Reso 2008-1221 - Laserfiche WebLink

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20. Insurance: Prior to execution of the Contract by the City and commencement of work, the Contractor must obtain all insurance required under this paragraph and submit it to the City for approval. All insurance shall be maintained until work has been completed and accepted by the City. The Contractor shall furnish to the City of Sunny Isles Beach: 1. Original Certificate(s) of Insurance which clearly indicate that he has obtained the insurance coverage required in paragraphs a, b, c and d. 2. Original Policies, which indicate the coverage required in paragraphs e and f. Both certificates and policies will all indicate no modification or change in insurance shall be made without thirty (30) days written advance notice to the City of Sunny Isles Beach, c/o the City Manager. a. Worker's Compensation Insurance as required by Chapter 440, Florida Statutes. b. Public Liability Insurance on a Comprehensive basis, in an amount not less than $ 1,000,000.00 per occurrence for Bodily Injury and Property Damage combined. c. Contractual Liability Insurance - covering all liability arising out of the terms of the Contract Documents. d. Automobile Liability Insurance covering all owned, non-owned and hired vehicles used in connection with the work, in an amount not less than $500,000 per occurrence for Bodily Injury and Property Damage combined. e. Owner's Protective Liability Insurance - issued in the name of the City as sole insured, in amounts as indicated in (b) above. This policy must be endorsed to indicate that any premium, whether deposit or final, will be the sole obligation of the Contractor. f. When so required in the Special Provisions, the Contractor shall obtain Completed Value Builders' Risk Insurance - on an "All Risk" basis in an amount not less than one hundred (100%) percent of the insurable value of the building(s) or structure(s). The policy shall be in the name of the City of Sunny Isles Beach, and the Contractor, as their interests may appear. The Public Liability Insurance coverage as required in paragraph (b) above shall include those classifications, as listed in Standard Liability Insurance Manuals, which are applicable to the operations of the Contractor in the performance of this Contract. All insurance policies required above shall be issued in companies authorized to do business under the laws of the State of Florida, with the following qualifications as to management and financial strength: The company must be rated no less than "B" as to management and no less than Class "V" as to financial strength, by the latest (1986 or later) edition of Best's Insurance Guide, published by A.M. Best Company, Oldwick, New Jersey, or its equivalent, subject to the approval of the City Risk Management Division. General Specifications Oct. 2007 Page 10 of 15