Exhibit_C_-_Required_Types_and_Limits_of_Insurance_Chart.pdf
PDF 153 KB Posted
- Attached to
- Banking Services
- Solicitation number
- 25-P-131TF
- Issued by
- Volusia County, Florida
About this file
This is an Insurance Requirements Chart (Exhibit C) for Volusia County, Florida's banking services RFP #25-P-131TF. The chart establishes mandatory insurance coverage requirements that the selected banking institution must purchase and maintain throughout the contract term. The County requires Workers' Compensation with Florida statutory coverage and waiver of subrogation; Commercial General Liability with limits of $1,000,000 per occurrence and $2,000,000 general aggregate, including coverage for premises operations, products and completed operations, personal and advertising injury, and fire damage, with the County named as an additional insured; Motor Vehicle Liability with a combined single limit of $1,000,000; Professional Liability coverage of $5,000,000 per claim and $5,000,000 aggregate; Cyber Insurance of $2,000,000 per claim and $2,000,000 aggregate covering cyber and incident response, network and information security, privacy liability, and third-party privacy breach management costs; and a Financial Institution Bond of $10,000,000 per occurrence and $10,000,000 aggregate. All insurance policies must be obtained from companies satisfactory to the County, with occurrence basis coverage and waiver of subrogation clauses included where applicable.
All insurance policies require thirty days' written notice of cancellation directed to the County of Volusia Purchasing & Contracts Division, 123 W. Indiana Avenue, Room 302, DeLand, Florida 32720, Attention: Tabatha Freedman, Senior Procurement Analyst, Risk Management Division. The insurance requirements chart functions as a summary of required policies and is not intended to be comprehensive; contractors must review additional requirements detailed throughout Exhibit C to ensure full compliance with all specific terms and conditions. These stringent insurance mandates reflect the County's priority on financial security and risk management given the extensive banking infrastructure involved, which processes approximately $139,880,000 in annual County deposits alone across multiple specialized accounts and Constitutional Officer entities.
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Text version
25-P-131TF INSURANCE REQUIREMENTS CHART EXHIBIT C
1. Required Types and Limits of Insurance Chart
The Bank shall purchase and maintain at its own expense, during the term of the Agreement, the types and amounts of insurance with limits no less than those shown below, in the form and from companies satisfactory to the County are detailed in Figure 1 below. Figure 1 is a listing and general summary of insurance policies required and is not intended to be comprehensive as to the requirements of each specific policy. Contractors shall review the additional requirements in this Exhibit C and ensure that the insurance policies comply with the specific terms and conditions therein.
Figure 1:
TYPE OF INSURANCE
WORKERS’ COMPENSATION
Waiver of Subrogation Florida Statutory Coverage
COMMERCIAL GENERAL LIABILITY
Occurrence Basis Waiver of Subrogation County Additional Insured
EACH OCCURRENCE $ 1,000,000
GENERAL
AGGREGATE
$ 2,000,000
Premises-Operations $ 1,000,000
Products & Completed Ops $ 1,000,000
Personal & Adv Inj. $ 1,000,000 Fire Damage $
MOTOR VEHICLE LIABILITY
Any Auto
Combined Single Limit $ 1,000,000
Bodily Injury (Per person)
Bodily Injury (Per accident)
Property Damage (Per Accident) $
Note: If Bank does not have Coverage Symbol 1 (Any Auto), Bank is limited to use of covered autos only. If Bank does not have Coverage Symbol 1, Bank shall have Coverage Symbol 7 (Scheduled Autos), Coverage Symbol 8 (Hired Autos), and Coverage Symbol 9 (Non-Owned Autos).
PROFESSIONAL LIABILITY
$ 5,000,000 per Claim $ 5,000,000 Aggregate
CYBER INSURANCE
Cyber & Incident Response Network and Information Security & Privacy Liability Third Party Privacy Breach Management Costs
$ 2,000,000 each Claim $ 2,000,000 Aggregate
25-P-131TF INSURANCE REQUIREMENTS CHART EXHIBIT C
FINANCIAL INSTITUTION BOND
$10,000,000 Occurrence $10,000,000 Aggregate
CANCELLATION: Thirty (30) days written notice of cancellation is required to the Certificate Holder:
Certificate Holder:
County of Volusia Purchasing & Contracts Division 123 W. Indiana Avenue, Room 302 DeLand, FL 32720
ATTN: Tabatha Freedman, Senior Procurement Analyst
Risk Management Division
1. Required Types and Limits of Insurance Chart
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