This Part outlines the insurance requirements of the State Division of Housing with respect to projects constructed under loan and subsidy contracts made with various authorities. These instructions are an amplification of the requirements set forth in general terms in the loan contract. The authority is responsible for having State-aided projects adequately covered at all times by necessary insurance and bonds from execution date of loan and subsidy contract throughout life of contract, in accordance with the regulations set forth herein. This Part has been divided into four Subparts covering general regulations, the preconstruction, the construction and the operating periods of State-aided projects.