4-Insurance.pdf

This is an insurance requirements document for Hudson Valley Community College (HVCC) related to the procurement of an electric panel cargo van. The document outlines mandatory insurance coverage requirements that vendors must maintain throughout the contract term. Vendors are required to obtain and maintain comprehensive general liability insurance with minimum limits of $1,000,000 per occurrence and $2,000,000 general aggregate, as well as commercial automobile liability insurance covering all vehicles used in performance of the contract with minimum limits of $1,000,000 combined single limit. Additionally, vendors must maintain workers' compensation insurance in accordance with New York State law and carry property insurance on all equipment and materials used under the contract.

The insurance requirements specify that all policies must be issued by carriers authorized to conduct business in New York State and rated A- VII or better by A.M. Best. HVCC must be named as an additional insured on the general liability and automobile liability policies, with certificates of insurance provided prior to commencing work. The vendor bears full responsibility for obtaining and maintaining all required insurance coverage at their own expense, and failure to maintain adequate coverage constitutes grounds for contract termination. These insurance requirements are standard protective measures designed to mitigate risk and ensure financial responsibility throughout the performance of the electric cargo van provision contract.