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<br /> RFP 24-06-01 BANKING SERVICES 15 <br /> <br /> <br /> <br />2.8.5 Information Security/Cyber Liability Insurance <br /> <br />Information Security/Cyber Liability Insurance with a minimum of $2,000,000 per occurrence <br />written on a Claims-Made basis covering City, its employees, subcontractors, and agents for <br />expenses, claims and losses resulting from wrongful acts committed in the performance of, <br />or failure to perform, all services under this Agreement, including, without limitation, claims, <br />demand and any other payments related to electronic or physical security, breaches of <br />confidentiality and invasion of or breaches of privacy. <br /> <br />Information Security/Cyber Liability Insurance shall include Internet Media Liability including <br />cloud computing and mobile devices for protection of private or confidential information <br />whether electronic or non-electronic, network security and privacy, privacy against liability <br />for system attacks, digital asset loss, denial or loss of service, introduction, implantation or <br />spread of malicious software code, security breach, unauthorized access and use; including <br />regulatory action expenses and notification and credit monitoring expenses. <br /> <br />2.8.6 Professional Liability / Errors and Omissions Coverage <br /> <br />Professional Liability Insurance at a minimum of $1,000,000 per occurrence and in aggregate. <br />Coverage shall include all claims arising from the Contractor’s operations or premises, any <br />person directly or indirectly employed by the firm, and the Firm’s obligations under <br />indemnification under this contract. <br /> <br />The Firm acknowledges that the City is relying on its competence to design the project to <br />meet its functional intent. If it is determined during construction of the project that changes <br />must be made due to the Firm’s negligent errors or omissions, the Firm shall promptly rectify <br />them and shall be responsible for additional costs, if any, of the project to the proportional <br />extent caused by such negligent errors or omissions at no cost to the City. <br /> <br />2.8.7 Cancellation and Re-Insurance: <br /> <br />All policies shall be endorsed to provide sixty (60) days prior written notice of cancellation, non- <br />renewal or reduction in coverage or limits to: <br /> <br />City of Sunny Isles Beach – Purchasing Division <br />Purchasing Manager <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />purchasing@sibfl.net <br /> <br />If any insurance should be cancelled or changed by the insurance company or should any <br />insurance expire during the period of this contract, the Contractor shall notify the City of Sunny <br />Isles Beach immediately and the Contractor shall be responsible for securing other acceptable <br />insurance to provide the coverage specified in this section to maintain coverage during the life of <br />this Contract. All deductibles must be declared by the Contractor and must be approved by the