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property, resulting from Members' or subcontractor's operations, use of owned or non-owned <br /> automobiles, products, and completed operations. The amount of insurance shall not be less <br /> than the following: <br /> Single Limit Coverage applying to Bodily and Personal Injury Liability and <br /> Property Damage: $1,400,000.00. <br /> The following endorsements must be attached to the policy: <br /> 1. I`the insurance policy covers on an "accident" basis,it must he <br /> changed to "occurrence." <br /> 2. 'The policy must cover personal injury as well as bodily injury. <br /> 3. The policy must cover complete contractual liability. Exclusions of <br /> contractual liability as to bodily injuries, personal injuries and property MUST BE <br /> ELIMINATED from the basic policy endorsements. <br /> 4. The policy must include a gross liability or severability of interests <br /> clause. <br /> 5. The Members must be named as additional insured under the <br /> coverage afforded. with respect to the work being performed under the amended agreement <br /> 6. An endorsement shall be provided which states that the coverage <br /> is PRIMARY INSURANCE. and that no other insurance effected by the ACAP members will <br /> be called upon to contribute to a loss under this coverage. <br /> 7. Cancellation, non-renewal, or reduction in limits shall be sent to <br /> the ACAP members with at least thirty (30) days' notice. <br /> D. Depositors' Forgery Coverage. ACAP shall also purchase depositors <br /> Forgery coverage in the amount of$100,000.00. <br /> E. Official Bond. The Executive Director is hereby required to file an <br /> Official bond in the amount of$100,000.00. <br /> IV. LIABILITY <br /> A. In the event that judgment is rendered against ACAP by a court of <br /> competent jurisdiction or an administrative tribunal which orders repayment from nonfederal <br /> sources of federal funds determined to have been misspent, all means of further legal recourse <br /> have been exhausted or the time limits thereon have expired, and ACAP is unable to pay the <br /> judgment, then the parties to this amended agreement shall pay such judgment equally in <br /> proportion to their ACAP vote. However, if a party is found to be individually liable on any <br /> contract which it held with ACAP, by a court of competent jurisdiction or administrative <br /> tribunal and all means of further legal recourse have been exhausted or the time limits thereon <br /> —4— <br />