Figure: 7 TAC §90.603(d)(16)

"You agree that:

     1.     Until the Work is completed, you will insure the Work against loss or damage. You will insure the Work in the amount of any unpaid debt or the full replacement cost,
             whichever is less. The parties to this Contract will be beneficiaries of this insurance according to their respective interests. If you do not provide this insurance, you
             will bear any loss to the Work.

     2.     If any other lien or claim is filed against the Property, you will pay for its removal or provide a statutory bond."