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2.1.5 "13uilder's Risk Insurance" means "All Risk" builder's risk insurance on a completed value (non -reporting) basis, in as amount sufficient to prevent coinsurance, but in any event not less than 100% of replacement value, including cost of debris removal, but excluding foundation and excavations, naming the City and the Developer, as their interests may appear. Such insurance shall also: (a) contain a waiver of subrogation against subcontractors; (b) state that "permission is granted to complete and occupy'; (c) cover, for replacement value, all materials and equipment on or about any offsite storage location intended for use for the Project; and (d) provide for a deductible not exceeding Ten Thousand Dollars ($10,000). 2.1,50 "' o erty Insurance" means insurance providing coverage rot the Project and the Property, against loss, damage, or destruction by fire and other hazards encompassed under the broadest form ofproperty insurance coverage then customarily used for like properties in the County (except earthquake or war risk) from time to time, in an amount equal to one hundred percent (100%) of the Full Replacement Value (without deduction for depreciation) of the Project (excluding excavations and foundations) and in any event sufficient to avoid co-insurance, with "ordinanco or law" coverage. Such insurance may contain a deductible clause not exceeding Five Thousand Dollars ($5,000) multiplied by the then current CPI Adjustment Factor. To the extent customary for like properties in the County at the time, such Insurance shall include coverage for explosion of stoom and pressure, boilers and similar apparatus loeated on the Property; coverage for terrorism; coverage against damage or loss by flood, if the Property is locatixt in an area in which flood insurance is available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as such laws may be amended, modified or replaced from time to time; an "increased cost of construotion" endorsement; and an endorsement covering demolition and cost of debris removal.