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EIAF 7500 — Louisville City Service Facility <br />Subcontractor purchasing coverage for the limits specified or by any combination of underlying and <br />umbrella limits, so long as the total amount of insurance is not less than the limits specified in each <br />section previously mentioned. The insurance shall have a minimum amount of $5,000,000 per <br />occurrence and $5,000,000 in the aggregate. <br />vi. Property Insurance <br />This subsection shall apply if Grant Funds are provided for the acquisition, construction, or <br />rehabilitation of real property. <br />Insurance on the buildings and other improvements now existing or hereafter erected on the premises <br />and on the fixtures and personal property included in the Subject Property against loss by fire, other <br />hazards covered by the so called "all risk" form of policy and such other perils as State shall from time <br />to time require with respect to properties of the nature and in the geographical area of the Subject <br />Property, and to be in an amount at least equal to the replacement cost value of the Subject Property. <br />Grantor will at its sole cost and expense, from time to time and at any time, at the request of State <br />provide State with evidence satisfactory to State of the replacement cost of the Subject Property. <br />vii.Flood Insurance <br />If the Subject Property or any part thereof is at any time located in a designated official flood hazard <br />area, flood insurance insuring the buildings and improvements now existing or hereafter erected on the <br />Subject Property and the personal property used in the operation thereof in an amount equal to the <br />lesser of the amount required for property insurance identified in §vi above or the maximum limit of <br />coverage made available with respect to such buildings and improvements and personal property <br />under applicable federal laws and the regulations issued thereunder. <br />viii. Builder's Risk Insurance <br />The subsection shall apply if Grant Funds are provided for construction or rehabilitation of real <br />property. <br />Grantee, Subgrantee and /or Subcontractor shall purchase and maintain property insurance written on a <br />builder's risk "all- risk" or equivalent policy form in the amount of the initial <br />construction/rehabilitation costs, plus value of subsequent modifications and cost of materials supplied <br />or installed by others, comprising total value for the entire Project at the site on a replacement cost <br />basis without optional deductibles. Such property insurance shall be maintained, unless otherwise <br />agreed in writing by all persons and entities who are beneficiaries of such insurance, until final <br />payment has been made or until no person or entity other than the property owner has an insurable <br />interest in the property. <br />a) The insurance shall include interests of the property owner, Grantee, Subgrantee, <br />Subcontractors in the Project as named insureds. <br />b) All associated deductibles shall be the responsibility of the Grantee, Subcontractor and <br />Subgrantee. Such policy may have a deductible clause but not to exceed $10,000. <br />c) Property insurance shall be on an "all risk" or equivalent policy form and shall include, without <br />limitation, insurance against the perils of fire (with extended coverage) and physical loss or <br />damage including, without duplication of coverage, theft, vandalism, malicious mischief, <br />collapse, earthquake, flood, windstorm, falsework, testing and startup, temporary buildings and <br />debris removal including demolition occasioned by enforcement of any applicable legal <br />requirements, and shall cover reasonable compensation for Grantee's, Subgrantee's and <br />Subcontractor's services and expenses required as a result of such insured loss. <br />d) Builders Risk coverage shall include partial use by Grantee and/or property owner. <br />e) The amount of such insurance shall be increased to include the cost of any additional work to <br />be done on the Project, or materials or equipment to be incorporated in the Project, under other <br />independent contracts let or to be let. In such event, Subgrantee and Subcontractor shall be <br />reimbursed for this cost as his or her share of the insurance in the same ratio as the ratio of the <br />insurance represented by such independent contracts let or to be let to the total insurance <br />carried. <br />Page 10 of 21 <br />