Insurance and Letter of Credit Clause Samples
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Insurance and Letter of Credit. The Contractor shall, at all times during the Contract term, maintain in full force and effect Employer's Liability, Worker's Compensation, Public Liability, and Property Damage insurances, as provided for herein. All insurances shall be made by insurers and for policy limits acceptable to the City and before the commencement of work hereunder. The Contractor agrees to furnish the City certificates of insurance or other evidence satisfactory to the City to the effect that such insurances have been procured and in force. The certificates shall contain the following express obligation: "This is to certify that the policies of insurance described herein have been issued to the insured for whom this certificate is executed and are in full force for the contract term. In the event of cancellation or material change in a policy affecting the certificate holder, thirty (30) days prior written notice shall be given to the certificate holder." For the purpose of the Contract, the Contractor or its parent corporation shall carry the following types of insurance in at least the limits specified below:
Insurance and Letter of Credit. 78 9.1 Insurance .............................................................................................................. 78 9.2 Irrevocable Standby Letter of Credit ................................................................... 80 ARTICLE 10
Insurance and Letter of Credit. Section 15.1 General Provisions 15.1.1.
Insurance and Letter of Credit. 13.1 Operator shall purchase and maintain such insurance as may be necessary to protect it and the District from claims which arise out of or result from Operator’s activities and responsibilities under this Agreement, whether such operations are performed by itself or any subcontractor or by anyone directly or indirectly employed by any of them, or by anyone for whose acts any of them may be liable. The insurance required shall be written for not less than the minimum limits of coverage or liability specified in this Agreement, or required by law, whichever is greater. The minimum insurance requirements are as follows:
(a) Commercial General Liability (broad form) covering bodily injury and property damage in an amount no less than Five Million and no/100 ($5,000,000.00) Dollars per occurrence;
(b) Workers’ Compensation and Employer’s Liability Insurance to meet statutory requirements of coverage and limits, provided the coverage will be no less than One Million and no/100 ($1,000,000.00) Dollars;
(c) Garage-Keeper’s Insurance (or insurance endorsement) in an amount no less than One Million and no/100 ($1,000,000.00) Dollars;
Insurance and Letter of Credit