Attachment_5.pdf

Attachment 5

Insurance Coverage and Limits

Cashiering/Armored Car Services/Air Conveyance for The United States and the Board of Governors of the Federal Reserve System.

The Contractor must provide and maintain at Contractor's own expense, during the term of the Agreement and during the time period following expiration if Contractor is required to return and perform any additional work or services, the insurance coverage and requirements specified below, insuring all operations related to the Agreement.

INSURANCE TO BE PROVIDED

1) Statutory Workers’ Compensation and Employers’ Liability

Employers’ Liability Limits of:

- Each Accident: $2,000,000

- Disease-Each Employee: $2,000,000

- Disease Policy Limit: $2,000,000

- Unlimited in NY and MA

Stop Gap required in Monopolistic States with limits of at least $2,000,000. Contractor must elect to carry Workers’ Compensation in Texas.

2) Commercial General Liability

- Primary Limits of $1,000,000 Per Occurrence / $2,000,000 General Aggregate

Commercial General Liability insurance for bodily injury, personal injury, and property damage liability. Coverages must include the following: All premises and operations, products/completed operations, separation of insureds, defense, and contractual liability (not to include Endorsement CG 21 39 or equivalent).

The United States and the Board of Governors of the Federal Reserve System is to be named as an additional insured on a primary, non-contributory basis for any liability arising directly or indirectly from the work or services.

3) Armed Guard Professional & General Liability

Can be included in primary General Liability or separately placed but must include:

- General Liability – Occurrence Form

- Professional Liability- Occurrence Form if available

- Incidental Medical-Mal Practice

- Assault and Battery

- Client Property coverage

- Abuse and Molestation

- Lost Key Coverage (Client Re-Key Costs)

- False Arrest

- Limits of $5,000,000 Per Occurrence / $5,000,000 Aggregate

The United States and the Board of Governors of the Federal Reserve System is to be named Additional Insured.

When claims-made policies are renewed or replaced, the policy retroactive date must coincide with, or precede, start of work for the Board of Governors of the Federal Reserve System. A claims-made policy which is not renewed or replaced must have an extended reporting period of at least two (2) years.

4) Automobile Liability

- Primary Limits of $1,000,000 per Accident

When any motor vehicles (owned, non-owned and hired) are used in connection with work to be performed, the Contractor must provide Automobile Liability Insurance for bodily injury and property damage.

The United States and the Board of Governors of the Federal Reserve System is to be named as an additional insured on a primary, non-contributory basis.

5) Excess “Umbrella” Liability

- Limits not less than $25,000,000

Excess insurance is to be provided over the required Primary Liability policies.

The United States and the Board of Governors of the Federal Reserve System is to be named as an Additional Insured.

6) Blanket Crime / “All Risks” Cargo Coverage

The policy limit must be written to cover losses in the amount of maximum monies collected, received and or in the possession of the Contractor at any given time up to $400,000,000 or the amount of value carried, whichever is lesser.

The Contractor must provide Blanket Crime / “All Risks” Cargo Coverage covering all persons handling funds under this Agreement, against loss by fidelity or dishonesty, robbery, burglary, theft, destruction, or disappearance, computer fraud, credit card forgery, and other related crime risks; Losses While in Transit-all forms of conveyance, Terrorism, Natural Perils and Catastrophe, Domestic and International.

The United States and the Board of Governors of the Federal Reserve System is to be named Additional Insured / Loss Payee.

7) Property

The Contractor is responsible for all losses or any damages to The United States and the Board of Governors of the Federal Reserve System property that results from this agreement including deposits, monies at off-site property location while in the care custody and control of the Contractor.

Evidence of Property Insurance is required for any off-site property location of Contractor that is part of this Agreement. Contractor is responsible for all loss or damage to personal property (including but not limited to material, equipment, tools and supplies), owned, rented, or used by Contractor or Contractor’s employees.

8) Aviation Liability

- Not less than $50,000,000 Combined Single Limits

When air shipments via private carrier are used in connection with the work to be performed, if the Contractor provides such service, carrier must provide evidence of public liability coverage naming the United States and the Board of Governors of the Federal Reserve System as additional insureds.

9. Terrorism Coverage

In the event that any of the Contractor’s insurance policies as required by this Contract exclude coverage for terrorist activities, the Contractor shall maintain a separate terrorism insurance policy that satisfies the insurance limit requirements specified by Attachment 5.

Subcontractors performing work or services for the Contractor must maintain limits of not less those required of the prime Contractor, with the same terms herein.

The Contractor must furnish The United States and the Board of Governors of the Federal Reserve System, Attn: Procurement, Mail Stop K-128, 20th & C Street, N.W., Washington, DC 20551, original Certificates of Insurance, or such similar evidence, to be in force on the date of this Agreement, and Renewal Certificates of Insurance, or such similar evidence, if the coverages have an expiration or renewal date occurring during the term of this Agreement.

The receipt of any certificate does not constitute agreement by the United States and the Board of Governors of the Federal Reserve System that the insurance requirements in the Agreement have been fully met or that the insurance policies indicated on the certificates are in compliance with any or all of the requirements of Agreement. The failure of the United States and the Board of Governors of the Federal Reserve System to obtain certificates or other insurance evidence from Contractor is not a waiver by the United States and the Board of Governors of the Federal Reserve System of any requirements for Contractor to obtain and maintain the specified coverages. The Contractor must advise all insurers of the Agreement provisions regarding insurance.

Non-conforming insurance does not relieve Contractor of the obligation to provide insurance as specified herein. Nonfulfillment of the insurance conditions may constitute a violation of the Agreement, and the United States and the Board of Governors of the Federal Reserve System retains the right to stop work until proper evidence of insurance is provided, or the Agreement may be terminated.

The insurance must provide for sixty (60) days prior written notice to be given to the United States and the Board of Governors of the Federal Reserve System in the event coverage is substantially changed, canceled, or non-renewed. This notice shall be sent to the attention of Procurement, Mail Stop K-128, 20th & C Street, N.W., Washington, D.C. 20551.

Any deductibles or self-insured retentions on referenced insurance coverages must be borne by Contractor. The Contractor hereby waives and agrees to require their insurers to waive their rights of subrogation against The United States and the Board of Governors of the Federal Reserve System, its employees, elected officials, agents, or representatives.

The coverages and limits furnished by Contractor in no way limit the Contractor's liabilities and responsibilities specified within the Agreement or by law. Any insurance or self-insurance programs maintained by the United States and the Board of Governors of the Federal Reserve System do not contribute with insurance provided by the Contractor under the Agreement. The required insurance to be carried is not limited by any limitations expressed in the indemnification language in this Agreement or by any limitation placed on the indemnity in this Agreement given as a matter of law.

If Contractor is a joint venture or limited liability company, the insurance policies must name the joint venture or limited liability company as a Named Insured. The Contractor must require all Subcontractors to provide the insurance required herein, or Contractor may provide the coverages for Subcontractors. All Subcontractors are subject to the same insurance requirements of Contractor unless otherwise specified in this Agreement. If Contractor or Subcontractor desire additional coverages, the party desiring the additional coverages is responsible for the acquisition and cost. Notwithstanding any provision in the Agreement to the contrary, the United States and the Board of Governors of the Federal Reserve System Risk Management Department maintains the right to modify, delete, alter or change these requirements