Reso 2016-2569 - Laserfiche WebLink

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(b) Insurance Company Requirements. Insurance companies providing the insurance under this Agreement must meet the following requirements: (1) Companies issuing policies (other than Workers' Compensation) must be authorized to conduct business in the State of Florida and prove same by maintaining Certificates of Authority issued to the companies by the Florida Office of Insurance Regulation. (2) In addition, such companies shall have and maintain, at a minimum, a Best's Rating of"A-" and a minimum Financial Size Category of"VII" according to A.M. Best Company. (3) If, during the period which an insurance company is providing the insurance coverage required by this Agreement, an insurance company shall: (i) lose its Certificate of Authority; or (ii) fail to maintain the requisite Best's Rating and Financial Size Category, VENDOR shall, as soon as VENDOR has knowledge of any such circumstance, immediately notify CITY and immediately replace the insurance coverage provided by the insurance company with a different insurance company meeting the requirements of this Agreement. Until such time as VENDOR has replaced the unacceptable insurer with an insurer acceptable to CITY, VENDOR shall be deemed to be in default of this Agreement. (c) Specifications. Without limiting any of the other obligations or liability of VENDOR, VENDOR shall, at its sole expense, procure, maintain, and keep in force amounts and types of insurance conforming to the minimum requirements set forth in this subsection. Except as otherwise specified in this Agreement, the insurance shall become effective upon execution of this Agreement by VENDOR and shall be maintained in force until the expiration of this Agreement's term and/or the expiration of all Work Orders issued under this Agreement. whichever comes first. Failure by VENDOR to maintain insurance coverage within the stated Contract for Outfitting Police Vehicles Page 8 of 15 S