Common use of Insurance and Bonding Clause in Contracts

Insurance and Bonding. Sub-grantee agrees to provide general liability insurance coverage relative hereto in the minimum amount of $750,000 for bodily injury and property damage. Sub-grantee shall also secure insurance in amounts sufficient to reimburse Sub-grantee for damage to any property purchased with State or Federal funds. If Sub-grantee is a department or division of the State of Indiana, or of a county, municipal, or local government, the foregoing insurance coverages shall not be required; however, Sub-grantee may elect to provide such coverages. Sub-grantee agrees to provide Workers’ Compensation and Unemployment Compensation as required by law. Upon request, Sub-grantee must provide IHCDA with Certificates of Insurance that illustrate the types of coverage, limits of liability, and expiration dates of Sub-grantee’s policies. Sub-grantee shall provide a bond or insurance coverage for all persons who will be handling funds or property received or disbursed as a result of this Agreement, or who may carry out the duties specified in this Agreement, in an amount equal to one-half of the total annual funding provided to Sub-grantee through IHCDA or $250,000, whichever is less, to be effective for the period of this Agreement plus three (3) years for purposes of discovery. Sub-grantee’s coverage must provide protection against losses resulting from criminal acts and wrongful and negligent performance of the duties specified herein, and it must specify the IHCDA as an obligee or additional insured. Sub-grantee shall immediately notify IHCDA if said bond or insurance is cancelled or modified in amount. In the event of cancellation, IHCDA shall make no further disbursements until certification is provided by a bonding or insurance company that the provisions set forth in this section have been satisfied. In the event such verification is not received by IHCDA within ten (10) days of the notice of cancellation, Sub-grantee agrees to return to IHCDA the balance of all monies paid to Sub-grantee by IHCDA under this Agreement. Sub-grantee may incur costs to obtain a Pollution Occurrence Rider to the general liability coverage as part of this agreement.

Insurance and Bonding. Sub-grantee recipient agrees to provide general liability insurance coverage relative hereto in the minimum amount of $750,000 500,000 for bodily injury and property damage. Sub-grantee recipient shall also secure insurance in amounts sufficient to reimburse Sub-grantee recipient for damage to any property purchased with State state or Federal federal funds. If Sub-grantee recipient is a department or division of the State of Indiana, or of a county, municipal, or local government, the foregoing insurance coverages shall not be required; however, Sub-grantee recipient may elect to provide such coverages. Sub-grantee recipient agrees to provide Workers’ Compensation and Unemployment Compensation as required by law. Upon request, Sub-grantee recipient must provide IHCDA CAA with Certificates of Insurance that illustrate the types of coverage, limits of liability, and expiration dates of Sub-granteerecipient’s policies. Sub-grantee recipient shall provide a bond or insurance coverage for all persons who will be handling funds or property received or disbursed as a result of this Agreement, or who may carry out the duties specified in this Agreement, in an amount equal to one-half of the total annual funding provided to Sub-grantee recipient through IHCDA CAA or $250,000, whichever is less, to be effective for the period of this Agreement plus three (3) years for purposes of discovery. Sub-granteerecipient’s coverage must provide protection against losses resulting from criminal acts and wrongful and negligent performance of the duties specified herein, herein and it must specify the IHCDA CAA as an obligee or additional insured. Sub-grantee recipient shall immediately notify IHCDA CAA if said bond or insurance is cancelled canceled or modified in amount. In the event of cancellation, IHCDA CAA shall make no further disbursements until certification is provided by a bonding or insurance company that the provisions set forth in this section have been satisfied. In the event such verification is not received by IHCDA CAA within ten (10) days of the notice of cancellation, Sub-grantee recipient agrees to return to IHCDA CAA the balance of all monies paid to Sub-grantee recipient by IHCDA CAA under this Agreement. Sub-grantee may incur costs to obtain a Pollution Occurrence Rider to the general liability coverage as part of this agreement.

Insurance and Bonding. Sub-grantee agrees to provide general liability insurance coverage relative hereto in the minimum amount of $750,000 500,000 for bodily injury and property damage. Sub-grantee shall also secure insurance in amounts sufficient to reimburse Sub-grantee for damage to any property purchased with State state or Federal federal funds. If Sub-grantee is a department or division of the State of Indiana, or of a county, municipal, or local government, the foregoing insurance coverages shall not be required; however, Sub-grantee may elect to provide such coverages. Sub-grantee agrees to provide Workers’ Compensation and Unemployment Compensation as required by law. Upon request, Sub-grantee must agrees to provide IHCDA with to IHCDA, upon request, Certificates of Insurance for its insurance policies, that illustrate the types of coverage, limits of liability, and expiration dates of Sub-grantee’s policiesdates. Sub-grantee shall provide a bond or insurance coverage for all persons who will be handling funds or property received or disbursed as a result of this Agreement, or who may carry out the duties specified in this Agreement, in an amount equal to one-half of the total annual funding provided to Sub-grantee through IHCDA or $250,000, whichever is less, to be effective for the period of this Agreement plus three (3) years for purposes of discovery. Sub-grantee’s coverage must provide protection against losses resulting from criminal acts and wrongful and negligent performance of the duties specified herein, herein and it must specify the IHCDA as an obligee or additional insured. Sub-grantee shall immediately notify IHCDA if said bond or insurance is cancelled canceled or modified in amount. In the event of cancellation, IHCDA shall make no further disbursements until certification is provided by a bonding or insurance company that the provisions set forth in this section have been satisfied. In the event such verification is not received by IHCDA within ten (10) days of the notice of cancellation, Sub-grantee agrees to return to IHCDA the balance of all monies paid to Sub-grantee by IHCDA under this Agreement. Sub-grantee may incur costs to obtain a Pollution Occurrence Rider to the general liability coverage as part of this agreement.