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HomeMy WebLinkAboutResolution_46-21_9/9/2021RESOLUTION NO. 46-21 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA, AUTHORIZING THE PURCHASE OF BUILDERS RISK INSURANCE FROM CERTAIN UNDERWRITERS AT LLOYD'S OF LONDON IN CONNECTION WITH THE CONSTRUCTION OF THE COMMUNITY CENTER AT CONSTITUTION PARK, PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. WHEREAS, construction of the new Community Center at Constitution Park is well underway; and WHEREAS, to protect its insurable interest in the existing structure, materials, fixtures and/or equipment awaiting installation, the Village Council deems it necessary and proper to acquire Builders Risk Insurance; and WHEREAS, the Village's insurance broker thoroughly researched the insurance marketplace and presented an insurance placement which addresses the needs and exposures of the Village in connection with the construction of the Community Center; and; WHEREAS, Village staff recommends acceptance of the Builders Risk Quotation, as referenced herein as Exhibit A, reflecting a total policy premium of $31,151.20. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS: Section 1: Resolution No. 46-21 is hereby officially adopted; Section 2: The Village Council hereby authorizes the Village Manager to purchase Builders Risk Insurance from certain underwriters of Lloyd's of London, as reflected in Exhibit "A." Section 3: Conflicts. All resolutions or parts of resolutions in conflict with the provisions of this Resolution are hereby repealed and rescinded. Section 4: Severability. If any section, subsection, sentence, clause, phrase, word, or portion of this Resolution is for any reason held invalid or unconstitutional by a court of competent jurisdiction, whether for substantive or procedural reasons, such portion shall be deemed a separate, distinct, and independent provision, and such holding shall not affect the validity of the remaining portions of this Resolution. Section 5: This Resolution shall become effective immediately upon passage. EXHIBIT A Amwins Brokerage of Florida, Inc, MWINS"" 7108 Fairway Drive Suite 200 BROKERAGEPalm Beach Gardens, FL 33418 amwins.com August 16, 2021 Tina Tower Patriot Insurance Agency LLC 13901 U.S. Highway 1, Suite 8 Juno Beach, FL 33408 RE: Village of Tequesta BUILDERS RISK QUOTATION Please find the attached quotation for Village of Tequesta. Here is a summary of the terms and conditions: INSURED: Village of Tequesta MAILING ADDRESS: 345 Tequesta Drive Tequesta, FL 33469 CARRIER: Certain Underwriters at Lloyd's, London (Non -Admitted) PROPOSED POLICY PERIOD: From 8/16/2021 to 2/14/2022 12:01 A.M. Standard Time at the Mailing Address shown above POLICY PREMIUM: Premium $29,414.00 Fees $250.00 Surplus Lines Taxes and Fees $1,487.20 Total $31,151.20 TRIA OPTIONS: TRIA can be purchased for an additional premium of $1,471 + tax = $1,544.55. Signed acceptance/rejection required at binding. MINIMUM EARNED PREMIUM: As per policy form COMMISSION: 10.000% of premium excluding fees and taxes SUBJECTIVITIES: Please see All Terms & Conditions on the attached Quote. All Forms, Endorsements and Exclusions available upon request. In Addition to the Items Requested on the attached quote, To Bind Coverage, please return: -Completed and Signed Application -Completed and Signed Terrorism Form (if applicable) -Agent's Completed and Signed S/L Disclosure Form Page 1 of 2 SURPLUS LINES TAX SUMMARY HOME STATE: Florida FEES: Fee Taxable Amount Amwins Service Fee Yes $250.00 Total Fees $250.00 SURPLUS LINES TAX CALCULATION: State Description Taxable Premium Taxable Fee Tax Basis Rate Tax Florida Surplus Lines Tax $29,414.00 $250.00 $29,664.00 4.940% $1,465.40 Stamping Fee $29,414.00 $250.00 $29,664.00 0.060% $17.80 DEM EMP Flat $4.00 Total Surplus Lines Taxes and Fees $1,487.20 Important Notice: Surplus Lines Tax Rates and Regulations are subject to change which could result in an increase or decrease of the total Surplus Lines Taxes and Fees owed on this placement. If a change is required, we will promptly notify you. Any additional taxes owed must be promptly remitted. The attached Quotation from the carrier sets forth the coverage terms and conditions being offered. Please review carefully with your client as terms and conditions may differ from those requested in your submission. It is your responsibility to ensure the quoted coverage terms and conditions are sufficient to meet your client's coverage needs. If after reviewing you should have any questions or requested changes, please let us know as soon as possible so we can discuss with the carrier prior to the effective date of coverage. Thank you for the opportunity to provide this Quotation and I look forward to hearing from you. Sincerely, Andrea Ford Executive Vice President I Amwins Brokerage of Florida, Inc. T 561.847.8485 1 F 877.570.9323 1 Andrea.Ford@amwins.com 7108 Fairway Drive I Suite 200 1 Palm Beach Gardens, FL 33418 1 amwins.com License OF41738 Page 2 of 2 (DHIGHLAND INSURANCE SOLUTIONS ® QUOTATION ❑ BINDER ......................................................................................................................................................................................................................._......._............................_................................................................... COMPANY POLICY NUMBER: .........................................................................................................................................................................................................................._........................................................................................._............ NOTICE: The Company offering coverage is a Surplus Lines insurer, regulated by responsibility of the Surplus Lines Broker to ensure those laws are followed, a surcharges, stamping or other fees. ,, .......................................................................................-............................................................................._....................._._...................................................................--............................................_....... NAMED INSURED: Village of Tequesta ................... _........................... _......... ..................................... ................................................................ _........................................................... __....... MAILING ADDRESS: 345 Tequesta Dr Tequesta, FL 33469 ............................................................... ......................... ......................... _........... _........ _.... _.......................................................... __......... ------ .._........... ..........-......._......................... ..... ISSUING COMPANY (the "Company"): PRODU....... As Per Schedule of Insurers Amwi COMPANY FINANCIAL RATINGS: AM Best: "A" ADDITIONAL INSURED: N/A LOSS PAYABLE: Insured INSURED PROJECT LOCATION: 399 Seabrook Rd, Jupiter, FL 33469 ......................................................................................_....._.......................................... INSURED PROJECT DESCRIPTION: Midterm construction of a sinele4 /�/ Attn: lus Lines )Ilect an 18 DATE: 08/16/2021 ry ndiffi" Mstible, 14,799 sq. ft. community center. Work is 40% complete. ESTIMATED TOTAL CONTRACT VALUES: Hard Costs $5,938,954 Owner Supplied Material (Miscellaneous) Not Covered Existing Structures Not Covered Loss of Gross Earnings Not Covered Loss of Rental Income Not CoverFA Soft Costs Not Cov Estimated Total Contract Value $5,938,9 Subject to premium adjustment at completion of the project PARTICIPATION: 100.00% being $5,938,954 part of $5,938,954 POLICY LIMIT: The Company will not be liable for more than its proportion subject to its proportion of the following limits, sublimits a POLICY SUBLIMITS & AGGREGATE LIMITS: 41 Hard Costs Owner Supplied Existing Property %%MOM III Transit (per conveyance) ii / 1i ExpExpense editing landscape) Plans, Blueprints Drawings Ele r/. %O/%/i0 Debrisor estoration following an insured loss tion (Policy Aggregate) MOE $5,938,954 Not Covered Not Covered Not Covered Not Covered Not Covered $100,000 $100,000 Lesser of 25% of the Loss or $50,000 $25,000 $25,000 Lesser of 25% of the Loss or $100,000 Not Covered $10, 000 $25,000 $10,000 R te $5,938,954 cluded within the general aggregate for Flood and do not increase the Limits of ..gate $5,938,954 Named Windstorm U annual aggregate ® no aggregate ❑ policy aggregate 54 TIME LIMITS: Hot Testing Period Not Covered Periods of Occupancy or Commercial Service 4 Consecutive Weeks Period of Indemnity— Loss of Gross Earnings, Loss of Rental Income, Soft Costs Not Covered 1. In no event shall these sublimity of liability increase the Limit of Liability. Sublimits are part of the policy limit, not in addition thereto. 2. Application of all sublimits is per occurrence unless noted otherwise. 3. Coverage shall only apply when a sub -limit is shown under Policy Sublimits & Aggregate Limits section. 4. Coverage is excluded when a sublimit is shown as Not Covered. 5. When a sublimit indicates an annual aggregate applies, the sublimit shown is the most we or loss during a policy year. DEDUCTIBLES: , w' The applicable amount shown below shall be deducted for each claim arising fro nsured los/ ama ny Occurrence. The Company shall be liable only for its proportion of the amount of insured to mage i s f, t to all terms and conditions of the policy. ANNUAL RATES (unless noted otherwise): Flat/$100 Physical Damage Included/$100 Flood Included/$100 Earth M m estimated total contract values and estimated project term TOTAL TERM PKIINMEMIUM TOTAL CERTIFIED TERRORISM PREMIUM TOTAL POLICY PREMIUM $29,414 $1,471 $30,885 PREMIUM: 1. Cancellation: 30 days except 10 days for non-payment of premium. (subject to 10% short rate cancellation if Insured cancels the policy) 2. Premium Payment Terms: Premium is payable within 30 days of Policy Inception. 3. 25% of the premium is fully earned on the Effective Date, and not subject to return or refund. 4. Applicable Surplus Lines taxes and fees are in addition to the premiums stated above. POLICY TERRITORY: While located at the location of the Insured Project and whi it within and / or offsite storage within the fifty (50) states comprising the United States of America, in the District of Columbia including the territorial coastal waters of any of the foregoing. PERILS INSURED: All risks of direct physical loss of or damage to p ilea cation of the Insured Project subject to the terms, conditions and exclusion Builder erag orm. VALUATION: As per Builders Risk Coverage Form POLICY FORMS & ENDORSEMENTS APPLICABLE: HTKP002 Schedule of Insurers HTKC001 Builders Risk Coverage Form a HTKE078 Cyber Loss Limited Exclusion OTHER TERMS APPLYING: Fenced Jobsite Exterior Lighting All doors and windows locked during non-wor Any deviation(s) from the above terms could be and/or the premium quoted. The Com mu! for such increased hazard for the t COMMENTS: Additiona 1. ThisA and 2. If there &VINtfNigierial c withdraw this quotation 3. This quotation policyholder n bE th a mat " crease in hazard that changes the insurability of the risk of such deviation(s) and the insured will, on demand, pay the premium 61wise this policy will be null and void. Formation provided in the submission and subsequent documentation. The terms ke precedence over any other terms and conditions in the submission. Please loss history or other pertinent underwriting information we reserve the right to amend or itioned upon your agreement to accept delivery of the policy and any endorsements and is means. Your acceptance of this quotation or binder signifies your agreement to this. 4. The Company reserves the right to conduct inspections of insured properties. 5. Terrorism — Coverage is available at your option. You must choose to accept or reject coverage. (a) If you Accept coverage you must advise us at binding and add the premium shown on the attached Disclosure Notice to other premiums stated herein and remit to the Company within 30 days. (b) If you Reject coverage, you must sign the attached Disclosure Notice and return it to the Company immediately. If you reject coverage All Terrorism coverage will be excluded. 6. This document will be valid until 60 days from date of quotation. Because the general underwriting requirements of the Company may change, we reserve the right to withdraw or amend this document and proposal at any time. 7. An Indication is an expression of interest in writing the account subject to the pricing, terms and conditions set forth in the Indication, but does not constitute a Quotation. An Indication does not constitute an offer to pro ' insurance, nor may a binder be issued based upon an Indication. When this document is presented as a Quotation a tion then it is an offer to provide insurance but does not constitute a binder. Coverage can only be bound on of firmed in writing by the undersigned or their authorized designee and then based strictly on the rms and c ons o i is document unless otherwise modified and confirmed in writing at or prior to the time of 8. Office of Foreign Assets Control (OFAC) Disclosure Notice: This proposal or resulting binder, the continuation of any bound insurance, a yme a claimant or to another third party, may be affected by the administration and enforcement of U. . is em and trade sanctions by the office of Foreign Assets Control (OFAC), if we determine that any such party is ecialty Designated Nationals or Blocked Persons" list as maintained by Office of Foreign Assets Control on ADDITIONAL UNDERWRITING INFORMATION REQUIRED AS A CON F BINDINI", RAGE AND UNLESS NOTED BELOW DUE WITHIN THIRTY (30) DAYS OF BI TH THE NY. ® Pictures of existing structure and/or between s' ® No Known Loss or Reported Loss Letter Prior to ® Line Item Breakdown of Contract Award Amou ® Most current CPM Schedule, Critical Path or ® Site or Plot Plan ® Statement of contractor experience with si ® Surplus Lines Broker ® Surp- ® Sign ects My! POLICYHOLDER DISCLOSURE NOTICE OF TERRORISM INSURANCE COVERAGE You are hereby notified that under the Terrorism Risk Insurance Act of 2002, as amended ("TRIA" purchase insurance coverage for losses arising out of acts of terrorism, as defined in Section 102 term "act of terrorism" means any act that is certified by the Secretary of the Trea , in consu, Homeland Security and the Attorney General of the United States, to be an act o m; to' a dangerous to human life, property, or infrastructure; to have resulted in damage UnitE States in the case of an air carrier or vessel or the premises of a United States missio hay or individuals, as part of an effort to coerce the civilian population of the United States conduct of the United States Government by coercion. Any coverage you purchase for "a midnight December 31, 2027, the date on which the TRIA Program is scheduled to erminate, whichever occurs first, and shall not cover any losses or events which arise of r of t YOU SHOULD KNOW THAT COVERAGE PROVIDED BY THIS POLICY FOR LO ' PARTIALLY REIMBURSED BY THE UNITED STATES UNDER A FORMULA E CONTAIN OTHER EXCLUSIONS WHICH MIGHT AFFECT YOUR COVERAG FORMULA, THE UNITED STATES PAYS 80% OF COVERED TERRORISM LOS DEDUCTIBLE PAID BY THE INSURER(S) PROVIDING THE COVERA YOU S1 INSURANCE ACT, AS AMENDED, CONTAINS A USD100 BILLIO T LI INSURERS' LIABILITY FOR LOSSES RESULTING FROM CERTIFI f ONE CALENDAR YEAR EXCEEDS USD100 BILLION. IF THE A GA YOUR COVERAGE MAY BE REDUCED. Date L MA9184 09 January 2020 15 IFIE15"I OF TERRORISM IS Policy Number The HTKP002 QHIGHLAND 1NSURANCF 4(')LU710N`. BUILDERS RISK COV Words or phrases that appear in capitalized bold face type followed by an Asterisk have spe anln ill be applied in the interpretation of such words or phrases in accordance with Part C — Defin' ions. In ad thro t t ' olicy, the words "you" and "your" refer to the Named Insured shown in Item 1 of th y Decla m y period" refers to the Policy Period shown in Item 5 of the Policy Declarations, and the mpan the Is Company identified in the Policy Declarations. a Various Provisions in this policy restrict coverage. Read the entire policy carefully to rights, les and what is and is not covered. 1. 2. - COVERAGE TER INSURING AGREEMENT: This policy, subject to the terms, exclusions, limitations against LOSS* to PROPERTY INSURED* while at the Ic storage, offsite fabrication or while in transit, all within unless the cause of such LOSS* is Excluded and/or Li OCCURRENCE* is its proportion of the Policy Limi Declarations ("Declarations"), subject to the pa ati (PARTICIPATION) of the Declarations, and ub (DEDUCTIBLES) of the Declarations. ARCHITECTS AND ENGINEER! In the event of LOSS* insured s conta Fost ein orendorsed hereto, insures CT*while in offsite temporary curring duringthe policy period, the Company will pay in any one LICY LIMIT) of the Builder's Risk Policy ate limits set forth in Paragraph 10 bisions set forth in Paragraph 11 Covered on the Declarations) g during the policy period, this policy is extended to cover hltect's or engineer's services and expenses incurred by the ent of the INSURED PROJECT*, butexcluding any architectural, fees including change orders and shop drawings relating to asonable and necessary additional expenses incurred by the Insured which 3tion, substantiation and / or documentation of any claim for LOSS* insured e policy period to PROPERTY INSURED*as a result of a covered cause of LOSS* -ed for the services or efforts of an attorney, lawyer or a Public Adjuster are 3ve no liability for any additional expense hereunder unless and until a claim for LOSS* to as a result of a covered cause of LOSS* under this policy has been submitted to and accepted Anr AWE urred hereunder shall be subject to the deductible applicable to the cause of LOSS* that necessitates such costs. In the event that the amount of LOSS* to PROPERTY INSURED* as a result of a covered cause of LOSS* under this policy is less than the applicable deductible stated elsewhere in thispolicy, the Company shall not accept a claim for nor be liable for additional expenses as covered herein. C. COLD TESTING: Limit — Up to Policy Limit Any functional testing exclusive of HOT TESTING as defined above including but not limited to electrical, mechanical, hydraulic and hydrostatic. Startup and testing of building systems including heating, lighting, air conditioning, plumbing, electrical work, ventilation, sprinkler systems, plumbing, gas line, elevators and escalators shall be considered COLD TESTING. HTKC001 PAGE 1 OF 20 D. CONSTRUCTION TRAILERS: Limit — $25,000 The company will pay for LOSS* to CONSTRUCTION TRAILERS and office trailer contents, other than "construction documentation, records, tools and equipment", while at the INSURED PROJECT* site or a temporary offsite location caused by a covered LOSS*. CONSTRUCTION/OFFICE TRAILERS means modular or portable office trailers, filers, storage trailers or portable restrooms. , E. CRANE RE -ERECTION EXPENSE: Limit — $25,000 If a Crane which is equipped with a winch for hoisting and lower 151 as a result of a covered LOSS* while at the INSURED PROJECT necessary costs incurred by the Named Insured to re -erect a cran PROJECT*. This extension of coverage does not apply to and shall extension or delay in opening coverage insured by the poll coverage is expressly excluded. DEBRISIn the event of a covered LOSS*r,, (1) costs to remove debris being an in of t necessary and reasonable costs: (2) cost of cleanup, at the INSURE Debris Removal does not ... . ,. i;.. possession • • e ere the des C. Remove any pro%i " D. Off Remove• •o-lv • + • • • • •- •' IIIIIIIIINI •- • - UTANTS* from or water; or damaged unable and e INSURED E. F. 003MMI/4112,11"EA' ,12 cl Company will pay the following INSURED PROJECT*;and/or as a result of such LOSS*. this policy, or property in your �ry under this extension that the Company shall have paid or agreed to ;URED* hereunder and that the Insured shall give written notice to the of covered removal of debris or cost to clean up not laterthan 180 days DNS: Limit — $25,000 or omission in any information required to be reported to the Company or otherwise will prejudice the Insured's right of recovery, but will be reported to the Company as n discovered. CONTRACT VALUE* reported for the INSURED PROJECT* increases during the policy period, the total project hard cost limit will automatically increase to reflect the change concurrently subject to a maximum of 5% of the original limit shown unless otherwise endorsed. This extension of coverage does not apply to and shall not modify, amended or alter any other coverage extension or delay in opening coverage insured by the policy and such coverage extension and delay in opening coverage is expressly excluded. HTKC001 PAGE 2 OF 20 EXPEDITING EXPENSE: In the event of a covered LOSS* occurring during the policy period, the Company will pay, for the reasonable and necessary costs incurred to make temporary repairs and to expeditethe permanent repair or replacement of the PROPERTY INSURED* which is damaged by a peril not otherwise excluded, in ditional wages for overtime, night work, and work on public holidays and the extra costsof express apid means of transportation. EXTRA EXPENSE: In the event of a covered LOSS* occurring during the policy pert incurred as a result of LOSS* to the INSURED PROJECT* hereunde EXTRA EXPENSE shall be defined as the reasonable and necessary exc restoration and repair that are over and above the total costs that wou the same period of time had no LOSS* occurred. EXTJlos n rental, emergency expenses, temporary use of prop facilities, and expenses necessarily incurred to reducinDebt Service, Business Interruption, Loss of Incomarning and/or Acceleration Expense. necessitates such costs. In the event covered LOSS* is less than the applicab accept a claim for nor be liable for excess FIRE BRIGADE CHARGES AND EXTI In the event of a covered LOS reasonable and necessary expel activities EXPENSE the period of have been incurred during t be limited to, equipment it!ion of equipment and ional Interest Expense, is or Delay In Completion le to the cause of LOSS* that le INSURED*as a result of a n thispolicy, the Company shall not pay the following nses for which the Named Insured may be assessed; in fighting fire, including the loss of similar material which i for the purpose of extinguishing a fire already in progress at I delivered, but liability shall not exceed the combined value of on the premises, or on adjacent premises, if such materials are ling or other forms of testing making use of any feedstock or similar media tests. ate or acknowledgement of coverage are entered for HOTTESTING in Paragraph and a TESTING PERIOD has been identified in Paragraph 5 of the Declarations, this policy )SS* to the PROPERTY INSURED* which is caused by or results from HOT TESTING. ifhat supervisory and safety systems shall not be deliberately or knowingly circumvented TESTING. This warranty shall not apply when it is standard accepted industry practice specification that such circumvention is necessary for the conduct of individual activities TESTING provided that such circumvention does not extend beyond said individual It is further warranted that all instrumentation will be installed and activated prior to the conduct of any TESTING. TESTING PERIOD: As respects HOT TESTING, the TESTING PERIOD shall mean and be limited to that period beginning with the introduction into the PROPERTY INSURED* of feedstock or similar media for processing and handling or the commencement of supply to a system and continuously thereafter whether or not such testing, commissioning or startup is continuous or intermittent and terminating on the expiry of the period of time as provided in Paragraph 5 of the Declarations Hot Testing is only covered if indicated on the Declaration page. HTKC001 PAGE 3 OF 20 M. MOLD REMEDIATION EXPENSE: Notwithstanding the exclusion in the policy for LOSS* due to mold, fungus, mildew and spores in the event of a covered LOSS* occurring during the policy period, this policy is extended to cover mold remediation expenses incurred by the Insured, resulting from or caused by a covered LOSS*, which res S* to PROPERTY INSURED*, made necessary by insured physical damage to an INSURED PROJE INSURED* as provided under the policy. This extension of coverage only applies to the porti an I PROJECT* or PROPERTY INSURED* which directly sustained the covered LOSS*% h AAA Mold remediation expense means the following reasonable an the policy: Testing the indoor air quality for mold; Testing the surfaces and materials of the INSURED PROJECT*, contents for mold; Developing a mold remediation plan; and Implementing a mold remediation plan includi Mold remediation shall also mean the following otherwise excluded: Removing debris solely due to mol Repairing and replacing the INSUM Mold remediation expense does not app consequential loss or damage as a r Any costs incurred hereunder such costs. OCCUPANCY or COMMERCI. This policy is extended to pe PROJECT* but prior. ed under nment, treatment or including increased cost, not herein including any other to the cause of loss that necessitates Icy/com cial service insured hereunder being a part of an INSURED the Owner and coverage shall not be reduced due to such partial in, provided that the Insured warrants that all FIRE PROTECTION cupied/operational space shall be in service and fully operational operation. It is a condition hereof that the Insured, upon such azard beyond that provided for in the policy. ir E shall be deemed to have occurred when the INSURED PROJECT* or ts intended use butonlyas respects such portion or portions put to use. gmanagementstaff,the training of plant engineering and maintenance les or rental office and completion of tenant fit out work shall not be or COMMERCIAL SERVICE on their own. r STORAGE AND/OR OFFSITE FABRICATION: d to cover LOSS* occurring during the policy period to property to be used in or on of an INSURED PROJECT*, while in temporary storage anywhere within the coverage such property while in the course of manufacturing or processing at the manufacturer's site or while in transit, except as provided in Clause 3 a. Transit. HTKC001 PAGE 4 OF 20 P. ORDINANCE OR LAW/ DEMOLITION AND INCREASED COST OF CONSTRUCTION: If the repair of LOSS* to PROPERTY INSURED*caused by an insured peril becomes subject to the enforcement of any ordinance or law that is in force at the time of LOSS* and that: (1) Requires the demolition of parts of the undamaged PROPERTY IN (2) Regulates the construction or repair of damaged PROPERTY INSU then the Company will pay for: A. The cost of demolishing the undamaged PROPERJIN such demolition; and B. The value of such undamaged part of the PROPER C. The increased cost of repair and/or reconstruction of th INSURED* on the same site and limited to the minimum regulating the repair or reconstruction of the However, the Company will not pay for any damaged PROPERTY INSURED* is actually r or re The Company will not pay the following costs: (1) s removal, or other i regulating asbestos or other asbestos or other hazardous material on of PROPERTY INSURED* that can installed and must be removed, ion, debris removal, or other consequential or law regulating CONTAMINANTS OR ordinance or law which the Named Insured or owner by nature of such ordinance or law in the absence of DATA*, RENDERINGS, SPECIFICATIONS OR OTHER CONTRACT * occurring during the policy period to plans, blueprints, drawings, ions or other contract documents (whether paper or electronic media on of the INSURED PROJECT*. POLLU TAM CLEAN UP & DECONTAMINATION: S* occurring during the policy period, the Company will pay the cost of cleanup or a result of sudden and unforeseen LOSS* caused by CONTAMINANTS OR POLLUTANTS* on URED PR * site at time of OCCURRENCE* but restricted to the INSURED PROJECT* site; demolition, or removal of PERTY INSURED* to the extent to comply with the minimum standards of any regulation, ordi ce iich requires the demolition, repair, or construction of buildings or structures subsequent to an by a covered LOSS* provided that such regulation, ordinance or law is in force at the time of LO itional costs of reconstruction or additional costs of repair by reason of any regulation, ordinance, or law are included hereunder. The foregoing shall not invalidate any other provisions of the policy or endorsements attached to the policy. Any costs incurred hereunder shall be subject to the deductible applicable to the cause of LOSS* that necessitates such costs. S. PRESERVATION OF PROPERTY: Limit - $25,000 If it is necessary to remove or protect PROPERTY INSURED* from the INSURED PROJECT* site or off -site storage to protect it from a covered LOSS*, the company will pay the costs incurred by the Named Insured to protect or remove the PROPERTY INSURED* including moving and storage. HTKC001 PAGE 5 OF 20 T. REWARD: Limit — $25,000 At the Company's option, the Named Insured may be reimbursed for rewards paid, other than to the Named Insured, or any of the Named Insured's partners, members, managers or officers, for information leading to the conviction of any one or more persons responsible for LOSS* covered under this P Company will be the sole judge as to the payment and amount of the reimbursement. U. SEWER BACKUP: Limit —1% of the total project value up to $500 0 Water or waterborne material that backs up, overflows or is a disch t a or drain, sump or septic tank; or water or waterborne material below the f the uding of limited to water or waterborne material that exerts pressure on or flows, s aks ASEMENT or below ground portion of the INSURED PROJECT*. The term BASEMENT shall be defined as any area of a structure having i surface, whether floored or not, below ground level on any side of such structure. V. TRANSIT: This policy is extended to include transit coverage for occurs the licy period to property to be used in or incidental to completion of the INSU JECT* fro ommencement of loading at the original point of shipment anywhere within the cover ry, until c tion of unloading at a location of the INSURED PROJECT*, including shipments on inland o ater cluding ocean marine shipments. The Insured agrees to keep records of Company upon request. This coverage shall be void if the their common law or statutory li such carriers; however, the Insun or contracts of transportatio property insured. and make them available to the veWwith carriers, releasing them from in any way inure to the benefit of re, accept such bills of lading, receipts, containing a limitation as to the value of rring during the policy period to trees, plantings, shrubs and file located at the INSURED PROJECT*. HTKC001 PAGE 6 OF 20 1. PART B — EXCLUSIONS AND LIMITATIONS EXCLUSIONS: This policy shall not pay for LOSS*, costs, expenses or fees caused directly or indirectly < or in part, by any of the following excluded perils except as specifically allowed in a, b, c, Consequential loss, damage or expense of any kind or description delay, liquidated damages, performance penalties, penalties for compliance with contract conditions, whether caused by a pe shall not exclude Delay In Completion Coverage when it is endorse Cost of making good faulty or defective workmanship or ma excluded ensues and then this policy will cover for such ensuing Cost of making good faulty, defects, errors, deficiencies LOSS* by an insured peril ensues and then this policy w Wear and tear, gradual deterioration, marrin, dampness or dryness of the atmosphere, unless for such ensuing loss or damage only; (1) War, hostile or warlike action in time of hindering, combating or defenJ A. by government or sovere military, naval or air forceB. by military, naval or air fo C. by an agent of any such Any weapon of war or not its discharge Insurrection, rebellion, hindering, combAWM,c ' %%%%///%Q//%sip _ • • - jj/ sE" Glared, including action in expected attack: 0"y any authority maintaining or using force whether in time of peace or war, whether irped power, or action taken by government authority in an occurrence, seizure or destruction; ; they cause or event contributing concurrently or in any other pur a of this exclusion an act of terrorism means an act, including but violence and/or the threat thereof, of any person or group(s) of persons, or in connection with any organization(s) or government(s), committed or similar purposes including the intention to influence any government section of the public, in fear; IVANIJVMSS*, cost or expense of whatsoever nature directly or indirectly caused by, in connection with any action taken in controlling, preventing, suppressing or in any way t of terrorism; illeges that by reason of this exclusion, any LOSS*, cost or expense is not covered by this rden of proving the contrary shall be upon the Insured; any unlawful seizure or wrongful exercise or control of any mode of transportation, including united to aircraft, watercraft, truck(s), train(s) or automobile(s), including any attempted seizure of control, made by any person or persons; Nuclear reaction, nuclear radiation or radioactive contamination however such may have been caused; nevertheless, if a fire arises directly or indirectly any of the foregoing, any loss or damage arising directly from that fire shall (subject to the provisions of this policy) be covered, excluding however all loss or damage caused by nuclear reaction, nuclear radiation or radioactive contamination arising directly or indirectly from that fire; HTKC001 PAGE 7 OF 20 g. Mysterious disappearance or when revealed by inventory shortage; h. Dishonest or criminal act (including theft) by you, any of your partners, members, officers, managers, employees (including temporary employees and leased workers), directors, trustees or a d representatives, whether acting alone or in collusion with each other or with any other party; or rson to whom you entrust the property for any purpose, whether active along or in collu it er part. This exclusion: (1) Applies whether or not an act occurs during your n mal hours erati D not apply to acts of destruction by your employees (including temporary yees an ed ers uthorized representatives; i. LOSS*, costs, expenses, fines or penalties incurred or sustained by ed o he order of any government agency, court or other authority arising from any cau ever demolition of any damaged portion of the INSURED PROJECT* no longer useful for its i urpose; j. Actual, alleged or threatened release, discharge, escape or ON TS OR POLLUTANTS*, all whether direct or indirect, proximate or remote or in wh ed b buted to or aggravated by any LOSS* covered by this policy; Nevertheless, if fire is not excluded from this poli a arises di r indirectly from actual release, discharge, escape or dispersal of CONTAMINANTS TANTS*, OSS* covered under this policy arising directly from that fire is insured, subject to the pr ; This exclusion shall not apply when LOSS cause g tning, aircraft impact, explosion, riot, civil commotion, smoke, vehicle impact, vanda alicious mischief, leakage or accidental discharge from automatic FIRE PROTECTI SYS k. This policy does not cover: (1) Asbestos material remo (2) Demolition or incre "''` st of ction, repair, debris removal or loss of use necessitated by the enforcement or ordi ulating asbestos material; (3) Any governmental o ection that asbestos material which is present in or part of or utilized on any portion URED P JECT* must be removed or modified; I. Loss or damage c r any implied guarantee or warranty by any manufacturer or supplier, but only to the from ritten or implied guarantee or warranty; m. Subsidence, si e, s . g, expansion, contraction or shrinkage of walls, floors, ceilings, buildings, , f J, tions, p , r a wa( iveways or pavements; ic ' het tal or partial, unless such cessation has been directly occasioned by LOSS* n of the work, as used herein, shall not mean: r e g which operations would not normally have been conducted such as Saturdays, ays, nor shall it mean seasonal inactivity planned in advance or labor actions beyond the provided the location of the INSURED PROJECT* is maintained and protected against h inactivity; o. Fr hail, weight of ice or snow, but only as respects EXTENSION OF COVERAGE - Trees, Plants, Sree scaping; p. Nesting or infestation, disease, or any damage caused by insects, vermin, rodents or animals; q. Erosion of graded or planted finish or rough grades which results from normally expected or predictable precipitation and surface water runoff, r. As respects Clause A.3.11 — PLANS, BLUEPRINTS, DRAWINGS, RENDERINGS, SPECIFICATIONS OR OTHER CONTRACT DOCUMENTS AND MODELS - electrical or magnetic injury to or errors and omissions in creating, processing or copying electronic records, however caused; HTKC001 PAGE 8 OF 20 s. Mold, mildew, fungus, spores or other micro-organism of any type, nature, or description, including but not limited to any substance whose presence poses an actual or potential threat to human health. This exclusion applies regardless whether there is (i) any LOSS* to PROPERTY INSURED*; (ii) any insured peril or cause, whether or not contributing concurrently or in any sequence; (iii) any loss of use, occupancy, or functionality; or (iv) any action required, including but not limited to repair, replacement, remova cleanup, abatement, disposal, relocation, or steps taken to address medical or legal concerns; �j,, t. LOSS* to any program, software or operating system, programming instruction from any failure, malfunction, deficiency, deletion, fault, VIRUS* corrupti LOSS* resulting from any authorized or unauthorized access in any co file server, networking equipment, computer system, comp dwar computer memory, microchip, microprocessor (computer chip), int ircui equipment, any program, computer software or operating systems, p ing To the extent coverage for equipment, hardware, media or device is exclusion does not apply: (1) if any of the matters described above results damage to the equipment, hardware, media or ^eo system, programming instructions, or data a (2) to LOSS* to tangible PROPERTY INSURED* limited to the perils of Fire and Explosion on For the purposes of this exclusion, progra are not tangible property insured. The actual or threatened malicious use of any other cause or event contrib LOSS* to property stored in the whether wind driven or not. M Voluntary parting with any to do so by any fraudulent (3) from a the policy, the following s of or direct physical )r , software or operating or contained; ie matters described above but rogramming instruction and data cal or chemical materials regardless lace thereto. Fd to, or re'ffiIting from rain, snow, sleet or ice, all to property while located within the building or Ise to whom you have entrusted the property if induced Ise pretense. erectly or indirectly arising out of, attributable to, or occurring mmunicable Disease or the fear or threat (whether actual or S*, claim, cost, expense or other sum, includes, but is not limited to, any nitor or test for: under that is affected by such Communicable Disease. td mmunicable Disease means any disease which can be transmitted by means of any Jsu m any organism to another organism where: or agent includes, but is not limited to, a virus, bacterium, parasite or other organism on thereof, whether deemed living or not, and of transmission, whether direct or indirect, includes but is not limited to, airborne sion, bodily fluid transmission, transmission from or to any surface or object, solid, liquid or r between organisms, and the disease, substance or agent can cause or threaten damage to human health or human welfare or can cause or threaten damage to, deterioration of, loss of value of, marketability of or loss of use of property insured hereunder. HTKC001 PAGE 9 OF 20 2. PROPERTY EXCLUDED: This policy excludes: a. Land and land values and the value of cut fill and backfill materials existing at the project site prior to project commencement; however, to the extent included in the contract bid documents a clared for premium purposes, the value of fill and backfill materials purchased for use in the co project is not excluded. Notwithstanding the foregoing, labor and material charges incurr ve, place or otherwise handle cut, fill and backfill materials, whether insured uninsured a fore ar overed to the extent such charges are included in the contract bid docume �,d declar pr p es; b. Contractor's tools, machinery, plant and equipment, including s ano loaned, hired or leased, and property of a similar nature not des bec completed INSURED PROJECT* unless the value of the same is reporte itioi and terms to be agreed: ,,% . Vehicles or equipment licensed for highway use, rolling d. Water, animals, standing timber and growing crops. This process equipment, tank or pipe; e. Accounts, bills, currency, food stamps or other evid alloys or metals, or precious and semi-precious stones Existing property at the location of the advance and specifically endorsed to the Property located at other than the I Temporary Storage/Offsite Fabrica; Prototype, developmental or of testing, commissioning orq Transmission and distributi LOSS* to PROPERTY I ocean shipment; 1/4 k. Any property materials unl property mal water contained in any ds, notes or securities, precious ilar nature; ly declared to the Company in under the Transit or Offsite luipm'lqrbut only as to damage while undergoing any form Ily endorsed to the policy; n Marine Insurance or while waterborne in the course of Mores processes or otherwise handles or makes use of radioactive by the Company. The foregoing shall not apply to locations or --s contained within equipment used for diagnostic or testing rse of illegal transportation or trade; mine shafts or any property contained therein. HTKC001 PAGE 10 OF 20 PART C - DEFINITIONS Wherever in this policy words or phrases appear in capitalized bold face type followed by definitions will be applied in the interpretation of such words or phrases: 1. CONTAMINANTS OR POLLUTANTS: ////� Contaminants and Pollutants means any solid, liquid, gaseous orthermal ' or cont soot, fumes, acids, alkalis, chemicals and waste, which after its release c or thr or human welfare or causes or threatens damage, deterioration, loss of v eta insured hereunder, including, but not limited to, bacteria, fungi, virus, or haz b Water, Pollution Control Act , Clean Air Act, Resource Conservation and Recov Control Act or as designated by the U. S. Environmental Protection Agency. Was reconditioned or reclaimed.`'.. 2. EARTH MOVEMENT: Shall mean all earthquake, landslide, mudslide, mudflow, roAunamivo� collapse, subsidence or rock fall or other Earth Movement wh-mad 3. 4. If Earth Movement is excluded, this policy will cover the result ELECTRONIC DATA: Electronic data means information, facts or from computer software (including system cells, data processing devices or any o controlled equipment. The term comp a set of related electronic instructio it, which enable the computer or devi FIRE PROTECTION SYSTEMS: Tanks, water mains, hydra fire protection and for o following Ke, vapor, an health ion, volcanic eruption, sinkhole by natural phenomena. by the covered peril of sprinkler d as o ted or used on, or transmitted to or on ha ppy disks, CD-ROMs, tapes, drives, r softwa which are used with electronically in a foregoing description of electronic data, means s and functions of a computer or device connected to retrieve or send data. equipment whether used solely for fire protection or jointly for branches are used entirely for purposes other than fire urtenances located outside of the described premises and forming part water is impounded by a dam. ry condition of complete inundation of normally dry land areas, including dewatered Wto al and rapid accumulation or runoff of SURFACE WATER*; (i.e. mudflows) which are caused by flooding as defined in subparagraph (b) above and are ver of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water and deposited along the path of the current; (2) The collapse or subsidence of land along the shore of a lake or other body of water as a result of erosion or undermining caused by waves or currents of water exceeding the cyclical levels which result in flooding as defined in a (1) above. All whether driven by wind or not. (3) FLOOD* or storm surge as a result of a NAMED WINDSTORM* is excluded from this coverage. The term FLOOD* shall not include Sewer Back up. HTKC001 PAGE 11 OF 20 6. FUNGUS: Fungus includes, but is not limited to, any of the plants or organisms belonging to the major group fungi, lacking chlorophyll, and including mold(s), rusts, mildews, smuts and mushrooms.y,,,,,, 9. 10. 11. INSURED PROJECT: The work which the Insured is contractually obligated to perform in accord fully described and located as set forth in the Declarations. LOSS: Means accidental, direct physical loss or damage to the PROPERTY INSUR 4 ensuing loss that is not a direct result of actual physical damage to the PROPER the presence of disease particles of any size, restrictions to access the work site entity or any other restrictions from any source that would affect the c Mold(s) includes, but is not limited to, any superficial growth organisms, and fungi that produce mold(s). A storm that has been declared and or identified National Hurricane Center, National Weather Sen Cyclone, Tropical Storm, or a Tropical Depression associated with a low pressure weather syste With the exception of the perils of attending a strike, civil commotion, or a series of accidents or incidents a or concomitant losses wherever loci )D'T NAMED WINDSTORM*, WINDSTORM*, riot, riot s mischief, OCCURRENCE* means an accident, incident, ngle event or originating cause and includes all resultant •- • •" • 7 1 �� :•� •' •' • • - All materials, supplies, equipment, machinery, and other nronerty of a similar nature hPina • B • .. .. .. or erection or •renovation,• (2) Temporary Works - All scaffolding, form work, fences, shoring, hoarding, false work and temporary buildings all incidental to the project and the value of which has been included in the estimated value of the INSURED PROJECT* in the Declarations. HTKC001 PAGE 12 OF 20 13. SPORES: Any dormant or reproductive body produced by or arising or emanating out of any fungus, mold(s), mildew, plants, organisms or microorganisms. 14. SURFACE WATER: As used hereunder, shall mean seepage, leakage or influx of water (immedjately sidewalks, driveways, foundations, walls, basements or other floors, or t h in such sidewalks, foundations, walls or floors. 1S.TIER 1 & 2 COUNTIES AND PARISHES (in application of Named Windstorm): Tier 1 Counties: through 3penings Baldwin and Mobile • .. .. ilia////�oao�.. 51 , All Counties ..�/.�� Louisiana ton Rouge, Iberia, lberville, Orleans, Plaquemines, • - / /� /; Washington / / • %. . / • 1 %�//. ptist, St. Martin, c, Knox, Lincoln, Oxford, to 1 York Massachusetts %%%ate/ ,tucket, Norfolk, Plymouth, and Suffolk New Hampshire "(�'RMT gh MeTrimack, Rockingham and Strafford off th,and Ocean nd, and Suffolk • j% North Carolina 101 Rh Be ' Ch on, Colleton, Georgetown, Horry, and Jasper Ara , Calhoun, Cameron, Chambers, Galveston, Harris, Jefferson, Kennedy, lebe orda, Nueces, Refugio, San Patricio, and Willacy Por rmack, Alexandria, Arlington, Caroline, Charles City, Chesapeake, Chesterfield, ial Heights, Culpeper, Dinwiddie, Essex, Fairfax, Fairfax City, Falls Church, Fauquier, lin, Fredericksburg, Gloucester, Hampton, Hanover, Henrico, Hopewell, Isle of Wight, s City, King and Queen, King George, King William, Lancaster, Loudoun, Manassas Manassas Park City, Mathews, Middlesex, New Kent, Newport News, Norfolk, ampton, Northumberland, Petersburg, Poquoson City, Portsmouth, Prince George, Prince William, Richmond, Richmond City, Southampton, Spotsylvania, Stafford, Suffolk, Surry, Sussex, Virginia Beach, Westmoreland, Williamsburg and York HTKC001 PAGE 13 OF 20 Tier 2 Counties: WashingtonClarke, Covington, Escambia,-Geneva, Monroe, and -WIN t- Anne Arundel, Baltimore, Baltimore City, Talbot,Dorchester, Harford, Howard, Kent, Mary's, Somerset, ..George,Pearl .. .. , //0��. Pennsylvania Rhode Island South Carolina Texas Bucks, Chester, Delaware, Bristol, Kent, Newport, Providence, � • � • .. /a/ „/oiajopo �G �%a1„%ioi%oUa • • • • C,' / //p ry, Phif° , ia, and York and Williamsburg Jim Wells, Liberty, Live Oak, 16. TOTAL CONTRACT VALUE or TOTALJi b The total value of all property insurng, b ited to, a wages, expenses, materials, supplies, equipment, �s�change orders plus if declared, coprofit �" ead, existing structures (when coverage is included by endorsement) and such other charher pro the owner, contractors or others, which will become a part of or will be expended in the pralue, if a , of SOFT COSTS*, RENTAL INCOME* or GROSS EARNINGS* to be insured under the Delay ,pletio ment when applicable. 18. Means LOSS* as cover is policy which is a result of leakage of fluids, liquids and gases caused by an insured peril other the the LOOD*. 19. WINDSTO WJ Shall mean any naturally occurring movement other than NAMED WINDSTORM* including but not limited to wind, windborne debris, tornados and hail. 20. WORK Shall mean the actual physical construction, installation, renovation/repair of a building, structure and or project has commenced and continues without delay. HTKC001 PAGE 14 OF 20 1. 2. 3. PART D - GENERAL CONDITIONS ALTERNATIVE DISPUTE RESOLUTION: If the Company and the Named Insured disagree, after making a good faith effort to re concerning this policy, either party may request that the following procedure be used to (1) The Company or the Named Insured may request of the other in iting that to an alternative dispute resolution procedure. �k Is" If the Company and the Named Insured agree to proceed, they wil technique for resolution of the dispute. If the parties cannot agree on a method to resolve the issue in dispute parties will contact either the Center for Public Resources or t er their services to select or devise a dispute resolution mec (4) Alternative dispute resolution procedures that may be arbitration and mini -trials, except where prohibited I Any decision or award made as a result of by the Coverage Terms and Conditions, Li policy. Any statute of limitation that may the date that the Company and including the date that such pros If the Named Insured so requests, described above to resolve all issues (1) Any dispute involving a (2) Any dispute involvi d (3) Any dispute w (4) Any disput written consent. on an issue ccording ution of written request, the Association and will use to, mediation, binding i procedure shall always be limited of Liability, and deductibles of this with respect to such dispute, from )cedure set forth herein until and y rees to use the alternative dispute resolution procedure t the following: debris removal expense. or CONTAMINANTS OR POLLUTANTS*. on arson or other attempted fraud by the Named Insured. i by the APPRAISAL clause, above. JgFrealue of the property or the amount of LOSS*, either may make written ent, each party will select a competent and impartial appraiser within quest from the other. The two appraisers will select an umpire. If they ) days, either may request the selection by a judge of a court having LOSS*, stating separately the value of the property and the amount of ail to agree, they will submit their differences to the umpire. A decision in writing, ! binding. Each party will pay its chosen appraiser and bear the other expense of the there is an appraisal, the Company will still retain the right to deny the claim. rauthorized assignment under the Bankruptcy Act or a change of title by succession, operation ed Insured agrees not to transfer any legal rights or interests in the policy without the Company's 4. OBSERVANCE OF CONDITIONS: The due observance and fulfillment of the terms and conditions of this policy by the Insured, insofar as they relate to anything to be done or complied with by them, shall be a condition precedent to any liability of the Company to make payment for LOSS* under this policy. HTKC001 PAGE 15 OF 20 S. BANKRUPTCY OR INSOLVENCY: Bankruptcy or insolvency of the Insured shall not relieve the Company of any of its obligations under this policy. 6. BRANDS & TRADEMARKS: / In case of LOSS* by an insured peril to PROPERTY INSURED* bearing a brand, trade r Company may take all or any part of the property at any agreed or appraised value. If so, t e Insured t their ex se: (1) Stamp salvage on the property or its container, if the stamp will ysically e p r (2) Remove the brand, trademark or label, if doing so will not phy mage The ed must re -label the property or its container to comply with the law. 7. CLAIM AGAINST TRANSIT CARRIER AND/OR BAILEE: No claim for LOSS* during transit shall be payable hereunder until the Insured has im with and made reasonable efforts to secure payment from the transporting carrier arjA#f#&Wier ha liability. 8. The conditions contained in this coverage form shall super se se of the conditions to which this form is attached, wherever the same may conflict. Where there i ict betwee coverage form and the printed conditions of this policy, the conditions of the specific section s il. 9. CONTRIBUTING INSURANCE: Permission is granted for other policies written u contained herein. This policy will contribute to th participation of this policy in the total limit of I' limitations and conditions as those contain 10. COVERAGE TERRITORY: While located at the location of the (50) states comprising the United St; waters of any of the foregoing. 11. DUPLICATE COVERAGE: No claim for LOSS* resu 12. limitations and conditions as those payable herein to the extent of the gn upon the same terms, exclusions, in transit within and / or offsite storage within the fifty %the District of Columbia including the territorial coastal DSTORM* will result in payment under both coverages. xcess insurance over the limit of liability set forth in this policy without of such insurance, if any, reduce any liability under this policy. Any other coverage in the absence of this Policy will not be considered excess. 13. EVE p, following are done in the event of LOSS* to PROPERTY INSURED*: otify th a if a law may have been broken. u Give us notice of the LOSS*. Include a description of the property involved. (iii) As so sible, give us a description of how, when and where the LOSS* occurred. Take allreasonable tect the Property Insured from further damage, and keep a record of your expenses necessary ct the Property Insured, for consideration in the settlement of the claim. This will not increase t e Limit of Insurance. However, we will not pay for any subsequent LOSS* resulting from a cause of loss that is not covered under this policy. Also, if feasible, set the damaged property aside and in the best possible order for examination. (iv) At our request, give us complete inventories of the damaged and undamaged property. Include quantities, costs, values and amount of loss claimed. (v) As often as may be reasonably required, permit us to inspect the property proving the LOSS* and examine your books and records. (vi) Also, permit us to take samples of damaged and undamaged property for inspection, testing and analysis, and permit us to make copies from your books and records. (vii) Send us a signed, sworn proof of loss containing the information we request to investigate the claim. HTKC001 PAGE 16 OF 20 You must do this within 60 days after our request. We will supply you with the necessary forms. (viii) Cooperate with us in the investigation or settlement of the claim. (a) We may examine any insured under oath, while not in the pres er insured and at such times as may be reasonably required, about any matter g t urance or the claim, including an insured's books and records. I the event exa n insured's answers must be signed. (b) After LOSS* to PROPERTY INSURED*, there can radon , ROP NSURED* without the consent of the Company. 14. INCREASED HAZARD: ,,may� If the circumstances in which this insurance was entered into shall be altered or if all be materially increased, the Insured shall as soon as possible give notice in writing to the Cora 15. INSPECTION & AUDIT: While this policy is in effect, the Company can, at any reasonab inspjaspresentation PERTY INSURED* and operations. However, neither the Company's inspection nor any report t n serthat the PROPERTY INSURED* or operations are safe or healthful, or that they com nyregulation. 17. MORTGAGE HOLDERS: (1) LOSS* to the PROPE * un licy will be payable to the mortgagee (or trustee) as named in this policy or on an AC f Insu ued to confirm coverage under this policy, as their interest may appear, under all ent ortga upon the property insured in which the aforesaid mayhave an interest as mortg or r of precedence of said mortgages and this insurance, as to the interest of agee ru oral , will not be invalidated by any act or neglect of the mortgagor or owner rty insured, any f sure or other proceedings or notice of sale relating to the property insured, y change in nership of the property insured, nor by the occupation of the INSURED OJECT* for oses ous than are permitted by this policy, provided, that if the mortgagor or owner neglects miu under this policy, the mortgagee (or trustee) will, on demand, pay the same. ortgagee (or trustee) will notify the Company of any change in ownership, occupancy or in hazard becomes known to them and, unless permitted by this policy, it will be noted thereon and the mortgagee (o e) will, on demand, pay the premium for such increased hazard for the term of the use thereof, he policy will be null and void. (3) The es the right to cancel this policy at any time as provided by its terms, but in such case this policy will continue in force for the benefit of the mortgagee (or trustee) for ten (10) days after notice to the mortgagee (or trustee) of such cancellation and will then cease, and the Company will have the right, on like notice, to cancel this agreement. Whenever the Company will pay the mortgagee (or trustee) any sum for LOSS* under this policy and will claim that, as to the mortgagor or owner, no liability therefore existed, the Company will, to the extent of such payment, be thereupon legally subrogated to all rights of the party to whom such payment will be made, under all securities held as collateral to the mortgage debt or may, at its option, pay to the mortgagee (or trustee) the whole principle due or to grow due on the mortgage with interest, and will thereupon receive a full assignment and HTKC001 PAGE 17 OF 20 transfer of the mortgage and of all such other securities; but no subrogation will impair the right of the mortgagee (or trustee) to recover the full amount of said mortgagee's (or trustee's) claim. 18. NO BENEFIT TO BAILEE: No person or organization, other than an insured, having custody of PROPERTY INSURED* n his policy. 19. OTHER INSURANCE: Except as stated in CONTRIBUTING INSURANCE and EXCESS INSURAN if the ollec nsurance, this policy will cover as excess insurance and will not contribute with such rant 20. PAIR & SET: (1) In the event of LOSS* to any insured article or articles which are part of a t, the measure of loss of or damage to such article or articles will be a reasonable and fair pr f the a of the pair or set, giving consideration to the importance of said article or articles, but i ch L onstrued to mean total loss of the pair or set; or (2) In the event of LOSS* to any part of PROPERTY INSURE ting, when lete for use, of several parts, the Company will only be liable for the value of the part lost o d. a4 21. PARTIAL LOSS: The Company hereby grants permission to repa' I dam a PROPERTY INSURED* convenientlyand advantageously undertaken by t Compa imburse the Insured wh the LOSS* for the actual cost of such repairs, subj alwa pplica ctible and limits of lia the Declarations. Nothing in this clause sh ed to ed th ment that notice o forthwith to the Company as provided in t 22. PROTECTION OF PROPERTY: The Insured will take reasonable and steps t recover or save the PROPERTY INSURED' anyfurther or potential LOSS* when th TY INS is in imminent danger of sustaining LOS! Pff no to increase the Limit of Liability stated in the Declarations and shall be subject to the isions of , licy. 23. RECOVERY O Any recov xcluding proceeds from subrogation and other insurance recovered or received after a loss settlement u policy or any recovery from surety ship, insurance, reinsurance, security or indemnity taken by or for the benefit of the Company will apply as if recovered or received prior to the loss settlement and the LOSS* will be readjusted accordingly. 24. REINSTATEMENT: With the exception of LOSS* caused by perils or coverage which is subject to an aggregate limit, any LOSS* hereunder will not reduce the amount of this policy. HTKC001 PAGE 18 OF 20 25. STATUTES: If any Article(s) herein stated conflict with the laws or statutes of any jurisdiction within which this policy applies, such Article(s) are hereby amended to conform to said laws or statutes. 26. 27. SUBROGATION: If the Company pays a claim under this policy, it will be subrogated, to th rights of recovery from other persons, organizations and entities. The InJ papers and do whatever else is necessary to secure such rights. The Company will have no rights of subrogation against: I (1) Any person or entity, which is a Named Insured or an Additi Declarations; (2) Any other person or entity, which the Insured has w before the time of LOSS*; Notwithstanding the foregoing, it is a condition of Insured's or Additional Insured(s)' rights of recover (1) any Architect or Engineer, whether named the performance of professional services in deficiency or act of the Architect or inef whose acts they are legally liable, (2) any manufacturer or supplier Insured or not, for the cost of g g The Insured will act in concert with recovery. The Insured will do nothing a result of such proceedings, the n� Company. Any excess of this amoun proceedings will bear the expense of SUIT AGAINST THE COM In the event of failure of the Insured, will submit condition constitutes, AttentRIWIMMOMPartment 280 Park Avenue, East Tower, 25th Floor New York, NY 10017 est conc ed in the exercise of such rights of uch ghts of subrogation. If any amount is recovered as deducting the costs of recovery, will accrue first to the ured. If there is no recovery, the interests instituting the in claimed to be due hereunder, the Company, at the request of co rnt competent jurisdiction within the United States. Nothing in this to constitute a waiver of the Company's rights to commence an action ited States to remove an action to a United States District Court or to permitted by the laws of the United States or of any state in the United ass in such suit may be made upon Counsel, or his or her representative, and that, in any suit instituted against the Company upon this policy, the Company will abide by the final decision of such court or of any appellate court in the event of an appeal. Further, pursuant to any statute of any state, territory, or district of the United States, which makes provision therefore, the Company hereby designates the Superintendent, Commissioner or Director of Insurance, other officer specified for that purpose in the statute, or his successor or successors in office as its true and lawful attorney upon whom may be served any lawful process in any action, suit, or proceeding instituted by or on behalf of the Insured or HTKC001 PAGE 19 OF 20 28. any beneficiary hereunder arising out of this policy of insurance and hereby designates the above named Counsel as the person to whom the said officer is authorized to mail such process or a true copy thereof. No suit, action or proceeding against the Company or this policy for the recovery of any court of law or equity unless the Insured will have fully complied with all the requireme agrees that any action or proceeding against it for recovery of any LOSS* under tl commenced within (12) twelve months after the OCCURRENCE* become n to the time is provided by applicable statute. �j,,,,. TITLES OF PARAGRAPHS: The several titles of the various paragraphs of this form and endorsements reference and shall not be deemed in any way to affect the provisions to which 29. UNDERLYING INSURANCE: Permission is given for the Insured to purchase insurance on all The existence of such underlying insurance shall not prejudice oar If the limits of liability of such other insurance are greater, th will apply only after such other insurance has been exhausted. 30. VALUATION: At the time and place of LOSS*, the basis of a (1) Property Under Construction — Cost to LOSS* LOSS* with materialjex and including owner's indirein no event to exceed the LCash Value with proper ded (2) Property Of Others (Includifl whichever is greater, includin (3) Temporary W, condition but (4) Plans, Bluepri to reproduce ,adiffiftimine in ilicy d ur stainable in any he Company t b barred if I period of inserted for u` or perils of this policy. er payable under this policy. eductible, this Policy's insurance endorsed herein, shall be as follows: or damaged at the time and place of contractor's profit and overhead e TOTAL COMPLETED VALUE*, but call be settled on the basis of Actual Owner) - at owner's cost or other actual cash value, e property lost or damaged with material of like kind, quality and !ry will not exceed Actual Cash Value; Specifications or Other Contract Documents and Models —At the cost property of like kind and quality including the cost of gathering or to if replaced, or if not replaced, at the value of blank material; ping - At cost to replace with property of like kind, quality and size plus Jed if such damage occurs after installation. The invoice cost plus accrued shipping charges less shipper's liability, if any. HTKC001 PAGE 20 OF 20 QHIGHLAND INSURANCE SOLUTIONS ENDORSEMENT THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. Endorsement #: //' * THIS INFORMATION IS COMPLETED ONLY WHEN THIS ENDORSEMENT IS ISSUED ,% EN JBSEQUREP N, THE POLICY. Company Name*: As Per Schedule of Insurers Named Insured*: Producer*: CYBER LOSS LIMITED The following exclusion is added to Part B- EXCLUSIONS AND LIM y. Cyber loss meaning: (1) any LOSS*, damage, liability, expense, fine or the authorized or unauthorized use, including ELECTRONIC DATA*; B. any threat of or any hoax rel C. any denial of service attack otherwise disrupts its norr (2) any LOSS* of, alteration of, or da SYSTEM*; or (3) any loss of use, r including any am limited to, smart configuration o " back up facili Policy Endt. ly or indirectly caused by: R SYSTEM* or COMPUTER NETWORK* access to or use of any COMPUTER SYSTEM*, or in the functionality, availability or operation of a COMPUTER replacement, restoration or reproduction of any ELECTRONIC DATA*, such ELECTRONIC DATA*. rot ther cause or event that contributes concurrently or in any sequence to the excluded from this policy and a fire or explosion arises directly or indirectly exclusion, any LOSS* to PROPERTY INSURED* covered under this policy arising A, subject to the provisions of this policy. ement, the following definitions are added to PART C— DEFINITIONS: computer, hardware, software, communications system, electronic device (including, but not tablet, wearable device), server, cloud or microcontroller including any similar system or any ned and including any associated input, output, data storage device, networking equipment or COMPUTER NETWORK* means a group of COMPUTER SYSTEMS* and other electronic devices or network facilities connected via a form of communications technology, including the internet, intranet, and virtual private networks (VPN), allowing the networked computing devices to exchange ELECTRONIC DATA*. Authorized Representative' ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. HTKE078 PAGE 1 OF 1 SURPLUS LINES DISCLOSURE and ACKNOWLEDGEMENT At my direction, has placed my coverage in the surplus lines market. As required by Florida Statute 626.916, 1 have agreed to this placement. I understand that superior coverage may be available in the admitted market and at a lesser cost and that persons insured by surplus lines carriers are not protected by the Florida Insurance Guaranty Association with respect to any right of recovery for the obligation of an insolvent unlicensed insurer. I further understand the policy forms, conditions, premiums, and deductibles used by surplus lines insurers may be different from those found in policies used in the admitted market. I have been advised to carefully read the entire policy. Named Insured By: Signature of Named Insured Date Printed Name and Title of Person Signing Name of Excess and Surplus Lines Carrier Type of Insurance Effective Date of Coverage RESOLUTION Date 46-21 09/09/2021 Motion Council Member Molly Young Second Vice -Mayor Kyle Stone FOR AGAINST ABSENT CONFLICT Mayor Frank D'Ambra, III ®x ® M Vice -Mayor Kyle Stone ®x © M Council Member Laurie Brandon M ® ®x El Council Member Molly Young ©x © F7 17 Council Member Bruce Prince E The Mayor thereupon declared the Resolution duly passed and adopted. MAYOR OF TEQUESTA: r - "Gp0''r(�j •.N Frank D'Ambra, III =� SEAL D INCORPORATED:' ATTEST: 40 Lori McWilliams, MMC Village Clerk