1992-09-10 Resolution 64 - Laserfiche WebLink

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damages which may arise fibrin such construction. Such insurance shall be carried for not less than the following limits of liability for the policies indicated: Combined bodily injury insurance, including accidental death, and property damage insurance in an amount not less than One Million Dollars ($1,000,000) on account of one occurrence; or, in the alternative: Bodily injury insurance in an amount not less than One Million Dollars ($1,000,000) for injuries, including accidental death, to any one (1) person, and in an amount not less than One Million Dollars on account of one (1) accident; and Property damage insurance in an amount not less than Five Hundred Thousand Dollars on account of any one (1) accident and in an amount not less than Five Hundred Thousand Dollars ($500,000) 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 Subsections (a) and (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 (100%) 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 $25,000; a blanket public institutional property insurance form may be used if: •(i) the insurance on the Project is not less than the amount required by this Section 6.02; (ii) the Commission subordinates its claim for damage or destruction to -27-