The following Property practice note provides comprehensive and up to date legal information covering:
As between the developer and the tenant, the developer should covenant:
to ensure that the developer’s works are insured against usual risks for the full reinstatement value of the works together with all proper professional fees incurred in connection with reinstatement, and also the costs of building demolition and site clearance: that cover must endure until practical completion is achieved
to use the insurance monies to reinstate any developer’s works that are damaged or destroyed; if those monies are insufficient to meet the full cost of reinstatement, the tenant will expect the developer to make good any shortfall out of its own pocket
For the developer, it is important that, so far as possible, the developer’s insurance obligations should be limited to the matters which are covered by the contractor’s all risks (CAR) policy which will be required under the building contract, and which may be taken out by either the developer (as employer) or the building contractor, although the latter more usually does so because it carries such cover in the ordinary course of its business. If the building contractor takes out the policy, the developer will want to be a joint insured under it.
The CAR policy will typically cover:
the building works whilst they are in progress
unfixed goods and materials on site
off-site goods, plant or equipment
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