Resolution 2014-34 - Laserfiche WebLink

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Property Owner shall carry, or cause its general contractor to carry, and, upon request, will provide the LRC with proof of payment of premiums and certificates of insurance as follows: (i) Builder's risk insurance (with a deductible not to exceed $5,000) in an amount equal to 100% of the replacement value of the URA Public Improvements at the date of completion of construction; (ii) Comprehensive general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations, and contractual liability insurance) and umbrella liability insurance with a combined single limit for both bodily injury and property damage of not Tess than $1,000,000 per occurrence and $2,000,000 in the aggregate. Such insurance may carry a deductible in an amount not to exceed $10,000 per claim for property damage and $5,000 per claim for employee benefits; and (iii) Worker's compensation insurance, with statutory coverage, including the amount of deductible permitted by statute. All such insurance policies shall be issued by responsible companies selected or approved by the Property Owner, subject to the reasonable Approval of the LRC and the City. The Property Owner shall deliver to the LRC and the City policies or certificates evidencing or stating that such insurance is in force and effect. Each policy shall contain a provision that the insurer shall not cancel or modify it without giving written notice to the Property Owner and to the LRC and the City at least 30 days before the date the cancellation or modification becomes effective and except for worker's compensation, shall name the LRC and the City as additional insureds (with respect to liability coverages) and loss payees (with respect to property coverages), specifying that the insurance shall be treated as primary insurance. (b) Indemnification. The Property Owner shall defend, indemnify, assume all responsibility for and hold the LRC and the City, and their respective elected and appointed officers and employees, harmless (including, without limitation, for reasonable attorneys' fees and costs) from all claims or suits for and damages to property and injuries to persons, including accidental death, that may be caused by any of the Property Owner's construction activities related to the URA Public Improvements, whether such activities are undertaken by the Property Owner or anyone directly employed by or under contract to the Property Owner, and irrespective of whether such damage shall accrue or be discovered after termination of this Agreement. 8. Miscellaneous. (a) Effective Date. Following the approval by the Parties of this Agreement, this Agreement shall be in full force and effect and be legally binding upon each Party as of the date first set forth above. (b) Time of the Essence. Time is of the essence under this Agreement. If the last day permitted or the date otherwise determined for the performance of any act required 7