Insurance_Requirements.pdf

This is an Insurance Requirements document for the City of Tampa's HOME-American Rescue Plan-II (HOME-ARP II) affordable housing development project. The document establishes the insurance coverage mandates that successful proposers must maintain throughout the project lifecycle. All selected developers and operators must obtain and continuously carry comprehensive general liability insurance with minimum limits of $1,000,000 per occurrence and $2,000,000 aggregate, along with property insurance covering the full replacement value of all project assets. Additionally, proposers are required to maintain workers' compensation insurance in compliance with Florida statutory requirements, professional liability insurance if applicable to their services, and pollution liability insurance for properties with potential environmental concerns. The City of Tampa must be named as an additional insured on all liability policies, and all policies must include waiver of subrogation provisions in favor of the City.

The insurance requirements further specify that all policies must be issued by insurers rated A- VII or better by A.M. Best and licensed to do business in Florida. Certificates of Insurance evidencing current coverage must be submitted prior to project commencement and renewed annually or upon policy expiration. The document mandates that no coverage shall be cancelled, materially altered, or expire without providing the City with thirty days' written notice. These insurance requirements apply to all phases of the project, from acquisition and rehabilitation through construction and ongoing operations and management of the affordable housing developments serving people experiencing homelessness and other qualifying populations under the HOME-ARP II program.