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. (a) Builder's risk insurance in the amount of one <br />hundred percent (1000 of the insurable value of the Project <br />against physical loss or damage thereto, however caused, with such <br />exceptions as are ordinarily required by insurers of buildings or <br />facilities of a similar type. Such insurance shall be carried in <br />completed value form. <br />(b) Bodily injury and property damage insurance naming <br />the Authority as an insured against claims for damages for bodily <br />injury, including accidental death, as well as claims for property <br />damages which may arise from such construction. Such insurance <br />shall be carried for not less than the following limits of <br />liability for the policies indicated: <br />Combined bodily injury insurance, including <br />accidental death, and property damage insurance in an amount not <br />less than One Million Dollars ($1,000,000) on account of one <br />occurrence; or, in the alternative: <br />Bodily injury insurance in an amount not less than <br />One Million Dollars for injuries, including accidental death, to <br />any one (1) person, and in an amount not less than One Million <br />Dollars on account of one (1) accident; and <br />Property damage insurance in an amount not less than <br />• Five Hundred Thousand Dollars on account of any one (1) accident <br />and in an amount not less than Five Hundred Thousand Dollars in the <br />aggregate during each policy period, each of which shall be not <br />longer than one year. <br />The Authority further covenants that all contracts for the <br />construction of said Project will or do require the contractor to <br />carry such insurance as will protect the contractor from liability <br />under the Indiana Workers' Compensation and Workers' Occupational <br />Diseases Acts. Certificates of the insurance coverage required <br />under Subsection (b) of this section and the preceding sentence <br />shall be furnished to the Trustee. <br />Sec. 6.02. The Authority covenants that, after the <br />completion of the Project, it will carry or cause to be carried: <br />(a) Insurance on the Project against physical loss or <br />damage thereto, however caused, with such exceptions as are <br />ordinarily required by insurers of buildings or facilities of a <br />similar type, which insurance shall be in an amount at least equal <br />to the greater of (i) the option to purchase price under the Lease, <br />or (ii) one hundred percent (1000 of the full replacement cost of <br />the Project as certified by a registered architect, a registered <br />engineer, or a professional appraisal engineer selected by the <br />• -28- <br />