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malicious mischief. The total shall be not less than the insurable value of the WORK at <br /> completion. <br /> 24.3f When the aggregate value of equipment,such as gas engines, generators,pumps, <br /> compressors,tanks, motors,switchgear,transformers,panel boards,control equipment, <br /> and other similar equipment exceeds$10,000 the CONTRACTOR shall protect said <br /> CONTRACTOR and the OWNER from all insurable risks of physical loss or damage to <br /> MATERIALS and equipment not otherwise covered under Builder's Risk Insurance. It <br /> shall contain a waiver of the subrogation rights from the insurer. This policy may not be <br /> terminated until the CONTRACTOR advises the OWNER in writing that he has secured <br /> a replacement policy. <br /> 24.3g In the event of a payment under the policy because of loss,the OWNER shall <br /> receive the payment from the insurer and shall deposit it in an account separate from all <br /> of his other funds. These funds shall be distributed to the parties in interest according to <br /> the terms of such agreement as they may reach concerning its distribution,or in the even <br /> that no agreement is reached,then pursuant to the terms of an award made by arbitrators, <br /> who shall be appointed and shall proceed as provided elsewhere in the contract. If,after <br /> loss,no special agreement is made,replacement of injured WORK shall be ordered and <br /> executed as provided for herein as changes in the WORK. <br /> 24.3h The OWNER shall have the power to adjust and settle any loss with the <br /> insurer,unless one of the other interested parties shall object in writing three(3) <br /> WORKING days of the occurrence of a loss. In the event of such an objection, <br /> arbitrators shall be appointed and the OWNER shall settle with the insurer in <br /> accordance with the directions of the arbitrators who shall, if required,direct the <br /> matter of the distribution to the interested parties. <br /> 24.3i It shall be the"all risks"type with coverage's designed for the circumstances which <br /> may occur in the particular WORK included in this Contract. <br /> 24.3j If the WORK does not include the construction of building structures the Builder's <br /> Risk policy may be omitted providing the Installation Risks Floater Policy fully covers <br /> all WORK. <br /> 24.3k All policies shall provide for losses to be payable to the CONTRACTOR and <br /> OWNER as their interests may appear. <br /> 24.4 The CONTRACTOR shall procure and maintain,at his own expense,during the <br /> CONTRACT TIME,in accordance with the provisions of the laws of the state in which <br /> the WORK is performed,Worker's Compensations Insurance,including occupational <br /> disease provisions,for all of his employees at the site of the PROJECT and in case any <br /> WORK is sublet,the CONTRACTOR shall require such SUBCONTRACTOR similarly <br /> to provide Worker's Compensation Insurance,including occupational disease provisions <br /> for all of the latter's employees unless such employees are covered by the protection <br /> afforded by the CONTRACTOR. In case any class of employees engaged in hazardous <br /> WORK under this CONTRACT at the site of the PROJECT is not protected under <br /> Worker's Compensation statute,the CONTRACTOR shall provide,and shall cause each <br /> SUBCONTRACTOR to provide,adequate and suitable insurance for the protection of his <br /> employees not otherwise protected. <br /> GC-18 <br />