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Commission discusses builder's risk, insurance and bond terms for Marble Hall contract
Summary
Legal and insurance terms in Exhibit A (bonds and builder’s risk) were discussed; the commission directed edits (removal of a paragraph, changing 'shall' to 'may' for builder’s risk) and requested hard quotes on premiums and riders before final contract execution.
Assistant City Attorney Scott Black reviewed Exhibit A (Insurance and Bonds) for the A101 contract and identified options and cost considerations for builder’s risk coverage, including wind, flood and material coverage. He confirmed one contractual paragraph would be eliminated and that the draft wording would be softened from 'shall' to 'may' regarding the City's requirement for builder’s risk insurance; hard quotes for premiums and possible riders will be provided to the commission.
Vice‑Mayor Doug Colonell cautioned about declining builder’s risk coverage because of potential lender requirements or impacts on a line of credit; Brandan DeCaro and staff discussed equipment replacement responsibility before installation and the contractor’s obligations for substantial completion. The commission voted unanimously to approve Exhibit A with the agreed edits and to have staff obtain insurance quotes for final consideration.
