Attachment B - Insurance Requirements-Standard Insurance Requirements GL AU WC Crime.pdf

Revised 10/03/18

STANDARD INSURANCE REQUIREMENTS

Contractor shall obtain and maintain and cause its sub-contractors to obtain and maintain, at its own expense and for the duration of the contract, the minimum insurance coverages set forth below. By requiring such minimum insurance, the University shall not be deemed or construed to have assessed the risk that may be applicable to Contractor under this contract. Contractor shall assess its own risks and if it deems appropriate and/or prudent, maintain higher limits and/or broader coverages. Neither Contractor nor its sub-contractors, under this agreement, are relieved of any liability or other obligations assumed or pursuant to the Contract by reason of its failure to obtain or maintain insurance in sufficient amounts, duration, or types.

COVERAGES

Commercial General Liability – ISO most current form or its equivalent, coverage to include:

Premises and Operations Personal / Advertising Injury Products / Completed Operations Liability assumed under an Insured Contract (including defense costs assumed under contract) Broad Form Property Damage Independent Contractors Property in the care, custody and control of the contractor

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

Automobile Liability including all:

Owned Vehicles Non-owned Vehicles Hired Vehicles

Bodily Injury/Property Damage (Each Accident) $1,000,000

Workers Compensation

Coverage A (Workers’ Compensation) Statutory Coverage B (Employers Liability) $ 100,000 Each Accident $ 100,000 Disease – Each Employee $ 500,000 Disease – Policy Limit

Third Party Fidelity / Crime Insurance - Coverage shall include employee dishonesty including Endorsement Client’s Property (CR 0401 or equivalent). If a Crime Insurance Policy is not used, Third Party Fidelity Coverage shall be provided for in limits as stated below in a.

a. The coverage shall be issued with limits of 50% of the contract value or $100,000 -whichever amount is greater.

b. The coverage shall include coverage for all directors, officers, agents and employees of the Contractor.

c. The coverage shall not exclude coverage for theft and mysterious disappearance.

d. The coverage shall not contain a condition requiring an arrest and conviction.

Revised 10/03/18

ADDITIONAL INSURANCE REQUIREMENTS

1. All insurers must be licensed or approved to do business within the State of Colorado and should possess a minimum A.M. Best’s Insurance Guide rating that is acceptable to the University of Colorado, and unless otherwise specified, all policies must be written on a per occurrence basis.

Professional Liability is acceptable on a claims-made basis.

2. The Contractor shall provide the University of Colorado a Certificate of Insurance evidencing all required coverages, before commencing work or entering University of Colorado premises. The certificate holder shall be The Regents of the University of Colorado, a body corporate, 1800 Grant St. Suite 700, Denver, CO 80203

3. The Contractor shall name “The Regents of the University of Colorado, a body corporate” as an Additional Insured as respects the general liability policy.

4. The Crime policy shall include coverage for all employees of the Contractor and shall name The

Regents of the University of Colorado, a body corporate as a Loss Payee.

5. A waiver of subrogation in favor of the University of Colorado must apply as respects the Workers’ Compensation policy.

6. Upon request by the University of Colorado, Contractor must provide a copy of the actual insurance policy and/or required endorsements effecting coverage(s) required by the Contract.

7. The University of Colorado requires that all policies of insurance be written on a primary basis, non-contributory with any other insurance coverages and/or self-insurance carried by the University of Colorado.

8. A separation of insureds clause must be included in general liability policies.

9. Contractor shall notify the University of Colorado of any cancellation, or reduction in coverage or limits of any insurance within seven (7) days or receipt of insurer’s notification to that effect.

10. The Contractor agrees that the insurance requirements specified in the contract do not reduce the liability Contractor has assumed in the indemnification/hold harmless section of the Contract.

11. Failure of the Contractor to fully comply with these requirements during the term of the Contract may be considered a material breach of contract and may be cause for immediate termination of the Contract at the option of the University of Colorado. The University of Colorado reserves the right to negotiate additional specific insurance requirements at the time of the contract award.

12. The parties hereto understand and agree that The University of Colorado is relying on, and does not waive or intend to waive by any provision of this Contract, the monetary limitations or any other rights, immunities, and protections provided by the Colorado Governmental Immunity Act, 24-10-101 et seq., as from time to time amended, or otherwise available to the University or its officers, employees, agents, and volunteers.

13. The University and Contractor shall cooperate with each other in the collection of any insurance proceeds which may be payable in the event of any loss, including the execution and delivery of any proof of loss or other actions required to effect recovery

COVERAGES