Insurance and Bonds. (a) For the duration of the Project, Developer shall acquire (or guarantee the acquisition of) insurance in amounts sufficient to meet industry standards for insurance coverage with financially sound and reputable insurers authorized to operate in the State of Texas. Developer shall submit certificates of insurance that establish, to the GLO’s satisfaction, the nature and extent of coverage granted by each policy. If requested to do so, Developer shall submit certificates of insurance and endorsements electronically, as directed by the GLO. If the GLO determines any insurance policy fails to comply with the terms of this Contract, Developer shall secure such additional policies or coverage that the GLO may reasonably request or that are required by law or regulation. If coverage expires during the term of this Contract (and upon request by the GLO), Developer shall submit renewed certificates of insurance and endorsements as evidence of insurance coverage throughout the term of this Contract. Developer may not perform any work under this Contract if Developer’s insurance coverage does not meet the requirements of this Contract. The GLO may terminate this Contract if Developer fails to submit required insurance documents upon request. Developer shall ensure that any contract it or its contractors enter into related to the completion of the Project contains a provision requiring coverage sufficient to meet industry standards.
Appears in 23 contracts
Samples: Glo Contract, Glo Contract, Glo Contract
