies shall be maintained in insurance companies rated B+ or better by A.M. Best Company (or a comparable rating service if A.M. Best Company ceases to exist or rate insurance companies), and shall be countersigned by an agent of the insurer who is a resident of the State of .Indiana. A copy of such policies and the. architect's or engineer's certificates referred to in Sec. 6.02(a) -26-