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24.2 Certificates of Insurance acceptable of the OWNER shall be filed with the OWNER prior <br /> to commencement of the WORK. These Certificates shall contain a provision that <br /> coverage's afforded under the policies will not be cancelled unless at least fifteen(15) <br /> days WRITTEN NOTICE has been given to the OWNER. <br /> 24.3 The CONTRACTOR shall procure and maintain,at his own expense,during the <br /> CONTRACT TIME,liability insurance as hereinafter specified; <br /> 24.3a Minimum limits of Liability shall be$500,000 for bodily injury,including personal <br /> injury,sickness,disease or death and for care and loss of service per person, and <br /> $1,000.000 for bodily injury,including personal injury, sickness,disease or death and for <br /> care and loss of services for any occurrence. $500,000 for all damages to or destruction <br /> of property as a result of one occurrence,and$1,000,000 total damages to or destruction <br /> of property during the policy period. Said property damage coverage shall be on a broad <br /> form property damage basis,and shall include coverage for explosion,collapse and <br /> damage to underground facilities. In lieu of the above described limits,the <br /> CONTRACTOR may furnish comprehensive liability and property damage with all of <br /> the foregoing coverage's with limits of not less than$100,000/$300,000 bodily injury and <br /> $50,000 less damage and a$1,000,000 umbrella to cover the excess over the basic <br /> liability. <br /> 24.3b OWNERS Protective Liability written by the same insurance company shall cover <br /> all operations under the contract with the Engineer names as an additional insured with <br /> minimum limits on$500,000 for bodily injury including sickness,disease or death,and <br /> for care and loss of services per person and$1,000,000 for bodily injury including <br /> sickness,disease or death,and for care and loss of services per occurrence and property <br /> damage limits of$500,000 for each occurrence and$500,000 in the aggregate. <br /> 24.3c All policies herein called for shall become effective before the CONTRACTOR <br /> undertakes any WORK under this contract and shall remain in full force and effect for a <br /> minimum of one year after completion of throughout the warranty period, whichever is <br /> longer. <br /> 24.3d In the event hat any insurer shall give notices of intention to cancel any of the <br /> policies herein called for,the CONTRACTOR shall have 24 hours before the time of <br /> such proposed cancellation to have the notice of cancellation rescinded by the insurer or <br /> to secure and have in effect a similar policy of insurance written by another insurer. In <br /> the event that such cancellation is not rescinded or replacement policy obtained 24 or <br /> more hours before the time set for cancellation,the all WORK on this contract shall cease <br /> at the close of the day(five P.M.,local time)before the day set for cancellation of the <br /> policy and the contract shall be considered breached by the CONTRACTOR as of the <br /> date and hour of the cancellation of the policy,provided,nevertheless,that the OWNER <br /> shall have the right to reinstate the contract on such terms as he see fit. Any notice of <br /> rescission of cancellation or the issuance of a new policy must be in writing,signed by a <br /> person having authority to bind the insurer, and be delivered to the ENGINEER for <br /> transmittal to the OWNER within the time specified. <br /> 24.3e All risk insurance shall be written under the 100%completed value form and shall <br /> protect the CONTRACTOR and OWNER against risks of damage to buildings, <br /> structures,MATERIALS and equipment for the perils of fire and lightning,the perils <br /> included in the standard extended coverage endorsement, and the perils of vandalism and <br /> GC-17 <br />