Common use of Required Insurance Clause in Contracts

Required Insurance. Contractor shall be required to procure, at its sole cost and expense, all insurance required by this Contract. In addition, Contractors shall be required to procure, at their sole cost and expense, and shall maintain in force at all times during the term of any Contract resulting from this solicitation, policies of insurance required by this Contract. All insurance shall be written by companies licensed or authorized by the New York State Department of Financial Services to issue insurance in the State of New York and which have an A.M. Best Company rating of “A-” Class “VII” or better. If, during the term of a policy, a carrier’s rating falls below “A-” Class “VII”, the insurance must be replaced no later than the renewal date of the policy with an insurer licensed or authorized by the New York State Department of Financial Services to issue insurance in the State of New York and which is rated at least “A-” Class “VII” or better in the most recently published Best’s Insurance Report. Vendor and Contractors shall deliver to OGS evidence of such policies in a form acceptable to OGS. Policies must be written in accordance with the requirements of the paragraphs below, as applicable. Acceptance and/or approval by OGS does not, and shall not be construed to, relieve Vendor or Contractors of any obligations, responsibilities or liabilities under this solicitation or any Contract resulting from this solicitation.