Insurance Requirements.pdf

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Insurance Requirements

ADDITIONAL INSURED/ CERTIFICATE HOLDER NAME AND ADDRESS:

Confederated Tribes of Coos, Lower Umpqua and Siuslaw Indians

1245 Fulton Ave.

Coos Bay, Oregon 97420

BOND

Contractor will have ten (10) calendar days to provide a payment and performance bond for 100% of the amount of the quote. The Contractor that is awarded the Project will be required to pay for and procure a Performance Bond & Payment Bond in the amount of the Quote. The cost of the Performance Bond & Payment Bond shall be included in the Quote cost. The Performance Bond & Payment Bond shall name the Confederated Tribes of Coos, Lower Umpqua and Siuslaw Indians (Contracting Agency) as the Payee.

It is required that the surety issuing such bonds be duly authorized and licensed to transact surety business in the state of Oregon. The bonds shall be executed by an attorney-in-fact, principal or other authorized representative for the surety company, showing the Oregon agent for services, and bears the seal of the surety company. Where the bond is executed by a person outside the state of Oregon, the authority of that person to execute bonds shall be shown. The Contracting Agency reserves the right to postpone the award for up to 30 days, to delete certain items from the proposal, and to award the contract to the lowest responsible bidder.

Contractors Liability Insurance: All insurance carriers used shall have a Best Rating of A- and Financial Size Category of VII or better.

I. Workers Compensation

Contingent Employers Liability with minimum limits of:

• $1,000,000 Each accident

• $1,000,000 Disease Policy Limit

• $1,000,000 Disease Each Employee Contractor shall secure its liability for industrial injury to its employees in accordance with the provisions of Oregon state law. Contractor shall be responsible for confirming compliance with this provision through the appropriate state agency or insurance agent.

II. Commercial General Liability

• Premises-Operations

• Independent Contractors

• Products-Completed Operations

• Broad Form Property Damage

• Contractual Liability (Hold Harmless Coverage)

• Personal Injury employee exclusion deleted

• Per Project Aggregate Products/Completed Operations Insurance shall be maintained for a minimum of 3 years after final payment and Contractor shall continue to provide evidence of coverage to the Owner on an annual basis during this 3-year period.

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Coverage shall name Owner, its Agents and Representatives as Primary Additional Insured (ISO Form CG2010 11/85, CG2037 or equivalent), such coverage shall be non-contributory with respect to any insurance carried by the Owner, it’s Agents and Representatives and shall include “Completed Operations for Your Work”.

III. Automobile Liability (Owned, Non-owned, Hired or Leased)

• $1,000,000 Combined Single Limit Bodily Injury and Property Damage IV. Contractor’s Equipment All risk contractor’s equipment insurance shall be sufficient to cover all owned, used and leased equipment and tools of the contractor or its employees to be used on this Project.

V. Professional Services

If work performed involves engineering and/or consultation or other professional services, the requirement of Professional Errors and Omissions Insurance shall be required:

Minimum Limits of Insurance:

• $5,000,000 Each Occurrence

• $5,000,000 Aggregate

VI. Performance Bond

1. Requirement for Performance Bond:

The Contractor shall furnish a performance bond in the amount of 100% of the total contract price as security for the faithful performance of this Contract. The performance bond shall be issued by a surety company acceptable to the Owner and licensed to do business in the state of [Insert State].

2. Submission:

The Contractor shall provide the performance bond to the Owner within [insert timeframe, e.g., 10 business days] after the execution of this Contract and prior to commencing any work.

3. Purpose:

The performance bond shall serve as a guarantee to the Owner that the Contractor will fully and faithfully perform all obligations under this Contract, including completion of the work within the specified timeline and compliance with all applicable laws, regulations, and standards.

4. Failure to Provide Performance Bond:

Failure to furnish the required performance bond within the specified time shall be considered a material breach of this Contract, and the Owner may terminate the Contract at its discretion.

5. Maintenance of Performance Bond:

The performance bond shall remain in effect for the duration of the project and until final acceptance of the work by the Owner.

VII. Additional Requirements for All Insurance Required All policies shall contain a waiver of subrogation (also referred to as Transfer of Rights of Recovery Against Others) ISO Form CG 2404; Per Project Aggregate CG2503

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Any exclusions added by endorsement which may restrict coverage as respects this project shall be identified.

The work to be performed shall be clearly identified on the certificate of insurance under “Description of Work to be Performed” and shall include the Job or Project Number 4006.

Certificates of insurance shall be filed with the Owner or its Agents or Representatives prior to commencement of work. The insurance shall be maintained for the life of the contract (including maintenance and/or guarantee periods) as stated above and shall contain a provision that coverage will not be materially changed, cancelled or allowed to lapse without 45 days written notice to the Owner, its Agents and Representatives. Such cancellation clause shall have the wording “shall endeavor” and “but failure to do so shall impose no obligation or liability of any kind upon the insurer, its agents or representatives” deleted.

Sub-tier subcontractors shall be bound to Owner, its Agents and Representatives to the same extent Contractor is bound to Owner, its Agents and Representatives and shall provide such certificates as set forth including all required endorsement forms.

VI. Performance Bond