Common use of Contractor Insurance Requirements Clause in Contracts

Contractor Insurance Requirements. Contractor shall be required to procure, at its sole cost and expense, all insurance required by this section. Contractor shall be required to provide proof of compliance with the requirements of this section, as follows: • Proof of all insurances required by this section shall be provided at the time of required documents submission; • Proof of all other insurance shall be provided in accordance with Section B below; • After award, the Contractor shall be required to provide proof of all insurance after renewal or upon request according to the timelines set forth in Section A.13 below. Contractor shall be required to procure, at their sole cost and expense, and shall maintain in force at all times during the term of the Contract, policies of insurance as required by this section. All insurance required by this section shall be written by companies that have an A.M. Best Company rating of “A-,” Class “VII” or better. In addition, companies writing insurance intended to comply with the requirements of this section should be licensed or authorized by the New York State Department of Financial Services to issue insurance in the State of New York. OGS may, in its sole discretion, accept policies of insurance written by a non-authorized carrier or carriers when certificates and/or other policy documents are accompanied by a completed Excess Lines Association of New York (ELANY) affidavit or other documents demonstrating the company’s strong financial rating. If, during the term of a policy, the carrier’s A.M. Best rating falls below “A-,” Class “VII,” the insurance must be replaced, on or before the renewal date of the policy, with insurance that meets the requirements above. Contractors shall deliver to OGS evidence of the insurance required by the Contract in a form satisfactory to OGS. Policies must be written in accordance with the requirements of the paragraphs below, as applicable. While acceptance of insurance documentation shall not be unreasonably withheld, conditioned or delayed, acceptance and/or approval by OGS does not, and shall not be construed to relieve Contractors of any obligations, responsibilities or liabilities under the Contract. The Contractor shall not take any action or omit to take any action that would suspend or invalidate any of the required coverages during the term of the Contract.