Common use of INSURANCE AND PROOF OF FINANCIAL RESPONSIBILITY Clause in Contracts

INSURANCE AND PROOF OF FINANCIAL RESPONSIBILITY. During the term of this Contract Agreement, the Contractor, Sub-subcontractor, and Subcontractor shall, at their own expense, purchase and maintain insurance policies and proof of financial responsibility to cover costs as may arise from claims for damages to property of and/or bodily injury to persons or property of employers, agents and third parties to pay for claims which may arise out of or result from the Contractor’s activities by whomever performed, with such coverage and amounts as required and specified below. The Contractor shall not commence Work under this Contract Agreement until he has obtained all insurance required under this Article and has provided the Board with certificates of insurance evidencing the required insurance coverage, nor shall the Contractor allow any Subcontractor or Sub-subcontractor to commence work on his Subcontract until all similar insurance required for the Subcontractor has been so retained and evidence has been submitted to the Board.