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Property Owner shall assign all contractor warranties applicable to the URA Public <br />Improvements to the City. <br />(b)The Property Owner shall make reports in such detail and at such times as <br />the City and LRC may reasonably request as to Property Owner’s progress with respect <br />to the construction and completion of the URA Public Improvements. <br />7.Insurance and Indemnification. <br />(a)Insurance. During the period from commencement of construction of the <br />URA Public Improvements until Final Acceptance of the URA Public Improvements, the <br />Property Owner shall carry, or cause its general contractor to carry, and, upon request, <br />will provide the LRC with proof of payment of premiums and certificates of insurance as <br />follows: <br />(i)Builder’s risk insurance (with a deductible not to exceed $5,000) in <br />an amount equal to 100% of the replacement value of the URA Public <br />Improvements at the date of completion of construction; <br />(ii)Comprehensive general liability insurance (including operations, <br />contingent liability, operations of subcontractors, completed operations, and <br />contractual liability insurance) and umbrella liability insurance with a combined <br />single limit for both bodily injury and property damage of not less than <br />$1,000,000 per occurrence and $2,000,000 in the aggregate. Such insurance may <br />carry a deductible in an amount not to exceed $10,000 per claim for property <br />damage and $5,000 per claim for employee benefits; and <br />12 <br />23 <br />