Common use of LIMITS REQUIRED Clause in Contracts

LIMITS REQUIRED. The CONTRACTOR shall carry the following limits of liability as required below: Dollar amounts may change in accordance with the event or project. Construction requirements may also include Builders Risk, Professional Liability, and Pollution Liability. General Aggregate $ 2,000,000 Products/Completed Operations Aggregate $ 2,000,000 Each Occurrence Limit $ 1,000,000 Personal/Advertising Injury $ 1,000,000 Fire Damage (Any One Fire) $ 50,000 Medical Payments (Any One Person) $ 5,000 Bodily Injury/Property Damage (Each Accident) $ 1,000,000 Personal Injury Protection Statutory Coverage A (Workers’ Compensation) Statutory Coverage B (Employers Liability) $100,000 $500,000 $100,000 Professional Liability (when applicable) Each occurrence $1,000,000 Aggregate $2,000,000 Pollution Liability (when applicable) Per Loss $100,000 Aggregate $100,000 The University requires the Contractor to keep the insurance policy in effect beyond the completion of the project to cover possible hidden defects or possible flaws in the design/construction. Example: if a wall fails a year after the completion of the project, the Contractor would be obligated to repair or replace the wall. However, if the wall causes half of the building to fall with it, then the insurance would pay for the damage of the building. The extended period is requested by the University and the insurance coverages shall be maintained, except for Automobile Liability and Worker’s Compensation, for a period of one (1) year after the date of substantial completion of the project.