1.1  Insurance of the Works

(a)  The Owner Participant must effect contract works insurance insuring the Works (which includes the transit of Materials ex-works to Site) in the joint names of the Owner Participant, the NOPs and Subcontractors.

(b)  This insurance must be for the full replacement cost and cover the costs of demolition and removal of debris.

(c)  This policy must cover the Project Owner, the NOPs and Subcontractors and it must come into effect on the date of the commencement of the Works and continue until two years from the Date of Practical Completion of all of the Works.