Common use of Crime Insurance Clause in Contracts

Crime Insurance. If, during the term of the Contract, the Contractor plans to enter the premises of an Authorized User to fulfill its obligations under this the Contract, the Contractor is required to fulfill the Crime Insurance requirements herein and shall be required to provide proof of compliance with the requirements. If, during the term of the Contract, the Contractor plans to enter the premises of an Authorized User to fulfill its obligations under the Contract, the Contractor shall maintain, during the term of the Contract, Crime Insurance on a “loss sustained form” or “loss discovered form,” and coverage must include the following: • The policy must allow for reporting of circumstances or incidents that might give rise to future claims. • The policy must include an extended reporting period of no less than one (1) year with respect to events which occurred but were not reported during the term of the policy. • Any warranties required by the Contractor’s insurer as a result of the Contract must be disclosed and complied with. Said insurance shall extend coverage to include the principals (all directors, officers, agents and employees) of the Contractor as a result of the Contract. • The policy shall include coverage for third party fidelity and name “The People of the State of New York, the New York State Office of General Services, any entity authorized by law or regulation to use any Contract resulting from this Solicitation as an Authorized User and their officers, agents, and employees” as “Loss Payees” for all third party coverage secured. This requirement applies to both primary and excess liability policies, as applicable. • The policy shall not contain a condition requiring an arrest and conviction.