Common use of Insurance and Bonding Clause in Contracts

Insurance and Bonding. Sub-recipient agrees to provide general liability insurance coverage relative hereto in the minimum amount of $500,000 for bodily injury and property damage. Sub-recipient shall also secure insurance in amounts sufficient to reimburse Sub-recipient for damage to any property purchased with state or federal funds. If Sub-recipient is a department or division of the State of Indiana, or of a county, municipal, or local government, the foregoing insurance coverages shall not be required; however, Sub-recipient may elect to provide such coverages. Sub-recipient agrees to provide Workers’ Compensation and Unemployment Compensation as required by law. Sub-recipient must provide CAA with Certificates of Insurance that illustrate the types of coverage, limits of liability, and expiration dates of Sub-recipient’s policies. Sub-recipient shall provide a bond or insurance coverage for all persons who will be handling funds or property received or disbursed as a result of this Agreement, or who may carry out the duties specified in this Agreement, in an amount equal to one-half of the total annual funding provided to Sub-recipient through CAA or $250,000, whichever is less, to be effective for the period of this Agreement plus three (3) years for purposes of discovery. Sub-recipient’s coverage must provide protection against losses resulting from criminal acts and wrongful and negligent performance of the duties specified herein and specify CAA as an obligee or additional insured. Sub-recipient shall immediately notify CAA if said bond or insurance is canceled or modified in amount. In the event of cancellation, CAA shall make no further disbursements until certification is provided by a bonding or insurance company that the provisions set forth in this section have been satisfied. In the event such verification is not received by CAA within ten (10) days of the notice of cancellation, Sub-recipient agrees to return to CAA the balance of all monies paid to Sub-recipient by CAA under this Agreement.

Insurance and Bonding. Sub-recipient grantee agrees to provide general liability insurance coverage relative hereto in the minimum amount of $500,000 750,000 for bodily injury and property damage. Sub-recipient grantee shall also secure insurance in amounts sufficient to reimburse Sub-recipient grantee for damage to any property purchased with state State or federal Federal funds. If Sub-recipient grantee is a department or division of the State of Indiana, or of a county, municipal, or local government, the foregoing insurance coverages shall not be required; however, Sub-recipient grantee may elect to provide such coverages. Sub-recipient grantee agrees to provide Workers’ Compensation and Unemployment Compensation as required by law. Upon request, Sub-recipient grantee must provide CAA IHCDA with Certificates of Insurance that illustrate the types of coverage, limits of liability, and expiration dates of Sub-recipientgrantee’s policies. Sub-recipient grantee shall provide a bond or insurance coverage for all persons who will be handling funds or property received or disbursed as a result of this Agreement, or who may carry out the duties specified in this Agreement, in an amount equal to one-half of the total annual funding provided to Sub-recipient grantee through CAA IHCDA or $250,000, whichever is less, to be effective for the period of this Agreement plus three (3) years for purposes of discovery. Sub-recipientgrantee’s coverage must provide protection against losses resulting from criminal acts and wrongful and negligent performance of the duties specified herein herein, and it must specify CAA the IHCDA as an obligee or additional insured. Sub-recipient grantee shall immediately notify CAA IHCDA if said bond or insurance is canceled cancelled or modified in amount. In the event of cancellation, CAA IHCDA shall make no further disbursements until certification is provided by a bonding or insurance company that the provisions set forth in this section have been satisfied. In the event such verification is not received by CAA IHCDA within ten (10) days of the notice of cancellation, Sub-recipient grantee agrees to return to CAA IHCDA the balance of all monies paid to Sub-recipient grantee by CAA IHCDA under this Agreement. Sub-grantee may incur costs to obtain a Pollution Occurrence Rider to the general liability coverage as part of this agreement.

Insurance and Bonding. Sub-recipient grantee agrees to provide general liability insurance coverage relative hereto in the minimum amount of $500,000 for bodily injury and property damage. Sub-recipient grantee shall also secure insurance in amounts sufficient to reimburse Sub-recipient grantee for damage to any property purchased with state or federal funds. If Sub-recipient grantee is a department or division of the State of Indiana, or of a county, municipal, or local government, the foregoing insurance coverages shall not be required; however, Sub-recipient grantee may elect to provide such coverages. Sub-recipient grantee agrees to provide Workers’ Compensation and Unemployment Compensation as required by law. Sub-recipient must grantee agrees to provide CAA with to IHCDA, upon request, Certificates of Insurance for its insurance policies, that illustrate the types of coverage, limits of liability, and expiration dates of Sub-recipient’s policiesdates. Sub-recipient grantee shall provide a bond or insurance coverage for all persons who will be handling funds or property received or disbursed as a result of this Agreement, or who may carry out the duties specified in this Agreement, in an amount equal to one-half of the total annual funding provided to Sub-recipient grantee through CAA IHCDA or $250,000, whichever is less, to be effective for the period of this Agreement plus three (3) years for purposes of discovery. Sub-recipientgrantee’s coverage must provide protection against losses resulting from criminal acts and wrongful and negligent performance of the duties specified herein and specify CAA IHCDA as an obligee or additional insured. Sub-recipient grantee shall immediately notify CAA IHCDA if said bond or insurance is canceled or modified in amount. In the event of cancellation, CAA IHCDA shall make no further disbursements until certification is provided by a bonding or insurance company that the provisions set forth in this section have been satisfied. In the event such verification is not received by CAA IHCDA within ten (10) days of the notice of cancellation, Sub-recipient grantee agrees to return to CAA IHCDA the balance of all monies paid to Sub-recipient grantee by CAA IHCDA under this Agreement.