RES 2024040 - Laserfiche WebLink

4879-3324-5885v3 32 Exhibit B INSURANCE REQUIREMENTS – subject to City review. Prior to initiating work on the Project and continuing through throughout the Term, Owner shall obtain and maintain the following policies of insurance: (a) Commercial General Liability. Owner shall maintain a commercial general liability policy in the amount of Two Million Dollars ($2,000,000) each occurrence, Four Million Dollars ($4,000,000) annual aggregate, together with Ten Million Dollars ($10,000,000) excess liability coverage, or such other policy limits as City may require in its reasonable discretion, including coverage for bodily injury, property damage, products, completed operations and contractual liability coverage. Such policy or policies shall be written on an occurrence basis and shall name the Indemnitees as additional insureds. (b) Automobile. if Owner owns any vehicles, a comprehensive automobile liability coverage in the amount of Two Million Dollars ($2,000,000), combined single limit including coverage for owned and non-owned vehicles and shall furnish or cause to be furnished to City evidence satisfactory to City that Owner and any contractor with whom Owner has contracted for the performance of work on the Property or otherwise pursuant to this Agreement carries workers’ compensation insurance as required by law. Automobile liability policies shall name the Indemnitees as additional insureds. (c) Workers’ Compensation and Employer’s Liability. Owner shall furnish or cause to be furnished to City evidence satisfactory to City that Owner (if it has any employees) and any contractor that has contracted for the performance of work on the Property or otherwise pursuant to this Agreement carries statutory Workers’ Compensation insurance and Employer’s Liability insurance in a minimum amount of One Million Dollars ($1,000,000) per accident. (d) Builder’s Risk. Upon commencement of construction work and continuing until issuance of a final certificate of occupancy or equivalent for the Project, Owner and all contractors working on behalf of Owner shall maintain a policy of builder's all-risk insurance in an amount not less than the full insurable cost of the Project on a replacement cost basis with a lender’s loss payable endorsement for the benefit of City. (e) Professional Liability/Errors and Omissions. Owner shall require the Project architect, engineer, and general contractor to maintain Professional Liability/Errors and Omissions (“E&O”) insurance with limits not less than Two Million Dollars ($2,000,000) each claim. The City’s Risk Manager may approve lower limits for professionals that will provide a limited scope of services for the Project. Certificates evidencing this coverage must reference both the Owner and the Indemnitees. If the professional liability/errors and omissions insurance is written on a claims made form: (i) the retroactive date must be shown and must be before the Effective Date, (ii) insurance must be maintained and evidence of insurance must be provided for at least three (3) years after completion of Project rehabilitation, and (iii) if coverage is cancelled or non-renewed and not replaced with another claims made policy form with a retroactive date prior to the Effective Date, Owner must purchase, or require the provision of, extended period